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Leading in urban renewal: How much does an apartment in Ramat Gan cost?
For 3 years in a row, Ramat Gan is the city with the highest number of transactions for urban renewal, Tel Aviv second with half the amount.
And by how much have apartment prices in the city gone up?
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Walla!
Real Estate
Wednesday, 04 August 2021, 11:51 Updated: 12:46
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Although the program moves to replace another alternative plan 38, as part of the Economic Arrangements Law, specifically in Ramat Gan program has three years high demand among the residents. According to the Urban Renewal Authority last three years [2018-2020], a leading Ramat Gan top deals.
Two The recently published Urban Renewal Authority showed that in Ramat Gan in 2010 alone, 606 apartments were renewed in urban renewal and it is a leader among all the cities.
Tel Aviv is only second with only half the amount - 327 apartments (85% less).
This trend continues from the previous two reports of the Authority.
In 2019, Ramat Gan led with the sale of 429 apartments in urban renewal (Tel Aviv, by the way, improved from seventh place with 149 apartments, to second place with 327 apartments).
Also in 2018, Ramat Gan was first in the sale of apartments in urban renewal with 350 apartments.
Tel Aviv - fifth (139 apartments).
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Demolition of an old building in Yehudit 10 in Ramat Gan (Photo: Eliran Avital)
Thus, for example, NMP 38/2 project, demolition and construction in the Jewish street in Ramat Gan beads that formed an Suffrin, Weiss Group and installs fruit company, were sold within two months the release of 75% of the apartments.
This project NMP 38/2 ( Demolition and reconstruction).
As part of this, it was demolished on Wednesday this week in a special ceremony in the presence of the developers and occupants of the old building, and in its place the companies will build a new boutique building that includes 9 floors and 30 apartments.
10 apartments will be handed over to the veteran tenants, each of whom will receive a large 5-room apartment about 25 square meters from the apartment he handed over.
An examination by real estate appraiser and lawyer Nehama Bogin shows that in the last three years, real estate prices in Ramat Gan have risen significantly in the old neighborhoods, where there are many urban renewal projects. Price increases range from 10% to more than 20% in some neighborhoods. According to the survey, apartment prices in the Haruzim neighborhood rose by about 12% between 2018 and 2021, in the Geffen neighborhood by about 27%, in the Rishonim neighborhood by about 17.5% and in Ramat Shikma by about 20%.
Appraiser Nehama Bogin refers to the rise in prices and notes: "Ramat Gan showed a 5% increase in apartment prices between 2018 and 2021. At the same time, in an individual examination and division into neighborhoods, we saw a more significant jump that reaches tens of percent. In such cases, as soon as new housing units replace the old houses, there is a higher increase in housing prices. "Since supply still does not meet demand, we will continue to see price increases in the coming years."
Tzachi Sofrin, owner and director of the Sofrin Group: "The renovation of these neighborhoods and the addition of new apartments allows mainly young couples and young families who have grown up or lived in the neighborhood for many years to stay in their neighborhood, close to work, downtown, parents or leave children in education. Added to this is the fact that Ramat Gan is one of the most sought after cities in the central region - with a planning horizon both in terms of its expansion to open spaces and in terms of expanding employment areas, upgrading accessibility by light rail and metro and its location near Tel Aviv when apartment prices are still very low. .
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