Ultra-Orthodox Buyers Drive Up Housing Prices in Beit Shemesh

Apartments in a new boutique project in Beit Shemesh, specifically in the Neve Shamir neighborhood of Ramat Beit Shemesh, are being sold at prices comparable to those in Tel Aviv, reaching up to 44,000 shekels per square meter. This is significantly higher than the average price in the area, which hovers around 23,000 shekels per square meter. The project, developed by Supir Group and Sunrise Company, consists of 32 apartments and is attracting high demand primarily from the ultra-Orthodox community, as well as buyers from Jerusalem, the center of the country, and those looking to upgrade their homes or start families.

One garden apartment spanning 97 square meters with an 80 square meter balcony was sold for 4.23 million shekels, equating to 44,000 shekels per square meter. The buyer, originally from Ramat Gan, initially intended the purchase for investment but later decided to move into the project, acquiring an adjacent apartment to combine them in the future. This second apartment was purchased for approximately 4.1 million shekels.

Another garden apartment of about 95 square meters sold for around 3.7 million shekels, or approximately 39,000 shekels per square meter, to a resident of Bnei Brak. A year prior, a 116 square meter apartment on the same floor sold for 4.64 million shekels, or about 40,000 shekels per square meter.

A penthouse of approximately 550 square meters is currently listed for sale at around 25 million shekels, a price point previously unimaginable for Beit Shemesh, a city that a decade ago had a reputation for being economically disadvantaged. The high demand from the ultra-Orthodox sector is seen as the primary driver for these inflated prices, which are more characteristic of the Tel Aviv or Sharon regions.