Petah Tikva home and lot fetches NIS 25.3m

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 lately offered for NIS 25.3 million. In keeping with realtor Yaniv Shitrit of Gold Properties and Developments, which specializes within the luxurious market on this space, says that the asking worth had been NIS 26 million, and the customer is an Israeli businessman who presently plans, after demolishing the prevailing 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 worth displays this. Shitrit says, “An enormous home may be constructed on the land, and sooner or later the customer can construct one other home on the land, for his youngsters or for enterprise functions.”

The land itself price somewhat over NIS 25 million, however the purchaser nonetheless has to demolish the prevailing construction and construct the brand new home. In keeping with estimates, primarily based on a development price of no less than NIS 20,000 per sq. meter constructed within the luxurious market, constructing a brand new home will price about NIS 14 million, which means the price of your entire transaction, plus the price of the land, will probably be about NIS 40 million.

The Kfar Ganim A and adjoining Neve Oz neighborhoods of Petah Tikva have many indifferent homes. A couple of 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 lately been having fun with among the highest demand ever right here. Land for homes and gardens is among the many most costly in Gush Dan in the present day, in my view – round NIS 20,000 per sq. meter of land, earlier than development. Fairly a number of offers are made in these neighborhoods for homes and gardens, which means there’s a sure provide of such heaps, however there are usually not that many and the demand is gigantic.”

Earlier offers: The Neve Oz and Kfar Ganim neighborhoods have seen fairly a number of offers up to now yr 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 Might 2024, a 648 sq. meter lot on HaKeshet Road in Neve Oz was offered for NIS 11.15 million. Shitrit himself lately 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, rather a lot barely larger than 1,000 sq. meters was offered final March for NIS 7.5 million.

Costs of land within the space are skyrocketing. “I anticipate the worth will increase to proceed,” says Shitrit, “as a result of costs are primarily influenced by international residents, who’re continuously in search of flats 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 pattern has modified rather a lot lately. At this time there are fairly a number of international residents who’re in search of a group, quite than proximity to the coast, and these neighborhoods in Petah Tikva – in Neve Oz and Kfar Ganim – supply precisely that. I obtain calls virtually every single day from international residents from the US, France, Belgium and extra, who’re excited about an condo in these areas of the town, with a purpose to transfer and settle right here. I undoubtedly assume that we face extra worth will increase, which will probably 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.