Bids three times the appraisal, before development costs: the unusual offer of Amram Abraham and the Shai Hay Group
Published 4 months ago · Real Estate
Reading time: 36s · Source 190s · · globes.co.il
Sentiment: · · ·businesses: Amram & Biton
- A successful tender was held for 693 housing units in Tiberias for approximately 50 million shekels, plus about 81 million shekels in development costs.
- The winning company, Amram & Biton, offered a price significantly higher than the appraisal value, being the sole bidder in the tender.
- The total payment for the land and development costs will amount to 131 million shekels, which is notable given the location in a remote area.
- Previous tenders in Tiberias showed similar average land prices per housing unit but were conducted during a peak period in 2021, with land prices having dropped by about 55% since then.
- This was the second attempt to market this tender after a failed attempt at the end of 2023, indicating renewed interest in Tiberias and the Sea of Galilee area.
- New regulations have been approved to eliminate the separation between main and service areas in building plans, aiming to streamline the building permit process and reduce legal disputes.
Find out the mood, impact, relevance and relevant interest groups
Analyses of the article
SENTIMENT
The article highlights a successful tender and renewed interest in Tiberias, along with new regulations aimed at improving the building permit process, which reflects a positive outlook for the area.
IMPACT
Short
The impacts of the tender and new regulations are likely to be felt in the short term as they directly affect the housing market and development processes in Tiberias.
RELEVANCE
Moderate
The article is moderately relevant as it pertains to a specific local housing market and development situation, which may not be of broad interest outside of real estate and local stakeholders.
STAKEHOLDER
businesses
The primary stakeholders affected are businesses, particularly the winning company Amram & Biton, as well as other developers and investors in the housing market.