Boutique Apartment in Beer Yaakov Sells for $1.1 Million, Featuring a 'Diyurit'
Translated & summarized from Globes by baba
A six-room apartment in Beer Yaakov, Israel, sold for 4.05 million shekels, featuring a 32-square-meter balcony and a two-room 'diyurit'. This 'diyurit', a legally permitted internal living unit, adds significant value and flexibility to the apartment. The sale comes amid an oversupply of new apartments in Beer Yaakov, with prices dropping about 5% year-over-year. Developers and appraisers consider the premium for the 'diyurit' to be reasonable given its potential uses for family, rental, or business.
The story in 6 lines · by baba
- A six-room apartment in Beer Yaakov sold for 4.05 million shekels, including a two-room 'diyurit'.
- The 'diyurit' is a legally permitted internal living unit offering flexibility for family, rental, or business use.
- Beer Yaakov currently has over 1,500 unsold new apartments, with prices down 5% from last year.
- The premium for the 'diyurit' in this sale was approximately 250,000 shekels.
- Developers report strong demand for 'diyurit' units, often for home-based businesses.
- Appraisers deem the additional cost for the 'diyurit' reasonable given its value and versatility.
A six-room apartment spanning 154 square meters with a 32-square-meter balcony in the western neighborhood of Beer Yaakov was sold for 4.05 million shekels (approximately $1.1 million). The apartment, located on the 15th floor of an 18-story building, includes a two-room 'diyurit' (a small, self-contained living unit within a larger apartment), two parking spaces, and a private storage unit. The 'diyurit' is a recent planning development, featuring a kitchenette, bathroom, and shower, distinct from a subdivided apartment as it is integrated within the main unit with a separate internal door, legally permitted under zoning regulations. These units can be rented out or used for elderly parents, live-in caregivers, or as a home office.
Beer Yaakov is currently experiencing a significant oversupply of new apartments, with over 1,500 unsold units. New apartment prices in the city average around 26,000 shekels per square meter, a decrease of about 5% from last year. The MIA project, by Guy and Doron Levi, comprises 781 units across 23 buildings. Sales for the first phase began three months ago, with approximately two-thirds of the 'diyurit' units already sold. The price per square meter in the project, excluding balconies, is around 26,000 shekels, consistent with the city's average.
Analysis suggests that a standard 154-square-meter six-room apartment in the project would cost around 3.8 million shekels, making the apartment with the 'diyurit' 250,000 shekels more expensive. However, considering the 'diyurit' as a separate two-room unit, it accounts for approximately 1.12 million shekels of the total price. Appraisers estimate a theoretical rental income for such a unit, leading to a calculated value of about 1.14 million shekels, making the additional 250,000 shekels for the 'diyurit' a reasonable premium.
Representatives from the development company highlighted the flexibility the 'diyurit' offers to families whose needs change over time, such as accommodating growing children, aging parents, or remote work. They noted that buyers are increasingly using these units for home-based businesses, appreciating the separation from their living space. Appraiser Anat Barnir Sternberg stated that the 'diyurit' adds flexibility comparable to ground-floor homes and that the market values this adaptability. She considers the 250,000 shekel addition reasonable and attractive given the possibilities the unit provides, whether for family members or rental income. The company views the 'diyurit' as a product that differentiates them in a competitive market.
