In the middle of a TAMA project: for how much was a 3-room apartment sold in the Ramez neighborhood of Rishon LeZion?

On Meir Vinik Street, in the Ramez neighborhood of Rishon LeZion, a 3-room apartment with an area of 67 sq. m was sold on the second floor out of four for 1.58 million shekels. The apartment is located in a building currently undergoing a reinforcement and addition project (TAMA 38/1), which is expected to be completed in about two years.

After the project is finished, the buyers will receive a 4-room apartment with an 80 sq. m MAMAD (protected space) and a 15 sq. m balcony. The building will feature 7 floors and an elevator. During the construction work, residents continue to live in the building.

Regardless of the renewal project, the apartment requires a thorough renovation. The asking price was 1.75 million shekels, and it had been on the market for about three months. The sellers are heirs, and the buyers are a young couple purchasing their first home.

"Prices are falling"

Eyal Yamini, CEO and owner of RE/MAX Center in Holon, Bat Yam, and Rishon LeZion, states: "The Ramez neighborhood is an old part of the city, close to the center and very popular among the young population."

"In my estimation, the buyers will need to invest about 150,000–200,000 shekels in renovations to move in. The relatively 'low' price suited them because the apartment needs investment. On the other hand, in about two years, they will receive a 4-room apartment with a large sun balcony—another factor that was important to them. I estimate that if the apartment were sold today in its post-renovation and post-TAMA condition, it would be worth 2.1 million shekels."

"During negotiations, the project was halted due to bureaucratic issues that threatened to derail the deal, but ultimately, the matter was resolved and the transaction was completed."

"Because Rishon LeZion is considered a central and family-oriented city, demand is quite stable, but prices are falling. This is felt mainly in complex transactions, such as those involving old and unrenovated apartments. There is no doubt that the power is with the buyers at the moment."

"In Bat Yam, we feel a significant impact. This is a city that had many investors who are not currently in the market. In Holon, the situation is more stable—there is demand, but many buyers are hesitant to make a move, partly due to the wide variety of options and the fear of missing out on further price drops."

Slava Popov represented the seller, and Kati Feldman from RE/MAX Center represented the buyers.

Second-hand apartments sold

Jerusalem

On Moshe Kol Street in Ramat Beit HaKerem, a 4-room apartment, 96 sq. m, on the 4th floor out of 7, with parking, for 4.25 million shekels.

On Moshe Yostman Street in the Gilo neighborhood, a 4-room apartment, 81 sq. m, on the 3rd floor out of 4, for 2.16 million shekels.

On Yaakov Elazar Street in Ramat Alon, a 3-room apartment, 70 sq. m, on the 2nd floor out of 7, with parking, for 2.75 million shekels.

On Moshe Kol Street in Ramat Beit HaKerem, a 4-room apartment, 92 sq. m, on the 2nd floor out of 4, with four parking spaces, for 4.47 million shekels.

Nesher

On HaMa'apilim Street, a 4-room apartment, 100 sq. m, on the 3rd floor out of 3, for 1.7 million shekels.

On HaMoran Street, a 4-room apartment, 81 sq. m, on the 6th floor out of 8, for 1.61 million shekels.

Ashkelon

On Berikhat Ram Street in the Agamim neighborhood, a 4-room apartment, 97 sq. m, on the 2nd floor out of 6, with two parking spaces, for 1.63 million shekels.

On Balfour Street in the Barnea neighborhood, a 5-room apartment, 125 sq. m, on the 9th floor out of 9, with two parking spaces, for 3.2 million shekels.

On HaTayasim Street in Afridar, a 4-room apartment, 121 sq. m, on the 4th floor out of 4, with parking, for 2.22 million shekels.

Hadera

On Haim Laskov Street in the Ganei Alon neighborhood, a 2-room apartment, 55 sq. m, on the 2nd floor out of 4, for 1.13 million shekels.

On HaDuda'im Street in the Hofim neighborhood, a 5-room apartment, 124 sq. m, on the 16th floor out of 25, with parking and an elevator, for 2.43 million shekels.

On Hut HaShani Street in the Hofim neighborhood, a 4.5-room apartment, 132 sq. m, on the 11th floor out of 17, with parking and an elevator, for 2.5 million shekels.

On Nearan Street, a 5-room semi-detached cottage, 186 sq. m, for 3.27 million shekels.

Ra'anana

On Ehud Manor Street in the Neve Zemer neighborhood, a 5-room apartment, 217 sq. m, on the 4th floor out of 7, with parking, for 4.1 million shekels.

On Moshe Vilensky Street, a 4-room apartment, 143 sq. m, on the 3rd floor out of 6, with double parking, for 3.5 million shekels.

On HaYovel Street, a 4-room apartment, 107 sq. m, on the 5th floor out of 6, for 2.67 million shekels.

All transactions are based on recent data from the Tax Authority website.