web analytics
July 26, 2014 / 28 Tammuz, 5774
Israel at War: Operation Protective Edge
 
 
At a Glance
News & Views
Sponsored Post
IDC Advocacy Room IDC Fights War on Another Front

Student Union opens ‘hasbara’ room in effort to fill public diplomacy vacuum.



the real estate scene

Modi’in: the Next Big Thing in Israel Housing

Anava Park in Modi'in.

Anava Park in Modi'in.
Photo Credit: Jorge Novominsky

The city of Modi’in has long since stopped being considered a suburb of Tel Aviv. The rising demand for housing has managed to shorten the gap in real estate prices in both cities. Statistics published by the finance ministry last month also indicate that prices are on the rise. Within a year, housing costs in the city will climb 11 percent.

Modi’in has had its fair share of “birth pangs” before it became what it is today. As early as the 1950s, urban planners were eager to transform this strip of land replete with dry valleys into a city, in order to establish population centers away from the coast.

Those plans, however, were put on hold by various governments who instead sought to earmark the area for other needs, whether it be headquartering state and government agencies, relocating a large cemetery that would serve central Israel, or relocating the large garbage dump from the nearby city of Rehovot.

These deliberations and discussions rendered the rocky hills of Modi’in barren. Nonetheless, the goal of establishing a city in the area was never abandoned, and was rekindled in the 1960s and 70s, initially to sustain security and defense considerations. Still, those intentions failed to propel the planning process forward.

It was only in the mid-1980s when the decision to build Modi’in in earnest was finally made. What tilted the scales in favor of building was the housing shortage triggered by the massive immigration of Jews from the Soviet Union. In December 1985, the government needed to find a housing solution as waves of Jews were coming over. The most immediate one was Modi’in. In the early 1990s, the plans were approved, and in 1996 the first residents began moving in.

Ashdar's Deputy CEO for Marketing Racheli Brizel. Photo: Sivan Farge.

Ashdar’s Deputy CEO for Marketing Racheli Brizel. Photo: Sivan Farge.

“The situation today is not that much different from what it was in the early 1990s,” says construction giant Ashdar’s Deputy CEO for Marketing Racheli Brizel. “The government’s strong desire to flood the country with available properties and create an impact on housing prices led it to sign an agreement in which it promised to market 12,000 new housing units in the city, available housing in the center of the country.”

Modi’in lies within Israel’s central region, located atop the hills of Judea, between Tel Aviv and Jerusalem. The city was planned to one day become a major metropolis. Its municipal administration came about by the merger of two neighboring suburbs, Reut and Maccabim. Today, Modi’in has 82,000 residents. The population is expected to hit 120,000 within the next few years. Within a 10-year period, Modi’in will be home to a quarter-million residents.

If construction and building plans are any indication, it would appear that Modi’in is making giant strides toward this goal. The latest government plan calls for the construction of 11,800 residential units in the four main neighborhoods of the city. From now until February 2015, some 3,200 apartments will be offered on the market. The rest of the apartments will become available between 2015 and 2017.

While there is reason for optimism, some are expressing many doubts as to whether this will have the desired impact on real estate prices in the city.

“More than 1,700 apartments were offered on the market over the course of the last six years in Modi’in,” says Brizel. “Every tender that was announced has been higher than the previous one. The movement in the real estate market was what prompted the company to make the decision to move into Modi’in and invest there, even with the high property values.”

About the Author: Ranit Nachum-Halevi is a consultant to real estate companies, and former senior real estate correspondent for The Marker, Haaretz's daily financial supplement. She has been working in Israel's media for more than 15 years. You can reach her at ranit.nh@gmail.com.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “Modi’in: the Next Big Thing in Israel Housing”

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
John Kerry
Entire Israeli Cabinet Rejects Kerry’s Proposed Ceasefire, Talks Continue
Latest News Stories
John Kerry

Bibi’s cabinet unanimously rejected Kerry’s ceasefire proposal, but still considering 12-hour break.

