16,000 Compete for 38 Discounted Apartments in Haifa

Approximately 16,000 individuals have registered for a chance to win one of 38 discounted apartments in Haifa, with registration for the "Apartment at a Discount" program closing soon. This high demand translates to a competition ratio of about 430 applicants per apartment. An additional drawing for the same project, by developer Shtit, saw around 15,500 people register for just three apartments. The apartments are located in the "Noaf Yam" project in the Neot Peres neighborhood, near the Sammy Ofer Stadium. The price per square meter in the main drawing is NIS 7,994, and in the smaller one, NIS 8,144, before VAT and without indexation to construction input costs. A three-room apartment in the project is priced at approximately NIS 842,000. These units became available after the initial lottery, with some winners forfeiting their prizes or being disqualified. In 2020, when about 250 apartments were offered in the same complex at a similar price per meter, only around 2,600 people registered, a ratio of about one in ten.

The program is now open to both first-time homebuyers and those looking to upgrade their existing homes, a change from previous restrictions. Among the Haifa registrants, about 450 are upgraders who obtained new eligibility for this round. The program has specific eligibility criteria, including marital status, having children, or being over 35 for single applicants. Those who win and are upgraders must sell their current home within 12 months of occupancy. Unlike previous lotteries that sometimes allocated up to half the apartments to reservists, this round does not have a separate allocation for them.

The registration period for this round began on November 3rd and closes on November 15th. The actual lottery date has not yet been set. Winners will be invited to a briefing, select an apartment based on their lottery order, and sign a contract. The sale of a discounted apartment is permitted only five years after receiving the occupancy permit (Form 4) or seven years after the lottery, whichever comes first, with rentals allowed during this period. For first-time buyers, banks can finance up to 75% of the apartment's value, meaning a down payment of about NIS 210,000 is needed for an NIS 842,000 apartment, with a monthly mortgage payment of around NIS 3,500 at current rates. The purchase price falls within the tax exemption threshold for a single apartment in 2026.