Israel Lands Authority announces home project in Eilat

July 15, 2009 14:40
1 minute read.


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


The Israel Lands Authority has announced a project to build 60 private homes ("villas") in the Shachmon neighborhood of Eilat, but local real estate agents say the prices are too high and are questioning whether building contractors will be found, reports The blocks of land are being sold for NIS 350,000 to NIS 400,000 each, on top of which development costs of NIS 200,000 to NIS 300,000 are being charged, even before building work commences. According to the report, the lots are being offered by public tender in the 800-dunam sixth quarter of the Shachmon neighborhood, bordered by the area's central park on the west and by natural areas and the sea to the east. The plans call for the building of 60 detached homes, with six of them designated for disabled residents of the city. Contractors will be required to present their plans within nine months, begin work within 18 months, and complete it within 36 months. But local real estate agents say the prices of the lots and the initial development costs are too high, forcing buyers to pay out sums ranging from NIS 550,000 to NIS 700,000 even before work begins. The report said that not long ago, high-priced blocks of land in the area were being snapped up by contractors, but recently even much cheaper blocks were failing to sell, with the ILA trying four times and failing to sell a tender for apartment construction in the Shachmon area for just NIS 265,000. A veteran local contractor explained that contractors who had bought expensive blocks in the past had found themselves stuck with them and had been unable to sell the apartments they built at prices that would cover their costs.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

JERUSALEM: RESETTLED upon its desolation
December 19, 2010
Vying for control of the Temple Mount – on Foursquare