Netivot Apartment Sells for Record Price Amidst Buyer Influx
Translated & summarized from Globes by baba
A 113-square-meter, four-room apartment in Netivot sold for 1.695 million shekels, potentially a record price for the city. The sellers had left Netivot, and the buyers were from outside the city seeking to upgrade their homes. Real estate agents noted that demand in Netivot largely comes from external buyers, with a static market favoring purchasers due to ample new construction.
The story in 6 lines · by baba
- A 113 sqm, 4-room apartment in Netivot sold for 1.695 million shekels.
- The sale price may be the highest ever for a 4-room apartment in Netivot.
- The sellers had left Netivot, and buyers were from outside the city.
- Demand in Netivot primarily comes from external buyers upgrading their homes.
- The local real estate market is described as static, favoring buyers.
- The apartment was on the market for approximately two years.
A four-room apartment spanning 113 square meters in the Neve Sharon neighborhood of Netivot was sold for 1.695 million shekels. The apartment, located on the second of two floors in a boutique building, includes a parking space, storage unit, and a 15-square-meter balcony. The property was listed for about two years, with an initial asking price of 1.7 million shekels. The sellers, who have left the city, sold to individuals from outside Netivot looking to upgrade their homes.
Oz Eliya, franchisee of RE/MAX Touch Netivot, described the sale as potentially the highest price ever achieved for a four-room apartment in the city. He noted that the buyers had been in advanced negotiations for another property but found it beyond their budget, presenting an opportunity to purchase this apartment. Eliya attributed the high price to the small, five-resident boutique building and the significant investments made by the sellers in the apartment itself.
Eliya further commented that demand in Netivot primarily comes from people relocating from outside the city, estimating that only two out of every ten transactions involve local residents. He characterized the current market in Netivot as relatively static, with buyer's market conditions prevailing due to high supply from new construction, which strengthens buyers' negotiating power. He added that while second-hand apartments compete with developer financing deals, they offer upgraded units that are difficult to find in new constructions.
The transaction was facilitated by Avital Bokai, with assistance from Roi Iluz. The article also lists recent apartment sales in Jerusalem, Givatayim, Be'er Sheva, Yavne, and Safed.
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