With a population that has doubled in the past five years, Modi'in's growth is slowing down, but prices are still 30 percent lower than some other centrally located areas.
By JOHN BENZAQUENThe national market influences Modi'in's real-estate market.(photo credit: Courtesy)
Modi’in-Maccabim-Reut is one of the preferred locations for new immigrants from English-speaking countries. The main reason for its popularity is its location midway between Tel Aviv and Jerusalem and its excellent transportation links with all parts of the country. In addition, it is surrounded by a large number of industrial parks, logistics centers and hi-tech centers. The area around Ben-Gurion Airport has become one of Israel’s busiest employment hubs.Modi’in is a preferred location for Anglo newcomers, but it is also very much in demand by the general public, “price refugees” from the very high realestate prices in Jerusalem and Tel Aviv.Established in 1994, Modi’in is one of the youngest cities in Israel. It is also very prosperous. The Central Bureau of Statistics gave it a socioeconomic rating of 8 out of 10. In 2003 Modi’in and the urban garden communities of Maccabim and Reut were joined to Modi’in to become one urban entity.It is a young modern town, but its roots date back to Hellenistic times. On the outskirts of modern Modi’in are the archeological remains of its antecedent, a settlement built during the Maccabean era and destroyed by the Romans during the time of the Jewish revolt. Present-day Modi’in is situated in hilly country overlooking the Eila Valley where, according to the Bible, David slew Goliath.But Modi’in is a fast-growing, forward-looking city.Haim Bibas, the mayor of Modi’in, told In Jerusalem, “Modi’in is growing rapidly. The present tempo of growth is slower than, say, three years ago, but we are a fast-growing city. Today it is has a population of approximately 80,000 compared to 40,000 five years ago. The city plans to reach 200,0000 to 250,000. We have more than 3,000 newcomers from English-speaking countries, and we hope that their numbers will grow in the future. We are doing our best to make them feel at home. City Hall organizes all sorts of cultural events in English, which makes them feel at home and helps them integrate into their new country,” he says.“Modi’in is also a young city,” adds the mayor. “The average age of its residents is 32 and, as such, it attracts young people. The human environment is appealing to them.”
To that end, there is a significant number of new building projects in Modi’in. Consequently, the shortage of housing experienced in other parts of the country is less acute.Efraim Weiss, CEO of Pearl Skolnik Reality, a realestate company that specializes in the Modi’in market, believes that the attraction of the city for new Anglo immigrants is primarily monetary. “It is true that the city is centrally situated and connected by a network of roads ... to the employment and entertainment centers of Tel Aviv and Jerusalem, but price is also an important consideration. In my opinion, the main reason new immigrants from English-speaking countries prefer Modi’in to Ra’anana, which also has a very high English-speaking population and is still much in demand by Anglos, is price. It is true that the location of Modi’in is better than that of Ra’anana, but its most attractive feature is price. In Ra’anana the price of real estate is approximately 30% higher than in Modi’in.”One of the projects in the building stage is Dimri Hills. It comprises 102 apartments in six terraced eight-story buildings, which will include four- and five-room terraced apartments and penthouses. This is Y.H. Dimri’s fourth building project in the city.Amos Dabush, the company’s sales and marketing manager, told In Jerusalem, “Our marketing strategy is based on the attraction of Modi’in to the residents of Jerusalem and the Tel Aviv municipal area and new immigrants. We believe that in the next few years, hundreds of new immigrant families will settle in Modi’in. Therefore, we are very much involved in marketing our apartments to South Africans, Americans, Britons, etc.”An average three-room 75-square-meter apartment in Modi’in costs between NIS 1 million and NIS 1.2 m. A four-room apartment of over 90 sq.m. will cost between NIS 1.4m. and NIS 1.6m.In general, most dwellings are relatively new. After all, Modi’in itself is barely 17 years old.Modi’in is very much an urban city of high-rise buildings, but in the twin former communal settlements of Maccabim and Reut, now an integral part of the city, Modi’in has its own suburbia. Prices in this somewhat detached area of the city are high. A house on a 500-sq.m. plot can easily cost NIS 4m.
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