3-Room Apartment Sells for 1.58 Million Shekels Amid Renovation Project in Remez, Rishon Lezion

A 67-square-meter, three-room apartment on the second floor of a four-story building in the Remez neighborhood of Rishon Lezion was sold for 1.58 million shekels. The building is currently undergoing a Tama 38/1 reinforcement and expansion project, expected to be completed in about two years. The buyers, a young couple purchasing their first home, will receive a renovated four-room apartment with an 80-square-meter living area, a 15-square-meter balcony, and a secure room. During construction, residents continue living in the building. The apartment required significant renovation, with an estimated 150,000 to 200,000 shekels needed for upgrades. The original asking price was 1.75 million shekels, and the unit was on the market for approximately three months.

Ayal Yemini, CEO and owner of RE/MAX Center in Holon, Bat Yam, and Rishon Lezion, noted that Remez is a well-established and sought-after neighborhood, especially among young residents. He estimated that post-renovation and Tama 38 completion, the apartment’s value would rise to about 2.1 million shekels. The transaction faced bureaucratic hurdles during negotiations but was ultimately completed. Yemini also highlighted a general price decline in Rishon Lezion, particularly affecting older, unrenovated apartments, with buyers currently holding more negotiating power. He contrasted this with the real estate markets in Bat Yam and Holon, noting a significant drop in investor activity in Bat Yam and a more stable but cautious market in Holon.

Additional recent second-hand apartment sales in various cities were reported, including Jerusalem, Nesher, Ashkelon, Hadera, and Ra'anana, with prices ranging from 1.13 million to 4.5 million shekels depending on location, size, and amenities. These transactions reflect ongoing activity in Israel’s residential real estate market amid varying local conditions and buyer demand.