French-Israeli household buys eight residences in Ra’anana

The members of a single household – grandfather, kids, and grandchildren – have purchased eight residences in an city renewal challenge in David Elazar Road in Ra’anana, for a complete of NIS 36.5 million. A few of the patrons presently reside in Israel, and a few reside in France however are contemplating shifting to Israel.

Seven five-room residences had been bought for NIS 4.6-4.7 million, and one four-room condo for NIS 3.8 million. The four-room condo is 100 sq. meters in space, and has an 18 sq. meter balcony. The five-room residences are 129 sq. meters in space, and have 20 sq. meter balconies. The residences are on the second and third flooring of buildings that shall be constructed at David Elazar 5-7. The developer says that the deal was at pre-sale costs.

“The household purchased particular residences with distinctive traits: a panorama view from the balconies, giant balconies, and customary areas for all of the residents,” says Itai Tirosh, a accomplice in Erez Tirosh, the corporate finishing up the challenge.

David Elazar Road is within the east of Ra’anana, north of Ahuza Road, Ra’anana’s predominant thoroughfare, and never removed from the Ra’anana Central Interchange. The housing on the road is a mix of previous homes with gardens, primarily on the northern finish of the road, and previous multi-occupancy buildings from the Seventies, at numbers 1-11.

There are a number of city renewal tasks within the space, by which three-room residences common NIS 2.8 million, four-room residences common NIS 3.4 million, and five-room residences common NIS 4.4 million.

“David Elazar Road in Ra’anana is a road in very excessive demand, positioned within the coronary heart of a quiet and high-quality neighborhood of personal homes, however near predominant arteries – roads 531 and 4 – and in addition to the primary foci of life within the metropolis – places of work, neighborhood facilities, colleges and kindergartens,” the corporate says.

The challenge entails the demolition of 5 buildings constructed about 50 years in the past. It drew vocal opposition from residents of the neighborhood, particularly these dwelling in homes with gardens. Nonetheless, it was authorized, and the developer is constructing 5 buildings containing 150 housing items, 60 of which shall be given to the unique condo homeowners and 90 of that are on the market.

The brand new challenge affords four-, five-, and six-room residences, with all kinds of sizes, balconies, and places, some near Ahuza Road and a few going through north in the direction of a park and homes with gardens, which suggests a really giant vary of costs.

The corporate studies that four-room residences begin at NIS 3.45 million, five-room residences begin at NIS 3.7 million, and six-room residences begin at NIS 5.3 million. In line with offers reported on the Israel Tax Authority web site, nevertheless, five-room residences bought thus far begin at NIS 4.4 million.

“4-room residences value NIS 3.4-3.5 million and five-room residences attain ranges of NIS 4.5 million, so the costs paid within the deal are excessive,” says realtor Daniel Kupervaser of Anglo-Saxon Ra’anana. “It appears that evidently what explains the excessive value is the comparatively giant space of the residences and the big balconies.”

A survey of the realm by “Globes” discovered that new properties supplied there common about NIS 35,000 per sq. meter. The costs within the present deal are certainly increased than common for the neighborhood, particularly as they’re pre-sale, which might partly be defined by the big balconies connected to the residences purchased, that are six to eight sq. meters bigger than the common, however by itself this doesn’t clarify the value hole.

In our view, the additional component is shortage. Giant balconies are in demand, however hardly exist, and so patrons are ready to pay extra for them than their theoretical appraisers’ valuation.

Printed by Globes, Israel enterprise information – en.globes.co.il – on August 3, 2025.

© Copyright of Globes Writer Itonut (1983) Ltd., 2025.