Bat Yam has been undergoing a true transformation in recent years. The local municipality has been investing tens of millions of shekels to upgrade city streets, establish new neighborhoods and develop commercial centers, recreational facilities and tourist venues. For the first time, Tel Avivs neighbor from the south, Bat Yam, has become so attractive that the Tel Aviv Municipality is not ruling out unification with the smaller city.
According to statistics provided by the research and strategy department of Eldar Real Estate Marketing, an average four-room apartment in Bat Yam currently sells for 1.88 million shekels, 15% higher than last years prices. According to the Central Bureau of Statistics, 33% of homebuyers are young couples, 27.7% are upgrading to a better apartment, and 31.4% are Israeli investors.
Sea Park (Park Hayam) in Bat Yam is one of the few remaining land reserves available for development in the Dan Region. Plans for the area seek to combine beachfront residential buildings, shopping and entertainment centers, hotels, and a nature preserve. According to preliminary plans, the neighborhood will contain 10,000 residential units by the time construction is complete. The neighborhood is popular among homebuyers thanks to its location near the sea, its accessibility to main traffic arteries, the light rail system planned for the near future, and, of course, its proximity to Tel Aviv.
Shai Mugrabi, Joint CEO and Proprietor of Nadlan-Nadlan Real Estate Ltd. who has partnered with Felix Cohen Construction and Development Ltd., notes that, Bat Yam is an area in which apartment prices have risen significantly over the past five years. The turning point leading to the dramatic price increase was the municipal approval of plan number B-410, which features high-rise buildings of over 30 stories – among the highest in the Dan Region – on seaside property. It is only a question of time until the market forces realize the importance of Bat Yam, which borders on Tel Aviv. In proportion with this awareness, prices in the city will rise. Anyone considering purchasing properties in Bat Yam should waste no time in doing so. As the area becomes more and more developed, prices will rise proportionally.
One of the dominant developers in the neighborhood is Peri Real Estate, of the Eldad Peri Group, which is building the Peri Horizon project in the Sea Park neighborhood of Bat Yam. All apartments in the complex have a view to the sea on the first line of the horizon. The luxurious apartment tower has a unique design, with a silhouette reminiscent of the letter Y when viewed from afar. The 43-story building will contain 184 residential units, and offers a variety of apartment models, including three, four, and five room apartments and eight magnificent penthouses. Each apartment has its own large balcony. The building features five elevators, and an exterior of stone and granite masonry, with some surfaces featuring large panes of glass for a modern look.
Not only Israelis have discovered Bat Yam. According to statistics from the Ministry of Immigrant Absorption, 5.5% of new immigrants to Israel over the past year have chosen Bat Yam as their new home. According to Property Assessor and Attorney Haim Mesilati, Foreign residents buying homes in Israel traditionally prefer seaside homes. Until recently, the most popular destinations among foreigners were Tel Aviv and Netanya. Lately, they have discovered that just a few minutes away they can purchase luxury apartments by the sea for much lower prices. The average price for a seaside apartment in Tel Aviv was 57,000 shekels per meter in 2015. In Bat Yam, the seaside apartments have the same sand and the same sea, yet the average price is just 22,000 shekels per meter.
Adjacent to the new neighborhood, the Bat Yam Municipality is promoting dozens of urban renewal projects. Just recently, the Municipality approved such a plan submitted by the Matzlawi Company in collaboration with Shikun Ubinui Ltd. The approved plans call for the demolition of a four-story building with 24 apartments and the construction of a 31-story high-rise in its place. The complex, located on Rothschild St. in northwest Bat Yam, will combine housing with businesses and tourism. Twenty-six of the 31 stories are intended for residential use and are planned to contain 104 apartments. The remaining five stories will be used as a hotel. The buildings ground level will be the location of several businesses.
The Bat Yam Municipality has invested significant resources in the tourism industry as well. Bat Yam boasts a 3.5-kilometer boardwalk, some of which is undergoing construction in order to connect it with Rishon Lezions boardwalk from the south and Tel Avivs boardwalk from the north. Despite this construction, this coming summer Bat Yams beaches will offer a variety of amusements such as a shopping avenue, entertainment venues, the longest wooden bench in the world, and coming soon – a full Marine Sporting Center, including a floating pier.
The boardwalk was designed in such a manner that it can be used for events such as fairs, for vendors, and for street performances.
The largest vacation development in the boardwalk area is the Sun Complex, which is located on Tau Beach and is in advanced stages of construction. The complex is a luxury resort spread out over an area of 26 hectares. It includes two 25-story towers and a third 42-story tower offering a total of 652 vacation apartments, as well as a large shopping center with thousands of square meters of floor space, a convention center, and a sports and spa center that will serve residents and guests. The complex, currently under construction, will be managed by an hotelier with all the amenities of a five-star hotel.
To date, approximately 70 vacation apartments have been sold. A 36 sq.m. studio apartment is priced from 1.8 million shekels, while 52 sq.m. suites in the complex start at 2.5 million shekels.