Holon to See Over 2,000 New Apartments Amid Stagnant Housing Prices

Holon is set to experience a significant increase in housing supply with over 2,000 new apartments planned for construction in the Har HaTzofim area of the city center. This development comes as housing prices in Holon have seen a much slower rise compared to other Israeli cities over the past decade. While national data shows average price increases ranging from 52% to 63% in the last nine years, Holon's prices have only climbed by 36%, and Beer Sheva saw even less growth. The planned influx of new housing is expected to further dampen the potential for significant price increases in the city.

The project, spearheaded by Bonai HaTichon, involves demolishing 28 old buildings with 651 apartments across approximately 72 dunams and replacing them with 21 new buildings ranging from 9 to 40 stories. The development will also include about 30,000 square meters of commercial and employment space. Despite the recent deposit of the plan for objections, construction is not expected to begin until 2029 or 2030, reflecting the typical delays in Israel's urban renewal projects, which can take 10-12 years from initial signature collection to completion.

New apartments in recently built projects in the vicinity are currently priced between NIS 22,000-24,000 per square meter, which is lower than the city's average. However, newly constructed apartments in the current development are listed at NIS 31,000-33,000 per square meter, considerably higher than existing second-hand apartments in the area. Ran Malach, CEO of Bonai HaTichon's urban renewal division, described the plan's deposit as a significant achievement and breakthrough for the neighborhood and Holon, anticipating a positive impact on the urban fabric, quality of life for thousands of families, and the eastern entrance to the city near Park Peres.