A 1,500 square meter plot on Partizanim Street in the Kfar Ganim neighborhood of Petah Tikva, on which an old detached house stands, was recently sold for NIS 25.3 million. According to realtor Yaniv Shitrit of Gold Properties and Developments, which specializes in the luxury market in this area, says that the asking price had been NIS 26 million, and the buyer is an Israeli businessman who currently plans, after demolishing the existing house, to build a new 700 square meter detached house on the land, with a large garden and swimming pool.
The lot has building rights for three houses and the price reflects this. Shitrit says, “A huge house can be built on the land, and in the future the buyer can build another house on the land, for his children or for business purposes.”
The land itself cost a little over NIS 25 million, but the buyer still has to demolish the existing structure and build the new house. According to estimates, based on a construction cost of at least NIS 20,000 per square meter built in the luxury market, building a new house will cost about NIS 14 million, meaning the cost of the entire transaction, plus the cost of the land, will be about NIS 40 million.
The Kfar Ganim A and adjacent Neve Oz neighborhoods of Petah Tikva have many detached houses. About a decade ago, Moti Zisser’s estate, which was built on land spanning 5,000 square meters in the neighborhood was sold for NIS 28 million.
Shitrit, who has been worked in the city for 20 years, says, “The two neighborhoods have recently been enjoying some of the highest demand ever here. Land for houses and gardens is among the most expensive in Gush Dan today, in my opinion – around NIS 20,000 per square meter of land, before construction. Quite a few deals are made in these neighborhoods for houses and gardens, meaning there is a certain supply of such lots, but there are not that many and the demand is enormous.”
Previous deals: The Neve Oz and Kfar Ganim neighborhoods have seen quite a few deals in the past year for high amounts. At the end of 2024, an 11-room, 428 square meter detached house, with a 576 square meter garden and two parking spaces, was sold for NIS 12.392 million. In May 2024, a 648 square meter lot on HaKeshet Street in Neve Oz was sold for NIS 11.15 million. Shitrit himself recently brokered the sale of a 650 square meter lot in this area for about NIS 13 million and the sale of a 354 square meter lot, for semi-detached house, for about NIS 12 million. In Ramat Verber, slightly north of this area, a lot slightly bigger than 1,000 square meters was sold last March for NIS 7.5 million.
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Prices of land in the area are skyrocketing. “I expect the price increases to continue,” says Shitrit, “because prices are mainly influenced by foreign residents, who are constantly looking for apartments here. Although in the not-so-distant past it was customary to see purchases by foreign residents in Israel only in the coastal area and in Jerusalem, this trend has changed a lot recently. Today there are quite a few foreign residents who are looking for a community, rather than proximity to the coast, and these neighborhoods in Petah Tikva – in Neve Oz and Kfar Ganim – offer exactly that. I receive calls almost every day from foreign residents from the US, France, Belgium and more, who are interested in an apartment in these areas of the city, in order to move and settle here. I definitely think that we are facing more price increases, which will be dictated by foreign residents.”
Published by Globes, Israel business news – en.globes.co.il – on August 10, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
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