Northern Israeli City Attracts Real Estate Investors Amid Tech Giant's Expansion
Translated & summarized from Maariv by baba
A real estate company won a tender to build 997 housing units in Yokneam, northern Israel, with demand potentially boosted by Nvidia's planned expansion. Separately, the Shabiro Group will build 185 housing units in the city. The projects aim to attract residents from the region and central Israel, with a portion of units offered at target prices.
The story in 5 lines · by baba
- A company will build 997 housing units in Yokneam, northern Israel.
- Nvidia's planned expansion in Yokneam is expected to increase housing demand.
- The winning company will pay approximately 132 million shekels for land and development.
- The Shabiro Group will construct an additional 185 housing units in Yokneam.
- A portion of the new housing will be offered under a government target price program.
A major land tender in the northern Israeli city of Yokneam has concluded with a company set to build hundreds of housing units, many under a government program. The development is also influenced by the planned expansion of chip giant Nvidia in the area, which is expected to boost demand in the coming years. The winning company secured the largest of six plots, totaling 997 housing units and approximately 1,000 square meters of commercial space. The company will pay about 70.5 million shekels for the land, plus an estimated 61 million shekels for development costs, bringing the total to roughly 132 million shekels.
Industry professionals anticipate that the combination of new housing, employment centers, and transport accessibility will attract young couples and those looking to upgrade their homes from Yokneam and the surrounding region, as well as buyers from central Israel seeking alternative living options. These projections are based on anticipated future demand rather than actual sales figures.
Separately, the Shabiro Group announced its expansion in the north, winning a tender from the Israel Land Authority to construct 185 housing units in Yokneam. This project, costing approximately 88.7 million shekels for land and development, will offer 130 units under the "Target Price Apartment" program and 55 on the open market. The Shabiro Group views northern Israel as a significant long-term housing market and sees this acquisition as a commitment to future development and residents.
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