Initial permits have been granted by the Haifa municipality for the construction of over 500 apartments in the new Naot Navon neighborhood. An office and industrial complex in Airport City was sold for 60 million shekels. Additionally, about 2,800 residential units were successfully marketed in Kiryat Ata within a week. Here are this week’s real estate news highlights.
Residential
A new neighborhood is under development in Haifa. The first permits were signed this week for the construction of 553 apartments in the new Naot Navon neighborhood, located in the southern outskirts of the city, adjacent to the Naot Peres neighborhood.
The new area is expected to include more than 6,000 new apartments in the coming years, with a mix of uses including a new commercial street. The Haifa municipality also announced the creation of new public, cultural, and educational buildings, while preserving extensive green spaces, playgrounds, and public parks.
Land Sales
The Israel Land Authority recently successfully sold land in Kiryat Ata for the construction of 1,584 residential units, totaling about 510 million shekels, including development costs. This success follows the sale of another batch of 1,224 residential units the previous week, totaling 2,808 units sold in two weeks.
Urban Renewal
The Hachsharat Hayishuv company received a conditional permit for the first phase of its urban renewal project in Ramla, involving the demolition of 48 apartments and the construction of 270 new apartments and commercial spaces.
Commercial Real Estate
An office and industrial complex in Airport City was sold for 60.5 million shekels. The three-story building, covering 5,000 square meters, is primarily used for industrial and office activities.
