All over the Dan Metro area, from Herzliya to Rishon Letzion, from Holon to Givatayim all the way to Or Yehuda and Yehud, there are signs heralding to residents that new metro stations are under construction nearby. The immediate impact on apartment prices has been immense.
Studies on the impact a metro has on real estate in North America have shown that properties in walking distance from a station, up to 500 meters (yards), are worth more than properties further than 500 meters away. The increase in prices is between 30-40 percent. Even when environmental hazards that the trains can create were taken into consideration, on the whole, property value went up.
And in Israel? A study conducted by real estate appraiser Shmulik Cohen from SK Appraisals showed that in the short term we can expect the price of apartments near metro stations to remain stable, or even drop slightly by 2-3 percent, due to the construction work, noise, dirt and congestion.
But the long-term the forecast is a rise in prices of about 5-15 percent, according to the following breakdown: 5 percent for properties adjacent to light rail/metro stations, a somewhat moderate rise due to the high intensity in these locations of passenger disembarking, commercial centers and congestion; and up to 15 percent for properties that are walking distance of a few hundred meters from the stations.
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"We believe the market has yet to internalize the dramatic transportation revolution that is currently underway and the significant and expected price rise has not yet begun," says Cohen. "First of all, the use of public transportation today in the cities is marginal compared to Europe (10% in Israel vs 40% in Europe). Second, since the metro and light rail are the first of its kind in Israel, meaning a product whose dramatic values are still only in theory, the rise in real estate will be gradual. As the planning and execution continue the real estate prices in the relevant areas will spike."
Connecting Lines
The light rail, which is currently under construction, includes three lines:
The Red Line: Bat Yam-Petach Tikva. 34 overground and underground stations, crossing five municipalities, 24 km-long, expected to transport 70 million passengers a year.
The Green Line: Holon/Rishon Letzion-Tel Aviv-Herzliya. 62 overground and underground stations, crossing four municipalities, 39 km-long, expected to transport 70 million passengers a year.
The Purple Line: Sheba Medical Center-Tel Aviv. 43 overground and underground stations, crossing nine municipalities, 37 km-long, expected to transport 60 million passengers a year.
The metro, which is currently in the planning stage, will have three lines.
M1: 85 km, 62 stations, 14 municipalities. The line will link the northern and southern cities of the Tel Aviv metropolis with the center of Tel Aviv.
M2: 86 km, 22 stations, seven municipalities. The line connects the middle and inner ring cities with the center of the metropolis.
M3: 39 km, 25 stations, 11 municipalities. The line is divided into a main line and a branch to the Ben Gurion Airport and serves the middle ring of the metropolis.
We have pulled together a few examples of projects near the light rail, at a distance of up to 300 meters from a station.
Tel Aviv: The center of it all
The Purple Line will pass through Derech Hashalom, a main artery that has earned the nickname "the traffic jam of the country." It is one of the oldest routes in the city, dividing Tel Aviv and Givatayim.
The area will change its look in the coming years as a series of towers will be built there that include 3,000 apartments, part of a massive urban renewal project. The plan also includes the abandoned Military Industry (Ta'as) lots, on which a new Shikun & Binui neighborhood will be built adjacent to Nahalat Yitzhak, on land that is considered polluted and in need of deep cleansing.
On Derech Hashalom, the Oron Real Estate company is building its Concept project, an urban renewal scheme under Tama 38/2. Two buildings will be demolished with their 72 apartments and will be replaced with four new and modern buildings that house 180 apartments in two towers, 15 stories high, and two buildings of eight stories.
Another project will be built on top of the former Motorola building. Blue Square Real Estate joined the Sufrin Group, the Weiss Group, GF Real Estate and Bulthaup Investments to construct two towers of 37 and 40 stories with 400 apartments and offices with a total investment of NIS 1.2 billion. Next to Havered building, two towers of 20 and 25 stories with 700 apartments are planned to be built by Africa Israel, replacing eight buildings that will be demolished.
One of the areas that will undergo massive change are the Einstein and Haim Levanon streets in Ramat Aviv. Einstein is intended to turn into a vibrant urban street with shops, entertainment centers and bicycle lanes, connecting the east of the city with the sea.
As of 2024, the light rail is set to pass through there, with construction work beginning this year, turning the main artery into a vibrant street.
Streets with shops and commerce will bring pedestrian traffic throughout the day and will turn the area into an entertainment center, just like the center of Tel Aviv. The Green Line will connect Einstein to Ramat Hachayal, Herzliya and Rishon Letzion.
"Today there aren't many pedestrians, despite its central location and the fact that on the route there are significant places like Tel Aviv University and the Ramat Aviv mall," says Raheli Brizel, VP of Marketing of the Ashdar Company of the Ahstrom Group, which is building two projects in Ramat Aviv with 350 apartments total.
One of the projects is Ashdar Tagor, which is between Einstein and Andersen. It is a living complex with 144 new apartments in two eight-story buildings and one 18-story tower.
The Tnufa Ba'ir company of the Ram Aderet Group is constructing the 10-12 Harugei Malchut project in Tel Aviv. The project is located on Harugei Malchut St. in Ramat Hachayal, less than 300 meters from the Habarzel station, which is on the Green Line.
This is a Tama 38/2 project involving demolishing and reconstructing, in which a boutique building of five stories and 21 apartments will be built, with a diverse mix of garden apartments, 2-5 room apartments and penthouses, starting at NIS 2.25 million for a two-room apartment. The project was planned by HQ architects and has won prizes and international recognition.
According to Tali Sharon, VP of Marketing and Sales, "the proximity of the project to the commerce and high-tech area of Ramat Hachayal and the proximity to the light rail will increase demands from a high quality and high socioeconomic population, those looking to upgrade their housing, and people leaving houses but looking for large spacious apartments while adhering to the high living standard they were accustomed to."
In the heart of Tel Aviv, Africa Israel is constructing a unique project located between Ibn Gavirol, Jabotinsky and Arlozorov, where two of the light rail lines meet - the Red and Purple. The complex will have two towers of 50 stories, with 668 apartments, 2-5 room apartments and penthouses on the higher floors. The project will include a compound for tenants with an outer pool, gym and other services.
The architect of the project is Avner Yashar from the Yashar Architects firm, and the architect Orly Shrem is doing the interior design. In the front part of the project, yet separated from it, 12,000 sqm of commerce are planned, while the entrance to the buildings will be from the quiet Ben Saruq St.
One of the neighborhoods that will benefit most from the mass transport system is Jaffa D - one of the most southern neighborhoods in Tel Aviv, near Bat Yam. The neighborhood sprawls over 300 dunams and has 6,500 residents.
It's an old neighborhood, with old buildings, and it needs deep and widespread urban renewal. 85 percent of the buildings were built between 1950-1970, and 55 percent are 55-70 sqm. Most of the residents are immigrants from the Bukhara region and the Soviet Union who came in the 1980s and 1990s.
The Red Line is planned to cross through the neighborhood, with a station on the corner of Jerusalem Blvd and Machrozet St. This will give a big push to urban renewal processes, thanks to the expected connection to the city center and employment areas by using the light rail.
It's one of the last neighborhoods in Tel Aviv with affordable prices and much lower than the city average. The urban renewal scheme, combined with the light rail, will cause a spike in prices.
One of the projects that is being planned and will change the look of the neighborhood is the Kehilat Canada project of the Almog Group. It's an evacuation-construction project of 800 apartments. 208 apartments will be demolished in eight buildings and will be replaced by 12 towers between 9-29 stories high, with public buildings of 1,000 sqm area for kindergartens, and 1,600 sqm for commerce on Jerusalem Blvd, and parks with an area of 6.7 dunams for the benefit of the project tenants and neighborhood residents. The project will be 26.5 dunams.
According to Raz Screiber, VP of Marketing at the Almog Group, "this is a reality-changing flagship project of hundreds of apartments, which will be a significant upgrade for the southern part of the city. We believe the large scale of the project will push the development of the whole area, and in a few years the south of the city, mostly Jaffa that borders Bat Yam, will be unrecognizable. The advanced public transportation will bring a dramatic rise in demand and will substantially change neighborhoods that have been left behind."
The Yossi Avrahami Group is building the Noga 1 project on Jerusalem Blvd in Tel Aviv, near the Salameh station of the Red Line. The project will include 64 apartments in a 10-story building over a floor of commerce and underground parking for 30 cars that will be operated with an automatic device.
The apartment mix is diverse and includes 2, 3, 4 rooms, and a penthouse. The main space on each floor will have different concepts – a business lounge, a gym and a tenants club including a movie room. The price for two rooms in the project starts at NIS 2.5 million.
According to Yafa Sadan, VP of marketing and sales of the company: "The southern part of Tel Aviv is experiencing a resurgence these days, with full support of the Tel Aviv Municipality, which invests a lot of resources in improving the area's infrastructure and public institutions. The proximity of each of these projects to the light rail is the main reason for demand from housing upgraders from Tel Aviv and the surrounding area and investors."
Bat Yam: Changing face
It can definitely be said that Bat Yam is undergoing a makeover. Not only will the light rail pass through the city, but so too will the electric train line. Israel Railways recently began advancing the electrification of the Tel Aviv-Ashkelon route which goes through Bat Yam and Rishon Letzion. By the end of the year, Israel Railways is expected to receive electric cabins which will enter use in 2021.
The Sea Park project in Bat Yam is one of the largest neighborhoods being built today in the Dan metro area. Over 4,000 apartments are planned there, along with hotels, commerce and public buildings, and stretching the urban continuity southwards. The plan creates a new residential quarter, based on high-density construction that connects to the seashore. The plan is based on the principles of sustainable urbanity with green construction, with a plethora of open space combined with public spaces.
The living complex will have a mix of entertainment, employment and leisure centers. The neighborhood will include apartments, built in the most green standards available, a shopping and entertainment center, a modern employment and commerce center built over two million sqm which will include the Up business center, an amazing hotel complex, a beautiful beach park, academic center, modern sports center, public and culture spaces.
All these are located on the breathtaking shoreline, in a vibrant city, with leisure and cultural life, that cares about the environment. As part of the plan, the A. Zaytuni company will build two towers of 29 stories with 113 apartments.
Avi Zaytuni, CEO of the company, explains that one of the biggest advantages of the neighborhood is the planning of advanced transport routes and connection to the Red Line (Nissenbaum station), which is supposed to start operating in 2022. Residents of the area will be able to reach Tel Aviv in minutes. The towers are being built five minutes' walk from the station. Zaytuni says the tenants will enjoy a multi-purpose lounge, with sitting and working stations, a joint space for tenants to meet and hold events.
Not far from there, a tower with 28 stories and 137 apartments (from 3-5 rooms, mini-penthouses and penthouses) will be built by Shikun & Binui Real Estate. The tower will have a luxurious lobby and tenant room to foster a feeling of community.
The project will be built near commercial centers next to the park in the Sea Park neighborhood of Bat Yam. The clear advantage is the proximity to the metro stations, which will enable quick transport to Tel Aviv and the rest of the Dan Metro area. The project architect is Kika Braz.
Another major project in the city is being built by Ashtrom properties, with the Big company. The companies are planning a project with a tower, offices and commercial boulevard. The project will be on the corner of Yoseftal St and Harav Levy, next to the Bat Yam Mall, which is owned by both companies and expected to be renovated soon.
The residential tower is expected to have 160 apartments over 40 stories and another seven stories of offices. The project is walking distance from the Yoseftal train station and short walking distance from the Red Line station. The metro line is planned to pass nearby as well. The office building is due to be completed by 2023 and the apartment tower by the beginning of 2024.
