New Tool Compares Apartment Prices to Similar Real Estate Deals
Translated & summarized from N12 by baba
The story in 5 lines · by baba
- Bizportal launched a new tool to compare apartment prices to similar deals.
- The tool analyzes transactions within a 400-meter radius, expanding to the city if needed.
- It considers apartments with similar room counts and up to 20% size difference.
- The analysis covers the past 12 months, extendable to two years for more data.
- Examples show price variations based on the scope of the comparison.
Bizportal has launched a new online tool designed to help individuals determine the market value of their apartments or assess potential purchase prices. The tool analyzes real estate transactions within a 400-meter radius of a given property, expanding its search to the entire city if insufficient data is available within the closer proximity. It considers apartments with a similar number of rooms and a size difference of up to 20% within the last 12 months, extending the timeframe to two years if necessary.
The tool categorizes comparable apartments based on their location, starting with the same building, then the same street, nearby plots within 400 meters, and finally, the entire city. It presents a range of prices per square meter for similar transactions, allowing users to see how their desired price compares to actual sales.
Examples provided illustrate the tool's functionality. In Tel Aviv, a 75-square-meter, three-room apartment on Ibn Gabirol Street was compared to 14 transactions on the same street. Due to a limited number of three-room apartments sold in the past year, the tool extended its search to two years, yielding a price range of 4.4 to 5.19 million shekels. A comparison to the entire city resulted in a lower range of 3.69 to 4.72 million shekels.
In Haifa, on Herzl Street, the tool initially identified 39 similar transactions within the same plot at approximately 13,400 shekels per square meter, likely from a contractor's project. After limiting the analysis to three transactions per plot, the median price increased to about 20,100 shekels per square meter, with a price range of 1.21 to 1.84 million shekels for a 75-square-meter apartment based on 131 transactions.
Further examples include a 95-square-meter, four-room apartment on Gaza Street in Jerusalem, which was compared to 179 transactions, resulting in a range of 2.72 to 3.55 million shekels. In Kfar Vradim, with only nine comparable transactions in the entire village, a requested price of 2.1 million shekels was flagged as highly volatile. In Rosh Pinna, the tool did not provide an estimate due to a lack of sufficient comparable transactions within its search parameters.
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