A 1,500 sq. meter plot on Partizanim Road within the Kfar Ganim neighborhood of Petah Tikva, on which an previous indifferent home stands, was not too long ago offered for NIS 25.3 million. In response to realtor Yaniv Shitrit of Gold Properties and Developments, which specializes within the luxurious market on this space, says that the asking value had been NIS 26 million, and the client is an Israeli businessman who at the moment plans, after demolishing the present home, to construct a brand new 700 sq. meter indifferent home on the land, with a big backyard and swimming pool.
The lot has constructing rights for 3 homes and the value displays this. Shitrit says, “An enormous home could be constructed on the land, and sooner or later the client can construct one other home on the land, for his youngsters or for enterprise functions.”
The land itself value a bit of over NIS 25 million, however the purchaser nonetheless has to demolish the present construction and construct the brand new home. In response to estimates, based mostly on a development value of a minimum of NIS 20,000 per sq. meter constructed within the luxurious market, constructing a brand new home will value about NIS 14 million, which means the price of your entire transaction, plus the price of the land, might be about NIS 40 million.
The Kfar Ganim A and adjoining Neve Oz neighborhoods of Petah Tikva have many indifferent homes. A few decade in the past, Moti Zisser’s property, which was constructed on land spanning 5,000 sq. meters within the neighborhood was offered for NIS 28 million.
Shitrit, who has been labored within the metropolis for 20 years, says, “The 2 neighborhoods have not too long ago been having fun with a number of the highest demand ever right here. Land for homes and gardens is among the many costliest in Gush Dan at this time, in my view – round NIS 20,000 per sq. meter of land, earlier than development. Fairly just a few offers are made in these neighborhoods for homes and gardens, which means there’s a sure provide of such tons, however there usually are not that many and the demand is big.”
Earlier offers: The Neve Oz and Kfar Ganim neighborhoods have seen fairly just a few offers up to now 12 months for top quantities. On the finish of 2024, an 11-room, 428 sq. meter indifferent home, with a 576 sq. meter backyard and two parking areas, was offered for NIS 12.392 million. In Could 2024, a 648 sq. meter lot on HaKeshet Road in Neve Oz was offered for NIS 11.15 million. Shitrit himself not too long ago brokered the sale of a 650 sq. meter lot on this space for about NIS 13 million and the sale of a 354 sq. meter lot, for semi-detached home, for about NIS 12 million. In Ramat Verber, barely north of this space, so much barely larger than 1,000 sq. meters was offered final March for NIS 7.5 million.
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Costs of land within the space are skyrocketing. “I count on the value will increase to proceed,” says Shitrit, “as a result of costs are primarily influenced by international residents, who’re continuously on the lookout for residences right here. Though within the not-so-distant previous it was customary to see purchases by international residents in Israel solely within the coastal space and in Jerusalem, this development has modified so much not too long ago. In the present day there are fairly just a few international residents who’re on the lookout for a group, relatively than proximity to the coast, and these neighborhoods in Petah Tikva – in Neve Oz and Kfar Ganim – provide precisely that. I obtain calls nearly every single day from international residents from the US, France, Belgium and extra, who’re taken with an house in these areas of town, with the intention to transfer and settle right here. I undoubtedly suppose that we face extra value will increase, which might be dictated by international residents.”
Revealed by Globes, Israel enterprise information – en.globes.co.il – on August 10, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
