The Next Big Thing: Seven Neighborhoods that You Should Know About
The price increases in recent years have caused the housing market to change rapidly. From a market that existed for the most part between Ashdod and Hadera, it has been transformed in recent years, and especially in recent months, to a much more balanced market, from a geographical perspective. Even the peripheral areas such as Afula, Kiryat Gat, Tirat HaCarmel and Ashkelon are big players, with intensive planning and building, and the public is reacting accordingly with increased purchases.
With the entry of these unexpected cities into the market, there has been a new revival of neighborhoods which have been laying in the drawers of the local planning boards for years. And next to these are plans for the new neighborhoods which are taking advantage of the relatively rapid planning proceedings, in order to take part in the real estate market excitement.
Following you will read about some of the future neighborhoods. Some of them are still covered with fields, some of them are already denoted as the next big thing, but until now, nothing has happened in their area; in some of them, land tenders have already taken place; and in some of them, detailed planning has already begun and at times even actual marketing. What is common to all of them is that within the next few years, their landscape will change completely.
Building in Israel is extending and stretching from the Center to the North and South, but in the North, it stops at the Krayot, Haifa and Afula. Bearing witness to this are the number of apartments that were built in Nahariya in the last few years ‒ approximately 380 apartments on average per year between 2010-2014, according to a survey prepared for the city by the Svivot Megurim company. The Achziv neighborhood, located in Northern Nahariya and in the Southern Achziv Shore, is one of the numerous plans that are meant to push these numbers up.
According to the plan describing Nahariya, by 2030, 15,000 residents will join the existing 60,000 current residents. The Achziv neighborhood is not similar in numbers to the mega neighborhoods known from Rosh Ha’ayin or Ashkelon, but it is certainly a significant addition.
The neighborhood is built about 100 meters from the shore line ‒ because its plans were approved prior to the enactment of the law forbidding residential building within 300 meters from the beach. The building in the neighborhood will include769 residential units between five to nine floors, 70 villas, 550 rooms in hotels add 200 vacation apartments. By the end of the building, these will be populated by 2700 residents. In addition, 300 dunam (74 acres) will be allocated to public buildings, such as kindergartens, commerce and tourist activities.
The Zemach Hammerman Company, together with Electra Residences, will build the residential neighborhood. Marketing is expected to begin shortly, and the building will begin in approximately six months, with entry expected in three years. Prices start at NIS 1.095 million for a four-room apartment and increase up to NIS 2 million for a penthouse. Five-room apartments will begin at NIS 1.25 million.
“There will be no small apartments in this project; there will be only four rooms and more, because we are targeting families and not investors,” explains Ran Ben Avraham, the Vice President of Marketing and Development at Zemach Hammerman. According to Ben Avraham, there is no connection between this strategy and the increased taxation at the rate of 8%-10% that the Treasury Ministry levied on investors in June of this year, which is meant to distance investors from the market.“ The tax on an investor that purchases an apartment in the amount of NIS 1 million is only NIS 80,000. That amount would not deter investors. When building almost 800 residential units, one can’t designate the neighborhood for investors, because this is a strategy destined for failure. It would transform the neighborhood into a rental project or ghost apartments, and we are looking at the quality of the neighborhood even after we sell the apartments. We want to return in 20 years and say that this is the neighborhood that we built.”
The Achziv neighborhood is not the only thing that will expand the city in the upcoming years. There are two other plans ‒ one is for building 450 apartments at the southern entrance of the city and the second is for building 2,600 apartments in the eastern part of the city.