web analytics
December 22, 2014 / 30 Kislev, 5775
 
At a Glance
News & Views
Sponsored Post
8000 meals Celebrate Eight Days of Chanukah – With 8,000 Free Meals Daily to Israel’s Poor

Join Meir Panim’s campaign to “light up” Chanukah for families in need.



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

Today, Ashdar is involved in the construction of hundreds of apartment buildings throughout the country, including in Haifa, Netanya, Tel Aviv, Ramat Hasharon, Bat Yam, Rehovot, and Jerusalem. The company moved into Modi’in three years ago and began marketing its exclusive Ashdar Buchman Modi’in project, which encompasses 78 apartments in six six-story buildings.

According to the Israel Lands Administration, property buyers for pieces of land in the Buchman neighborhood in Modi’in paid NIS 607,000 per unit in 2010. A year prior, they paid just NIS 300,000. That’s an increase of better than 100 percent. Similar results were reported in other parts of Modi’in.

The deals in which people bought apartments in the Ashdar Buchman project were also indicative of the record-high prices in real estate that people paid to live in Modi’in. Recently, the company sold a four-room apartment in the project for NIS 2.1 million. Two years ago, a similar apartment went for NIS 1.8 million. A five-room apartment in the complex was recently sold for NIS 2.3 million, while two years ago it would have been sold for NIS 2 million.

New luxury housing units in Modi'in. Photo: Jorge Novominsky

New luxury housing units in Modi’in. Photo: Jorge Novominsky

“This is a 15-percent jump within two years,” Brizel says. “This is all the result of supply and demand, as well as market conditions. The demand for housing in the upscale Buchman neighborhood is among the highest in the city. Ashdar recognize the high demand for apartments in the city as well as the quality of the population that was willing to pay a lot of money in order to live in high-end neighborhoods like Buchman.”

“The project being offered by the company is tailored to the clientele and it offers four- and five-room apartments with a garden, a scenic view, and physical separation from the other apartments,” she says. “The buyers who come to purchase our apartments are looking for individual space, high-quality living arrangements, and nature. That’s why our apartment buyers are not just young couples but also those looking to upgrade their living arrangements and come from all over, including the center, the Sharon region, Modi’in, and English speakers.”

There are 20 apartments remaining to be sold in the complex, among them six penthouse apartments that take up the entire floor and could be had for a price of NIS 3.8 million each. According to Brizel, penthouse apartments are always the last to be offered for sale in projects like this, particularly when buyers could gain a greater appreciation for the complex’s development and the surrounding environment.

“The prices of the penthouse apartments, just like the rising prices in the city, stem from the massive development that has been poured into the city, and this has attracted quite a number of people from a high socioeconomic strata,” she says.

Modi’in boasts a large number of businesses and employment opportunities, top-quality educational institutions, and a strategic location – right between Tel Aviv and Jerusalem (the city is a 25-minute drive to each). It is also a short, 10-minute drive to Ben-Gurion Airport as well as the main highways that connect it to the south and center of the country.

Modi’in is also ranked among the cities with the highest socioeconomic quality of life for its residents. In addition, 63 percent of its inhabitants completed high school, among the highest in the country. As of 2008, it had a well-above-average annual salary for wage-earners (NIS 14,496 per month). In terms of employment, 79 percent of Modi’in residents have jobs, and its unemployment rate is extremely low (2.5 percent, well below the national average of 6.6 percent).

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
Haredi men cast their votes for the 19th Knesset in Bnei Brak, January 22 2013.
New Poll: Shows Netanyahu Will Lead Next Gov’t with Haredim
Latest News Stories
Chanukiah Port Tel Aviv

A family pose for a picture in front of a giant illuminated Chanukiah in the Port of Tel Aviv on December 21, 2014.

Haredi men cast their votes for the 19th Knesset in Bnei Brak, January 22 2013.

The results of the poll may cause people to start changing their minds.

Soldiers check Palestinian Authority Arabs for knives,explosives, guns, screwdrivers and anything else that can be used to murder.

The Palestinian Authority is a serial murderer – first the “peace process” and now Israeli soldiers.

Ismaaiyl Brinsley

He had written on Facebook, “Strike terror into the hearts of the enemies of Allah and your enemies.”

Rabbi Yehuda Glick, who was critically wounded in an assassination attempt several weeks ago, announced he is running “symbolically” on the Likud list for the elections to the Knesset. He is in 33rd place, and he will not be elected unless the party performs a miracle no less than his recovery and wins 33 seats. […]

“Both sides shall respect and protect the listed below religious rights of Jews, Christians, Moslems and Samaritans.” – Oslo Accords.

The annual Giant Chabad Menorah was lit without a ceremony this year in Martin Place, Sydney.

Egypt closed the crossing due the ongoing terror attacks against Egypt emanating from the Gaza Strip.

India may pull its vote in favor of the PA resolution before the UN Security Council and instead choosing abstention.

Arab media report Syria downed an Israeli drone over Quneitra, near the border between the two countries.

Man shouting “Allahu Akbar” drives car into crowd in the French city of Dijon.

Bereaved family says hit-and-run death was terrorism.

Anti-Zionist Arabs don’t always distinguish between Jews, Christians and Muslims.

Elections, and not Netanyahu, raised the minimum wage.

Palestinian Authority head says he can’t stop attacks on Jews.

Oscar-winner “Into the Arms of Strangers: Stories of the Kindertransport” has been selected for permanent preservation in the Library of Congress by the National Film Registry. The film, released in 2000, documents the rescue of some 10,000 predominantly Jewish children from Nazi-dominated Germany, Austria and Czechoslovakia in the months leading up to World War II. […]

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.

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: