Deal Analysis / How Much for a 4-room Apartment in Rehovot

The bottom line: The market is becoming more interesting for buyers.

For years the apartment in question had been rented to a young couple with a child.

Gorodisky is one of the oldest streets in Rehovot and since it's not far from the city's east exit, it's pretty busy; the building itself, however, is set back from the street.

The location of the property is attractive, particularly for buyers with children, as it's near several good schools, including Smilansky elementary school and De Shalit high school. The street is also within walking distance of the main drag, Herzl Street, and is 100 meters from a cultural center slated to reopen soon, after renovation.

The fact that there are hardly any similar properties for sale in the area makes evaluation of the transaction difficult. A new building is going up nearby, but the builder has had difficulty selling the apartments. He's been asking NIS 1.37 million for a four-room apartment with a porch, with no luck; he has sold only five apartments so far.

All the real-estate brokers we talked with agree that if they had been selling six months ago, the sellers could have gotten NIS 1.15 million to NIS 1.2 million for the apartment, but the market has been slowing down.

The bottom line: The market is becoming more interesting for buyers.

Zion Haim, sales manager at Diur-Plus Rehovot, Tzipi Parnas, Anglo-Saxon franchise in Rehovot, and Aliza Cohen, CEO of Reshef Properties, helped with this analysis.