Within 3 months: a 20% drop in land prices in Haifa (Photo: ShutterStock)
Is this the beginning of a new trend in the prices of the Israel Land Authority's land auctions?
Efi Capital Real Estate Company reports winning the target price tender for Rami in the southern entrances in Haifa, in the amount of approximately NIS 61 million plus VAT and in addition to development expenses in the amount of approximately NIS 60 million.
Efi Capital's winning price in the current tender is A decrease of about 20% compared to the previous tender in the southern entrances of Haifa held about 3 months ago, when in the current tender the cost of a land unit is estimated at about NIS 312 thousand, compared to about NIS 386 thousand on average in the previous tender.
As part of the tender, the company will build a project of 387 housing units of which 310 housing units are part of the 'target price' program and the rest will be sold as part of marketing to the free market.
Alon Hever, Deputy CEO and CFO of Efi Capital Real Estate (Photo: Public Relations)
Recently, Efi Capital Real Estate won and purchased land in the cities of Ofakim, Elad, Lod and Haifa (the aforementioned) for a total amount of approximately NIS 790 million with construction rights for more than 2,000 housing units and approximately 8,000 square meters of commercial space.
Alon Hever, Deputy CEO and CFO of Efi Capital Real Estate: "We are continuing the company's strategy to expand the company's activities to develop residential complexes and neighborhoods within the framework of Rami's target price tenders, with an emphasis on complexes in areas of demand and development at attractive prices The southern area in Haifa is considered an area with high potential as it is located close to the city's employment center with excellent accessibility to public transportation (including the train) and main transportation routes."
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