There are schools in the area and a public park. The green net, which is made of public pathways and public spaces will allow pedestrian traffic on the north-south and east-west routes in the complex and ensure good connectivity inside and out. The connections between the various project characteristics combined with the location and expected accessibility will attract a diverse audience of buyers.
Idan Sigal, VP of marketing at Ashtrom properties: "We believe Bat Yam is becoming an attractive place for young couples, housing upgraders and investors and believe this project next to main arteries combined with the proximity to our mall, to the cultural centers of the city, to two train and metro stations are a great combination."
About 150 meters from the Red Line one of the largest evacuation-construction projects in the country, where old buildings on 106-109 Yoseftal Street will be replaced with six towers of 40 stories each including 1,080 apartments, managed by Matzlawi and Nitsba companies.
Kindergartens and daycare centers will be added to the neighborhood, as well as commercial space with entertainment centers such as restaurants and cafes, immaculate gardens that act as green lungs with playgrounds. The project will be marketed soon, and the prices of apartments will begin at NIS 1.4 million.
Another one of the biggest projects in the city is right on the light rail route, and its construction has already begun, where on both ends of the project two stations are planned. This is an urban renewal project with 1,728 apartments in 16 buildings, 11,000 sqm of office area, 6,500 sqm of commercial area, five dunams of public space and nine dunams open space.
The new towers will replace the existing apartments in the old buildings. The project is an initiative of the local municipality with the American Israel and Luzon Group.
The project is being built on the western side of the Ramat Hanasi neighborhood, between Harav Levy in the east, Nissenbaum on the west, 29th of November on the south and Yoseftal on the north, where the metro line passes.
"The intensive construction is proposed in the plan near the route of the Red Line, which is being constructed these days on Nissenbaum and Yoseftal, and next to the metro station planned for Yoseftal," says Dror Toren, CEO of America-Israel Housing. "Another element that adds to the accessibility is the proximity to the Yoseftal train station."
Another massive project near the light rail is the Mizrahi City Center, which will include four towers of 50 floors each, with housing, offices, commerce and even the first university of its kind in Bat Yam. The project will be a short walk from the central light rail station.
"Simultaneously the Abraham tower will replace the old Bat Yamon mall, about 100 meters from the train station. It will include 45 stories, 180 apartments and 24 thousand sqm of office space and shops," says Roni Mizrahi, Chairman of the Mizrahi and Sons Group. "The Atlantis tower will be constructed about 200 meters from the station and will have 200 apartments. The Sea Park towers, Seashell towers and Sea Line and Pearl projects are all in a radius of 200 meters from the future light rail station and metro station."
Ramat Gan: Significant change
One of the areas that will go through significant change because of the metro and light rail is the Jabotinsky route - the main artery of Ramat Gan, where the Red Line will pass, going from Rabin Medical Center (Beilinson) in Petah Tikva through Bnei Brak towards the Savidor train station, west of the Diamond Exchange Boursa compound.
One of the advantages of the light rail in this area is that most of it is underground. It's possible to imagine how the area will look after the transportation will take place underground. The construction and digging of the tunnel at the Elite junction at the entrance to Ramat Gan and the Boursa, is being done (as NTA Metropolitan Mass Transit System decided wisely) behind a see-through fence to show the public the urbanity that is coming together.
The construction of the Red Line influences the planning policy and therefore influences by proxy the price of real estate. In the areas near the Red Line the planning authorities give extra building rights, much more compared to other areas farther away from the route.
The addition of building rights improves the value of the land. These are additions of building rights to offices or a mix of uses that may reach more than 800 percent beyond what was customary in Ramat Gan in the past.
One of the compounds that will be most affected is the Elite compound, which is the western gateway to Ramat Gan and is adjacent to the Boursa. The main project which recently began construction in the compound is one that mixes housing, office and commercial space, built by two of the largest companies in the market - Azorim and Migdal.
The apartments, as with the office and commercial space in the project, are due to be completed after the Red Line begins to operate, and therefore the impact of the light rail on the project will be significant. In the future, the project will have on its doorsteps a meeting point between the Red and Purple Lines and also with the Israel Railways station at Savidor, which is also planned to go under a serious upgrade.
The VP of Marketing at Azorim, Gil Gurvitz says: "The project is in advanced stages of construction of the parking lot and the sale of the project will begin soon, but the demand for apartments in the area is already rising and interest is growing, especially from buyers interested in living in a complex of diverse uses that create high interaction between leisure, sports, entertainment and office spaces.
"It helps that the operation of the Red Line in the Elite compound is no longer just talk and has long passed on from the planning stage. There is already tunnel digging in the area and we see the work and progress at its peak, and the schedule is more clear and certain. The potential for an increase in the value of assets due to the proximity to the light rail is clear to those interested. The closer we get to the operation of the line, the more we'll see prices continue to rise in the compound."
Givatayim: A positive impact
One of the main transport arteries that will be positively impacted by the light rail is Abba Hillel-Jabotinsky and Arlozorov. In fact, all the area around the Diamond Exchange Boursa and the surrounding neighborhoods will see a positive impact – including older neighborhoods where construction currently taking place is part of urban renewal projects.
The I.M. Givatayim project is located in Ervei Nahal Street, part of the new city compound on the border between Tel Aviv and Givatayim – close to the future Arlozorov light rail station. Two older buildings from the 1960s will be replaced by 31-story towers, with 4-5 room apartments, mini-penthouses and penthouses. Prices start at NIS 30,000 per square meter. Dozens of apartments have already been sold in the first stage, and occupancy is expected from December 2022.
Amir Cohen, Vice President for Marketing at Y.H. Dimri Construction & Development, says that the company is in the middle of construction and sale of the first stage of the evacuation-construction project, under which a total of 288 apartments in two towers will be built, in place of the 72 apartments that will be demolished.
"Thanks to cooperation with the Givatayim Municipality and residents of the neighborhood, we managed to launch an innovative and modern project in one of the last pieces of land in the new city compound of Givatayim," says Cohen. "The highly-sought after location, along with the fact that this is a new project located close to the route of the light rail, will be amazing for residents, who will get to enjoy not just brand-new, spacious apartments, but also a higher quality of living."
Or Yehuda: Building momentum
In recent years, Or Yehuda has seen incredible momentum in construction. According to figures from the Central Bureau of Statistics, the city is second in Israel for new building starts, as of 2019. The city, which is in the Ono plain, has become sought-after prime real estate, which developers see as a major financial opportunity for the next decade.
Thousands of new residential units are being built in Or Yehuda as part of an urban renewal project for the old neighborhoods. "We are in the midst of preparations to welcome thousands of new families to the city," says Mayor Liat Shochat. "It is an exciting time for the city, but also a challenge that we are preparing to meet in all areas in order to ensure a speedy, high-quality, and positive welcome for our new residents."
In addition to the new construction in the Park neighborhood at the Savyon Junction, the Planning and Building Committee for Planning Priority Housing Areas has approved an urban renewal project in another, older part of the city: 'Savyon in Or Yehuda'. The project was approved in the committee's first meeting over video conference.
The project is spread over 29 dunams of land, and located south of the Savyon Junction in Kiryat Giora, an old neighborhood with good transport access to the light rail's future Purple Line. The project, which is being advanced under an evacuation-construction scheme, will include 808 residential units in eight buildings up to 18 stories, as well as commercial space. The compound currently houses nine buildings that are in physical disrepair, and the existing 184 apartments will be demolished under the new project.
The project includes a mix of apartments – both small and large – and thus enables current and future residents to become an integral part of the neighborhood. The project is being advanced by Y.H. Dimri Construction & Development, in collaboration with the Or Yehuda Municipality, and through Miloslavsky Architects.
The Yuvalim Group is pursuing an urban renewal project in Or Yehuda closed to the planned route of the light rail. Itzik Baruch, the owner of the group, says, "we are currently on the verge of launching a massive evacuation-construction project which is expected to change the face of Or Yehuda. Some NIS 800 million will be invested in building 656 new apartments in eight 17-story tall buildings, replacing nine buildings of 114 apartments which will be demolished.
"The new neighborhood will be built on 17 dunams of land, in the Kalanit compound of the city, close to Savyon Junction – just 250 meters from the light rail's Purple Line. This is the second project approved by the Planning and Building Committee for Planning Priority Housing Areas – evidence of the fact that it is a high-priority, important project which the state has an interest in fast-tracking. Given that the entire neighborhood is expected to be reliant on public transportation in the area, which, in addition to the light rail, includes the 'city fast track' project, private parking has been significantly limited in the plan approved. It was also decided that some 20 percent of the apartments in the project will be small to enable a broad range of buyers to purchase apartments."
Kiryat Ono: Makeover
The light rail's Purple Line will link Kiryat Ono and Yehud to Tel Aviv in 2024, passing through Bar Ilan University, the Sheba Medical Center at Tel Hashomer, and Tel Aviv's Carmel Market. This light railway line will be part of the incredible makeover that the center of Kiryat Ono is currently undergoing.
The Purple Line is planned to run close to the neighborhoods in the west of the city, and alongside the entire Ben Gurion artery in the west. The M3 metro line is also meant to pass through Kiryat Ono, and its route is currently under discussion, with City Hall wanting it to run through the main high street of Levi Eshkol. Either way, there is no doubt that this will be a real turning point when combined with the major construction drive in the center through evacuation-construction schemes.
The public transportation will turn Kiryat Ono in particular and the Ono Plain, in general, to even more highly-sought-after than they are today. The area currently has bountiful housing, much of which is occupied by people who have moved to the area from Tel Aviv, and those who have lived there for some time.
Some 80 percent of the workforce is employed outside of the city, mostly in Tel Aviv, Petah Tikva and Ramat Gan. Commutes are usually in a private car, and involve many hours in traffic – even after Route 471 was opened to ease access to the center.
The metro and light rail will be a considerable upgrade to the lives of the residents of Kiryat Ono and the surrounding towns. Bringing the light rail and the metro online will also serve workers going in the opposite direction as Kiryat Ono is planning to add thousands of square feet of office space in the coming years, to match the population growth.
Along the Levi Eshkol artery, and nearby, there are dozens of old, dilapidated terraced buildings. A number of companies are involved in urban renewal projects in the center of the city, including Cnaan, Aura, and Bonei Hatichon.
The project being advanced by the Cnaan Group includes moving out temporarily the 232 families who currently live in 11 four-story buildings to build 743 units, in 10 buildings, as well as 5,000 square meters of commercial space, and 1,500 square meters for communal use.
Niv Rom, one of the founders of Cnaan Group, says that the light rail and metro links will solidify the connection to the Dan Region, improving access. "Apartment owners in the compound are actually benefiting twice," he said. "They are improving their quality of life by changing their surroundings, their building and their apartment, and also get much more convenient access to the main work areas in the center of the country – instead of the horrible traffic there is today, especially when entering and exiting the towns. The close proximity to the light rail will also improve the value of the property, and the value has actually risen even before the new project has happened."
Another one of the major projects is Ono One – one of the largest urban renewal projected undertaken in the countries, and under the auspices of Bonei Hatichon (BOH), just five minutes from the Purple Line.
Sivan Peretz, Vice President for Marketing at Sales at BOH, says, "this is a major urban renewal projects on Levi Eshkol street, which is set to change the face of the center of the city. Fifteen social housing buildings with 328 apartments will be evacuated, and replaced by some 1,000 new apartments with 2,420 square meters of commercial space in nine 20-story buildings."
The project offers 4, 5 and 6-room apartments, as well as mini-penthouses and penthouses. All apartments have balconies of at least 12 square meters, as well as access to underground parking. Prices start at NIS 2.35 million.