IDF Staff Sgt. Oron Shaul, hy'd, who fell in action Sunday, July 20, 2014 with six comrades when his APC was hit by an anti-tank missile fired by terrorists in Gaza. Declared dead Friday, July 25, 2014. May God avenge his blood.

Hamas exploited the fog of war: they did not kidnap Shaul Aron, he was killed in action.

A soldier called up to talk to my 5 year old son…

An Arab driver, driving into a group of Jews at a Gush Etzion bus stop.

An Arab driver swerved into a group of women and girls standing at a Gush Etzion Junction (Tzomet HaGush) bus stop.

1st Sgt. Yair Ashkenazi, Reserves, (36) HY”D, was killed this morning during operations in northern Gaza.

11:45am Rocket alerts, including Tel Aviv and Lod. The smell of a Cease fire is in the air. 11:47am 07-25-2014 Ramla, Lod 11:47am 07-25-2014 Tel Aviv – Yafo , Bat Yam, Bnei Brak / Givaatayim / Petach Tikva, Dan coastal plain, Kiryat Ono, Elad, Rosh Ha’yin, Ramla, Lod, Shoham, Kfar Chabad 11:47am 07-25-2014 Tel Aviv […]

Chabad has provided a list of all the soldiers injured so far in Operation Protective Edge, so you can add them to your prayers.

We’re waiting to hear back if there will be a cease fire this afternoon. The terms grant Hamas political legitimacy.

11:10am Massive number of rocket alerts: 11:10am 07-25-2014 Herzliya, Raanana, Emek Hefer, Kfar Saba, Sharon / Gaash 11:09am 07-25-2014 Herzliya, Raanana, Emek Hefer, Kfar Saba, Sharon / Gaash, Ashkelon 11:09am 07-25-2014 Herzliya, Raanana, Ashkelon, Emek Hefer, Kfar Saba, Sharon / Gaash, Ashkelon 11:09am 07-25-2014 Herzliya, Raanana, Ashkelon, Emek Hefer, Kfar Saba, Sharon / Gaash, Zikim […]

The IDF has released a list of senior Gazan terrorists who have been taken out…

Thousands of Israelis in Turkey have been trapped there due to the war with Gaza.

Abbas faces the acid test of his clinging to power, but he is forced himself into a lose-lose-corner.

Golani 12 Platoon commander, Shai Siman-Tov, was seriously injured yesterday,

The IDF has begun to systematically tear apart the roots of the Hamas terrorist infrastructure

Amb. Ron Dermer takes on CNN’s coverage of Hamas, and wins.

Hip Hop musicians create a song and video to express how they feel about the current Arab/Israel war.

More Articles from Ranit Nachum-Halevi
On the beach

Israel’s coastline may be short, but there are still some real estate pearls waiting to be realized, offering cheap alternatives for sea front living. All you have to do is go further from the boundaries of Tel-Aviv and the Dan Block.

Meir Shitrit speaks with the press.

Nave and Golan are advisors helping Meir Sheetrit run for president. As professionals who lead campaigns and shape public opinion, they cite the press as a major factor in this campaign.

Israeli biomedical firms look back on a successful year on Wall Street. Are we bearing witness to “the new tech”?

The romantic skyline of Jerusalem is disappearing. Is Jerusalem on its way to becoming a modern city? Or is it losing its special character?

Government plans to market 12,000 new apartments in Modi’in, where prices haven’t stopped rising in recent years.

It’s a boom: some 100,000 housing units will replace military camps in the high-value center of Israel.

    Latest Poll

    Do you think the FAA ban on US flights to Israel is political?






    View Results

    Loading ... Loading ...

Printed from: http://www.jewishpress.com/news/breaking-news/modiin-the-next-big-thing-in-israel-housing/2014/03/02/

Scan this QR code to visit this page online: