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High-rise construction leaps in Israel

Research conducted for Ynet shows that over the last 6 years, the number of 21-story residential towers has increased by 70% across Israel; Demand for Netanya apartments on rise in light of Tel Aviv’s extortionate prices.

ISRAEL The northern section of the Kirya in Tel Aviv and part of the Zrifin base near Rishon Lezion

Forget the dream of a private home with a white fence: Between 2010 and 2016, Israel has experienced a sharp jump of 70% in the number of residential buildings under construction containing 21 floors or more.

The facts statistics were checked and compiled for Ynet by lawyer and real estate advisor Haim Massilati. As part of the check all towns in which building construction is underway or began during these last six years were examined.

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According to the figures, as of today, 9, 493 building apartments buildings with 21 floors or more are being built compared to 2010 when the number of such residential towers stood at just 5, 583.

The total figure of apartments being built across Israel today stands at 92, 405. This means that approximately 10% are being built in 21-story residential buildings.

During the first quarter of 2016, construction began in Israel on 1, 141 high-rise apartment blocks with 21 floors. The statistics reveal that the city with the most construction of such buildings was Petah Tikva, with 401 starts, followed by Netanya with 357.

 

W Tower Tel Aviv

 

According to Massilati, conspicuously absent from the list for new high-rise construction was Tel Aviv, despite being the leader in overall ongoing construction. Indeed, in Tel Aviv 1, 609 apartments are being built in buildings with over 21 stories.

Hanan Sagel, the vice president of marketing at the Dizengoff Trading company which builds projects in the city, mainly on the city coast, explained the sharp increase in demand for apartments in Netanya.

“The increase in the amount of construction beginning in Netanya is the result of projects which were approved a year ago, and despite this it is still a long way from meeting the high demand to live there, ” said Sagel.

“There is a high demand because, among other reasons, the prices of the apartments in the the towers overlooking the sea in Netanya are cheaper by 60%-70% that those overlooking the sea in Tel Aviv.”

Ynet News

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