2024-01-27 09:49:00
The Kiryat Nordau neighborhood in Netanya is one of the oldest neighborhoods in the city. It was established in the 50’s of the last century south of the city of Netanya, when later neighborhoods were also established south of it. At first concrete shacks were built there, but in the 70’s it grew with thousands of apartments.
The neighborhood is in the southeast of the city and is adjacent to the coastal road. Due to the nature of the construction in it and the seniority of the buildings, it has been undergoing an upheaval in recent years and this will continue in the years to come – construction on a very large scale of urban renewal.
The old neighborhood is undergoing a comprehensive renovation
This is about urban renewal of all kinds – removal of construction, TMA 38 removal of train towers. Construction of commercial and shopping centers as well as offices. The neighborhood will change its face. Keep in mind that the location is relatively central in Netanya and close to a train station and you will find an area that may be of interest to many people .
A large construction evacuation plan that has been approved includes the construction of 5,500 apartments throughout the neighborhood also in towers, thereby increasing the number of apartments by over 4,000. In the past year, many plans were approved, including the Shneor N complex plan, which includes the evacuation of 128 apartments and the construction of 512 new apartments. Katznelson Aba complex plan 96 apartments will be vacated and 386 new apartments will be built.
Nordau complex plan in which 553 apartments will be built instead of 138 existing apartments. Also in the SH Agnon complex there will be a large project of building 872 new apartments instead of 208 existing apartments. Commercial centers will also be built in most of the plots.
Prices have not decreased – the reason: urban renewal
These plans will double the amount of apartments in the neighborhood to nearly 11,000 apartments. The question is what will this do to prices?
Well, pay attention – the prices in the neighborhood, contrary to the national situation in general and Netanya in particular, have not decreased. Their price per square meter according to the latest reports is 25-27 thousand kel per square meter. These were roughly the prices a year ago, maybe a little higher. The decrease in 2023, if at all, was marginal. On the other hand, in 2021-2022, prices jumped from a level of NIS 20-21 thousand per square meter.
In the last three years cumulatively, prices have risen by an average of about 30%, compared to a national average of about 17-18%. The reason is urban renewal. The renewal improves the property value dramatically. An apartment of 60-70 meters will get another 25 meters on a high floor, lobby, parking, warehouse and all that is implied. Before that it was an old apartment in an unsought after area and after that it will become an apartment in a new and renovated area. This is a 50% improvement in the minimal case, so the transactions already express a large part of the improvement.
Transactions in the neighborhood:
On Nordau Street, 78 square meters for NIS 1.92 million
On Nordau Street, 65 square meters for NIS 1.7 million
64 square meters, 1.8 million NIS
On Shetrit Street, 47 square meters for NIS 1.4 million
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