"The opening of Road 431 will likely lead to a real revolution in real estate prices in Modi'in, and in the number of deals in the city," says Real Estate Appraisers Association in Israel chairman Erez Cohen. He said that real estate deals had come to a near standstill in recent years, mainly because of access problems via the only main road in to the city, Road 443.
An analysis by the Real Estate Appraisers Association found three reasons for the turnaround in Modi'in: the opening of the railway line to Ben Gurion Airport and Tel Aviv, the opening of the Azrieli Mall; and, most importantly, the opening Road 431 last week.
"The importance of the new road is not only in the substantial shortening of travel time to Rishon LeZion and the link-up with the Ayalon Highway (Road 20), but primarily in the creation of an alternative route out of the city, which until now was jam-packed during rush hour," stated the analysis.
As for other towns along Road 431, the Real Estate Appraisers Association believes that Beer Yaakov will also be a major beneficiary. However, prices in Rishon LeZion and Ness Ziona have already peaked. The Association predicts that Lod and Ramle will benefit from a rebranding, and that property prices in rural communities, such Zalfon, Kfar Daniel, and Matzliach, could rise by 3-6%.
Published by Globes [online], Israel business news - www.globes-online.com - on February 8, 2009
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