Ramat Gan house sells for NIS 8.4m

A five-room detached house on a 423 square meter lot at 20 Sapir Street in the Ramat Efal neighborhood of Ramat Gan has been sold for NIS 8.4 million. The deal was signed in February, two weeks before the outbreak of the war with Iran.

The Ramat Efal neighborhood began as a kibbutz, west of the Sheba Medical Center (Tel Hashomer) and east of Road 4 (Geha), and became a community village before finally, in 2008, it was annexed by the Ramat Gan Municipality. Currently the neighborhood still has only one exit/entrance, heading north, but in the future another connection towards Highway 461 is planned. Purple Line light rail stations will be built on both sides of the neighborhood, but not within walking distance of the house that has been sold in Sapir Street.

The neighborhood is based on plans from the 1960s and 1970s, which mainly included detached houses. In later years, new plans were approved in Ramat Efal and the surrounding area, which include the construction of thousands of housing units in apartment buildings.

Prices: There are not many deals signed in the neighborhood, but from the few that have been completed, it can be seen that house prices in the south of the neighborhood (not related to the new plans), which include houses built in the 1990s, are NIS 8-8.7 million.

In the north, prices are generally lower, because most of the properties there are smaller, and many were built more than 50 years ago.

Smaller, older houses were sold in 2025 for NIS 7-7.5 million shekels and even less. In contrast, a house next to the Neve Efal nursing home on a larger lot was sold last year for NIS 9 million.

A house on nearby Barkat Street was purchased 10 years ago for NIS 6.45 million and sold about 10 months ago for NIS 8.7 million. From these deals, it can be concluded that the rate of increase in house prices in the neighborhood has been much slower than in other locations. Another house on Barkat Street was sold for NIS 8.5 million.

The property sold now in Sapir Street is a two-floor detached house plus a basement, on a 423-square-meter lot. The two floors of the house itself are about 310 square meters, plus about 70 square meters in the basement. Construction on the house began in 1996 and was completed in 1998.

The house has a small 7 square meter protected space, in the basement area, which is itself well protected.

The house on Sapir Street was last sold 15 years ago for NIS 5.55 million, so in the current deal, its price has risen about 50%, while the housing price index had since has risen more than 100%, further evidence of the relatively moderate price increases recorded in the neighborhood.

Real estate appraiser Adv. Erez Cohen says, “This deal well reflects the characteristics of the house and garden market near Tel Aviv, and in particular the uniqueness of Ramat Efal as an area with a semi-rural character and limited housing supply.

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“The price reflects about NIS 34,500 per square meter, which places the deal at the upper limit, but does not significantly exceed similar deals in areas of similar demand. In properties of this type, the price per square meter built is only a partial indicator, and sometimes even misleading.

“The main value in the transaction is probably derived from the land component. A plot of land of about 423 square meters is a relatively rare asset in the area, and in many cases is the main factor in pricing.

The contribution of the structure to the price also depends on its physical condition, age and level of finishing. The basement adds utility, but its economic weight is lower compared with the upper living areas.

“The bottom line, this is a transaction at a high price level, which relies mainly on the value of the land and the location. It reflects a relatively stable market, where the shortage of available plots continues to support price levels. We also see a continued trend in which houses with gardens are becoming rare in the housing market, especially in the central region, and therefore the expectation is that houses with gardens will maintain their value and will even increase over time.”

Published by Globes, Israel business news – en.globes.co.il – on April 20, 2026.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2026.