Apartments under a million shekels?
In the south it is possible
The dream of an apartment is moving away from many Israelis, but if you go south you can still find second-hand apartments at prices "as before", but the name of the inventory is also reduced.
And despite everything, even if the property seems like a bargain to you, there is something to be careful of
Walla!
Real Estate
10/05/2022
Tuesday, May 10, 2022, 9:00 p.m.
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The dream of an apartment is moving away from many Israelis, but if you go south you can still find second-hand apartments at prices "like before".
In recent months, Ofakim, Netivot, Dimona and Beer Sheva have been starring in the real estate sections, following accelerated new construction and rising prices that have also reached the southern periphery.
However, if you agree to leave the central area, you will find second-hand apartments at attractive prices and you will still have a profit of one million.
"In recent months, we have accompanied a number of deals at prices that customers thought they could no longer find," says Elior Carmeli, owner of BNC Real Estate Entrepreneurship.
At the same time, Carmeli warns that many Israelis choose to invest their money in real estate: "We expect that soon in the south, too, it will be difficult to see apartments for less than a million shekels.
The Corona in particular has brought a new spirit to the periphery, with working from home allowing people to live far from their jobs. "However, he emphasizes that most of the deals for apartments in the south are investment apartments.
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Neve Sharon neighborhood in Netivot.
There are properties in the city where there will be a surplus of one million shekels, but prices are also rising there (Photo: Yanir Yagna)
No matter if it is a residential apartment or an investment, there are a few things that must be done to ensure a successful deal.
"The first thing to be careful about when buying an apartment in the periphery is the difficulty of finding tenants. The potential in the south is incredible, but you have to be sure that the conference has potential tenants or improvements," says Carmeli.
So how do you find a safe apartment to buy?
"The first rule is to check that the area has positive immigration. It is important to find a rental anchor near the property like a university or college, schools or nearby employment centers. Even areas with unique tax benefits will always attract tenants and buyers."
Although prices are rising, finding an apartment for a million shekels is not impossible.
The logic is to find an apartment with potential for growth and increase in value and therefore the necessary step before purchasing is a comprehensive market survey and search for data on the area.
"In Dimona, for example, until a few years ago we accompanied deals that start at NIS 200,000. Today, no more apartments can be found at these prices. And today it is difficult to find apartments for less than NIS 400,000. "
According to the Central Bureau of Statistics, prices in the south of the country have risen by 12% over the past year, an increase that is not expected to stop any time soon.
So where can you still find an apartment for less than a million shekels?
In Netivot, a 3-room apartment, 90 sq.m., was sold for NIS 880,000
In Ofakim, a 4-room apartment, 80 sq.m., was sold for NIS 490,000
In Dimona, a 4-room apartment, 92 sq.m., was sold for NIS 570,000
In Dimona, a 3-room apartment, 75 sq.m., was sold for NIS 400,000
In Be'er Sheva, Shirat sold 5 rooms, 80 square meters, for NIS 880,000
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