Developer sharply cuts apartment prices in Herzliya project

Israeli real estate developers Chen and Itay Gindi Ltd., which is building the Liya Park project in Green Herzliya, is offering five-room apartments at substantially lower prices than last year, sources close to the matter have told “Globes.” Apartments are NIS 350,000 cheaper than last month and NIS 600,000 cheaper than in August.

Over the past few days, the company has sent a new offer to those interested. “A five-room apartment, 137 square meters, starting at NIS 5,080,000,” which means a discount of about NIS 310,000 on similar apartments. A Globes check on the Madlan website found 137 square meter five-room apartments were sold last August in the project for NIS 5,660,000, which means almost NIS 600,000 more than the price currently offered by the company – a difference of about 10%.

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In ads the company sent out about the project in December, it offered five-room apartments in the project “starting at NIS 5,390,000”. According to the project website, the company has several types of five-room apartments, in the two buildings it is constructing in the complex, from type A to type D, 124 square meters to 140 square meters, alongside 5-6 room garden apartments and penthouses.

Liya Park includes two buildings of 12 floors each, with 87 housing units combined. The project was built on Dalia Rabikowitz Street in the Green Herzliya neighborhood, a short distance from Reichman University (the former Herzliya interdisciplinary center), and Herzliya Park. The buildings are being built by the general contractor Ram Aderet, which is also a partner in the project.

Chen and Itay Gindi declined to respond to the report.

Published by Globes, Israel business news – en.globes.co.il – on January 19, 2023.

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