Apartments are being built to the highest standards of safety, accessibility and environmentally-sound. The compound will include community and commercial space, playgrounds and bike paths, with a plethora of open public spaces for the use of families, children and adults.
"We believe that alongside the access improvements thanks to the light rail, Ono One will create for its residents, the residents of the street and the entire city a new, quality urban reality," says Peretz.
Aura Israel's Ono Valley project in the center of the city has seen high demand and interest because of the light rail that will pass alongside in the future. The project includes 672 residential apartments of 3-to-5 rooms, mini-penthouses, and penthouses surrounding a spacious green park that has walking paths, bike paths, playgrounds, kindergartens, commercial areas, community centers and more. About 510 units have so far been sold – more than 70 percent of the total on offer.
Jacob Atrakchi, chief executive of Aura Israel, says that, "undoubtedly, anyone looking 10 years ahead has to look at where the [national] railway and the light railway will pass in relation to their future home. In addition to the ability to move quickly and easily between different areas, there is also an impact on the rising prices in the areas. There is a clear relationship between the proximity to the train station and the price of an apartment."
MyOno at the Savyon Junction, the new industrial center of Kiryat Ono, is set to be one of the leading employment zones in the Dan Region. The Sufrin Group, which is involved in developing, managing and building residential real estate projects, as well as office blocks, commercial and logistical projects in Israel and around the world, is leading the Onyx Project in the area, in partnership with the Osher Ad retail group – owned by Avrum Moshe Margalit, Aryeh Boim and Yehuda Laniado. The group is set to build an 8,000 square meter hypermarket, and Sufrin are building 38,000 square meters of office space. One of the major advantages of the area is its proximity to the Purple Line of the light rail, and the M3 metro line.
Attractive Be'er Ya'akov
In recent years, Be'er Yaakov has become an attractive destination for apartment buyers and renters in the center of the country, especially thanks to proximity to the national rail and the comfort it brings with it. The large Green Rotshtein project will include 3,500 apartments, 900 of them in 13 towers, detached houses and commercial centers.
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The project is part of the New Be'er Yaakov neighborhood, currently under construction near the Be'er Ya'akov train station and 1.3 km away from the future light rail station.
"We expect that as the light rail construction advances, which will provide better access and reduce congestion, we'll see another spike in demand for apartments," estimates Ortal Lieber, VP of Marketing at Rotshtein.
The whole project is characterized by green areas thanks to the large gardens between the buildings and the park outside them, which allow for children to go out and play safely near their homes in a green environment.
The marketing of the 13th and final building recently began, and it was constructed to be environmentally friendly just like all the other buildings in the project. The price for a four-room apartment of 104 sqm and a 14 sqm balcony starts at NIS 2.16 million. A five-room apartment of 131 sqm with a 20 sqm balcony starts at NIS 2.4 million.
Petah Tikva: Moving on up
Next to the light rail (Blue Line) station in the Karol neighborhood, in the city center bordering the Neveh Gan neighborhood, Y.H. Dimri and Mivnei Ofir are planning an urban renewal project, which will involve the demolition of 202 apartments and eight stores. They will be replaced by 750 apartments in five towers, that will include 150 apartments each, with 3-6 rooms apartments, each with a balcony. The total area of the project will be 81,750 sqm.
Amir Cohen, VP of marketing at Y.H. Dimri: "We're in the final stretch of getting permits and starting to build. The location is in the heart of the city on the light rail route, with excellent access to main arteries. The project will have a green park in its center for the benefit of the tenants, and it combines optimal planning of apartment spaces with design of the public space, which will provide tenants high quality of life.
"The company is advancing the project with backing from the local municipality, headed by Mayor Rami Greenberg, and sees evacuation-construction as a strategy that enables businesses to initiate quality projects in high demand areas in the center of the country. We're working hard to implement the program and begin construction in the next few months."
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