Bat Yam Apartment Sold at a Loss Amidst Market Shift
Translated & summarized from Globes by baba
A 2.5-room apartment in Bat Yam was sold for 1.62 million shekels, a loss for the sellers who bought it for 1.66 million in 2022. The sellers recognized market conditions and accepted a lower offer to upgrade their own home. The buyers are a young couple investing in the property, which is part of a building undergoing urban renewal. A local real estate agent noted a market recovery in Bat Yam with increased interest from local and international investors.
The story in 5 lines · by baba
- A Bat Yam apartment sold for 1.62 million shekels, less than its 2022 purchase price of 1.66 million.
- Sellers accepted a lower price due to market conditions to fund their own housing upgrade.
- The apartment is in a building undergoing urban renewal, attracting investor buyers.
- A real estate agent sees a market recovery in Bat Yam with international buyer interest.
- Price drops in the market are believed to have stopped, though buyer power remains.
A 57-square-meter, 2.5-room apartment on Hashikma Street in Bat Yam's southwestern neighborhood was sold for 1.62 million shekels. The apartment, located on the fourth and top floor of a four-story building with an elevator and parking, is part of a building where residents are pursuing a "TAMA 38" urban renewal project and are currently in negotiations with a developer. The apartment was initially listed for 1.73 million shekels and remained on the market for three months. The sellers, a young family who purchased the unit as an investment in 2022 for 1.66 million shekels, decided to sell to upgrade their own residence. They recognized the current market conditions, leading to a price reduction first to 1.67 million and finally to 1.62 million shekels.
Shiri Noa Hasson, owner and CEO of a central region real estate agency, stated that sellers who bought at market peaks and wish to sell now must expect a lower price. She noted that the buyers, a young couple also purchasing for investment, were attracted by the property's potential, the upcoming urban renewal project, and the included parking.
Hasson also observed a resurgence in the Bat Yam market, with renewed interest from both local investors and international buyers, particularly from Los Angeles, the UK, Germany, and Italy, who are focusing on beachfront properties. She also sees a return of homeowners looking to upgrade. Despite a large inventory that still favors buyers, Hasson believes that price drops have stabilized. The apartment is currently rented for 4,450 shekels per month.