Three-Room Apartment in Kiryat Motzkin Sold for 1.15 Million Shekels After Splitting Into Two Units
A three-room apartment measuring 70 square meters on the fourth floor in Kiryat Motzkin was sold for 1.15 million shekels. The apartment was divided into two rental units, generating a combined monthly rent of 4,500 shekels. The owners have signed an agreement with a developer to advance a renewal plan under the urban renewal (pinui-binui) framework.
The apartment was initially listed at 1.35 million shekels and remained on the market for about four months. The sellers were investors who decided to liquidate after holding the property for several years, while the buyers are a young couple from Harish seeking to invest in real estate. According to Shlomi Zino, an Anglo-Saxon franchisee who brokered the deal, the couple aimed to create a cash flow to cover their mortgage and increase their equity, choosing Kiryat Motzkin over Harish due to declining prices in their hometown.
Zino noted a significant slowdown in real estate transactions, especially in Haifa, where selling older apartments without reinforced security rooms (mamad) is challenging. He highlighted that properties in areas with urban renewal potential, such as the Krayot region, offer better investment opportunities. For example, three-room apartments in Kiryat Haim can be found for about one million shekels, and even less in Kiryat Bialik.
The article also lists recent second-hand apartment sales in various cities, including Beit Shemesh, Lod, Beersheba, Kiryat Bialik, and Ness Ziona, with prices ranging from 780,000 to nearly 5 million shekels depending on size and location. All data is sourced from the Israeli Tax Authority's recent transactions.
This sale exemplifies the evolving real estate market dynamics in northern Israel, where urban renewal projects and strategic investments are shaping buyer decisions amid a broader market slowdown.
