Aura Owner: Real Estate Market Undergoes Necessary Price Correction
Aura owner Yaakov Atrakji says the Israeli real estate market is experiencing a healthy price adjustment. Meanwhile, Ramat HaSharon Mayor Itzik Rochberger criticized NTA over uncoordinated metro planning.
The Israeli real estate market is undergoing a necessary price adjustment after years of continuous growth, according to Yaakov Atrakji, owner of Aura. Despite falling entrepreneurial profits, developers offering flexible financing and targeted discounts can achieve massive sales volumes, as demonstrated by Aura's recent success in selling hundreds of units within five days through collaboration with the 'Hever' organization.
Atrakji addressed the urban renewal sector, strongly criticizing developers who attempt to reduce tenant compensation terms mid-project due to changing economic conditions. He emphasized that developers must honor signed agreements rather than shift losses onto apartment owners, noting that Aura is pressing ahead by launching four major urban renewal projects in Ness Ziona, Jerusalem, Yehud, and the Dafna neighborhood in Tel Aviv.
Meanwhile, Ramat HaSharon Mayor Itzik Rochberger sharply criticized the NTA Metropolitan Mass Transit System over the planning of the local metro route. Speaking at a real estate conference, Rochberger claimed the route was determined unilaterally without consulting municipal authorities, jeopardizing a long-planned urban renewal complex along Sokolov Street.
While expressing general support for the metro project, Rochberger warned that he would firmly oppose any lack of coordination. He stressed that transparent dialogue between NTA and the municipality is essential to maintain public trust and ensure the mega-project moves forward successfully alongside local leadership.
