Israel Land Authority Launches Tender for Nearly 1,000 Homes in Yoqne'am Illit
The Israel Land Authority has opened a massive tender for 997 housing units in Yoqne'am Illit under the discounted apartment program. Eligible buyers, including reservists, can secure homes for roughly 1.7 million NIS.
The Israel Land Authority has launched a massive housing tender for the construction of 997 residential units, commercial spaces, and employment areas across six lots in the Mevo'ot Ma'aravim neighborhood of Yoqne'am Illit. The tender, which closes today, stands out both for its location and its exceptionally large scale.
According to a government appraiser's assessment, the average market price per square meter including VAT in the area stands at approximately 22,824 NIS, while the pre-VAT figure remains below 20,000 NIS, qualifying the project for the state-subsidized "Discounted Apartment" program. Under the program rules, apartments will be sold at a 25% discount, capped at a maximum reduction of 500,000 NIS. Consequently, an average apartment in the project is estimated to cost around 1.7 million NIS, significantly lower than the current market rate of 2.25 million NIS.
Developer Participation and Market Impact
Market analysts note that the unprecedented scope of nearly 1,000 units in a single tender will test developer appetite in the northern region. The six planned complexes will feature between 78 and 171 units each, with a portion allocated for the free market while the majority targets eligible beneficiaries. Reservists and discharged soldiers are slated to receive high priority, with 75% of the subsidized units reserved for military personnel.
Real estate experts emphasize that Yoqne'am Illit prices surpass those in nearby developing towns such as Hadera, where new projects range between 20,000 and 22,000 NIS per square meter, and Harish, where prices hover around 14,000 to 15,000 NIS per square meter. However, the substantial discount makes the upcoming Yoqne'am Illit project an attractive opportunity for eligible buyers seeking affordable housing in a high-demand northern hub.
