Penthouse in Shoham Sells for 5.3 Million Shekels Amid Local Price Drops

A spacious penthouse in the Kramim neighborhood of Shoham was sold for 5.3 million shekels. The five-room apartment, originally six rooms, covers 140 square meters with an additional 40-square-meter balcony. Located on the top floor of a three-story building constructed about seven years ago, the unit includes two parking spaces and a storage room, all counted within the total area. The penthouse underwent a thorough renovation, and the buyers invested an additional 50,000 shekels in furniture and lighting.

The property was initially listed at 5.67 million shekels and remained on the market for about six months. The sellers were downsizing, while the buyers, a couple who had recently sold a ground-level home in the area, were seeking an immediate purchase rather than rental. They initially looked for a four-room apartment but were introduced to the penthouse by their real estate agent.

Reuven Buskila, the Anglo-Saxon franchisee representing both parties, noted that Shoham has experienced price declines of 2% to 5%, with transaction volumes halving compared to the peak three to four years ago. Despite this, there is strong demand for private homes, particularly among younger, financially capable buyers looking to capitalize on current market conditions. However, demand for apartments is weaker, even as rental prices have risen, with a recent five-room unit rented for 10,500 shekels per month. Shoham's limited land availability restricts new construction and urban renewal.

Additional recent real estate transactions in various Israeli cities were also reported, including apartments in Tel Aviv, Netanya, Ofakim, Rosh HaAyin, and Tirat Carmel, with prices ranging from 1.14 million to 7 million shekels. These sales reflect diverse market activity across the country.