Haifa Apartment Sells for 1.25 Million Shekels Amid Market Shifts
Translated & summarized from Globes by baba
A 100-square-meter, four-room apartment in Haifa's Kiryat Eliezer neighborhood sold for 1.25 million shekels, down from its 1.39 million shekel asking price. The sellers inherited the apartment, and the buyers are local residents seeking a protected room. Realtor Grigory Melnik noted a strong demand for protected apartments but fewer investors in the current market.
The story in 5 lines · by baba
- A 100-sqm, four-room Haifa apartment sold for 1.25 million shekels.
- The apartment was listed for about a month before selling below asking price.
- Buyers sought immediate move-in to a protected room due to security concerns.
- Realtor Grigory Melnik cited reduced investor activity in the current market.
- Sellers currently needing to sell must compromise on price, he said.
A four-room apartment spanning approximately 100 square meters in Haifa's Kiryat Eliezer neighborhood was sold for 1.25 million shekels. The apartment, located on the first floor of an 18-story building and lacking parking, was initially listed at 1.39 million shekels and remained on the market for about a month. The sellers inherited the property, and the buyers are local residents looking to upgrade their home.
Realtor Grigory Melnik of RE/MAX Selected Haifa stated that the sellers had attempted to sell the apartment for roughly three years without success. After he took over the listing, it sold within a month. The buyers, a young couple from the neighborhood living in an older building slated for urban renewal, were eager to move into a unit with a protected room (Mamad) immediately, rather than wait for the renewal project.
Melnik facilitated the sale by also listing the couple's current apartment. However, a potential buyer for their old apartment withdrew from the deal after three weeks, jeopardizing the purchase of the Haifa apartment. A new buyer was eventually found for the couple's original apartment, allowing both transactions to proceed.
Melnik observed a strong demand for protected apartments in Haifa, both for rent and purchase. He noted that sellers who are currently under pressure to sell must compromise on price. While opportunities exist, investor activity is low, making sales more challenging than in previous years.
