Is it worth living in the old Motzkin in Kiryat Motzkin?
Real Estate Review Today, in collaboration with madlan
A project at 22 Hagana Street of the Neot Gilboa company
Photo:
Imaging: Neot Gilboa & Co., a construction company
Produced by the Department of Special Supplements
what's the story
The old Motzkin was the first neighborhood established in Kiryat Motzkin, in the 1930s.
Construction is low and includes many detached houses and low 3-4 storey apartment buildings on the main streets.
Over the years the city developed north, but the low density in the old neighborhoods was maintained.
New and denser construction is currently taking place only in the north of the city.
Public transportation in the old solids is very good, but car owners face a parking shortage.
Shopping and arrangements can be made in the shops on Goshen Boulevard and nearby Kiryat Haim, and within a short drive there are many shopping centers, including the Kryon, Big Kiryat Ata, Hutsot Hamifratz and more.
There are few public parks and playgrounds, and large parks are just a short drive away.
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population
The residents are mostly secular, and about 10% wear kippahs.
In the last decade new families have stopped moving here, probably because the new construction and parks in the north of the city are more appealing to them.
If the trend continues, this could have consequences for the social structure, and it is also possible that educational frameworks will close.
transportation
In terms of transportation, the location is excellent: most of the houses are within walking or riding distance of up to 10 minutes from the train station, from where you can easily reach cities around the country, including employment centers in Haifa.
Bus stops are also a short distance away, including the matronly stations, a fast bus service on an exclusive route.
Today, one matronly line passes on the Acre Road, between the Krayot Central Station and the Hof Carmel Central Station in Haifa, through the lower city.
In the coming years, additional lines will be inaugurated, one that will shorten the trip to the Hof Carmel Central Station through the Carmel Tunnels, and one that will also reach Acre and Nahariya.
In the private car, the situation is not ideal, with many complaints from residents about the parking shortage and traffic congestion on the main arteries during rush hours, including within the neighborhood (Goshen Boulevard).
Benefits
Central but quiet location (if not living next to the railway or the coastal road).
Good public transport that is expected to improve.
Walking distance from shopping, errands and places of entertainment.
Disadvantages
Local traffic congestion and parking shortage.
There is no access to a large park.
The population is growing.
Supply and prices
A total of 222 apartments were sold in 2020, about 20% of which are new.
This is a decrease of about 20% in the volume of sales since 2019, with most of the damage being in the second-hand apartment market.
The difference between the price of a new apartment and an old apartment is higher than average, about half a million shekels in 4-room apartments.
This is because the older apartments are smaller.
In terms of price changes, all in all it can be said that the corona crisis has not hit the region, and price levels have been maintained since 2019.
A number of projects are currently being built in the neighborhood.
Neot Gilboa, for example, which concentrates on building boutique buildings in the Krayot area, is currently building two projects in the neighborhood.
On Remez Street 4, the TMA 38/2 project offers spacious 5-room apartments and a penthouse for immediate entry starting at NIS 1,680.00, including parking and storage. The project is close to educational institutions and parks and is suitable for housing developers from the area and young families.
At 22 Hagana Street, the company is building a new project, which offers 3- and 4-room apartments, garden apartments and mini-penthouses starting at NIS 1,285,000.
The project is located in a pastoral and quiet environment, but close to the city center.
It can suit both investors and apartment seekers, who want to combine accessibility and a quiet environment.
Future Plans
Urban renewal
: There are already TMA 38 projects in the neighborhood, and their number is expected to increase in the next decade as land reserves for new construction in the Oblot Krayot are not known. Construction in the east and west of the neighborhood.
Matron service extension
:
This is a fast bus system, traveling on an exclusive route.
It currently passes on the coastal road between the Krayot Central Station and the Hof Hacarmel Central Station, which is adjacent to the Matam employment area, and passes through the main employment centers in the lower city of Haifa. In the coming years, the service will be expanded The area with Acre and later with Nahariya.
Metropane Trails
: A network of metropolitan bicycle paths, which will be paved throughout Haifa and the Krayot, and will initially include 38 km of main paths, one of which will pass adjacent to the neighborhood on the coastal road. The project is in the planning stages, and the optimistic expectation is 2025.
An opportunity for investors?
In recent years, the neighborhood has undergone a process of renewal within the framework of TMA 38, but the process, whose peak was between 2015-2018, is slowly fading, it may be a temporary matter related to the corona crisis.
From an analysis of the mix of transactions in the neighborhood, it can be seen that the best-selling type is second-hand 3-room apartments, which indicates the public trust of buyers in the neighborhood that is suitable for investment.
In new apartments, the best-selling type of apartment is actually 5 rooms.
This figure indicates the entry of families into the neighborhood, which usually heralds price increases.
In terms of upside on an apartment - a second-hand 3-room apartment, which will move to TMA 38 and become a new 4-room apartment, will yield a capital return of about 85%!
Even if this type of apartment does not pass TMA 38 (it is important to note that the plan is due to expire at the end of 2022), it is still an investment that yields about 3.8% annual rental yield, above average.
The numbers speak
Socio-economic index: 5 out of 10
Madeleine Meter for Education: 5.6 out of 10
Percentage of children in the neighborhood: 25%
Average price of a new 4-room apartment: NIS 1,492,000
Average price of a second-hand 4-room apartment: NIS 965,000
Produced by the Department of Special Supplements