Reality Group buys Herzliya land for over NIS 200m

Land for development in north Herzliya credit: Tzachi Kivenshtein
Land for development in north Herzliya credit: Tzachi Kivenshtein

The land is still zoned for agriculture but when planning and other problems are overcome and it is rezoned for construction, the land could be worth between NIS 10 and 20 billion.

Reality Group Real Estate has today announced that it has purchased 44 dunams (11 acres) of land in north Herzliya for NIS 205.5 million. The land bought by Reality Group's fifth fund which was raised last year has huge potential in one of Israel's most expensive and sought after regions, although there are many obstacles before the fun's grandiose plans can be fulfilled.

Reality Group bought the land from Keren Hayesod, which includes three lots east of Kanfei Nesharim Street, which will be part of the 3006 national outline plan for north Herzliya being promoted by the National Planning and Building Commission.

The new neighborhood in north Herzliya is planned to cover 2,158 dunams (539.5 acres) between Kanfei Nesharim Street in the west, Jewish Brigade Street in the south and Road 531 to the north and east. 10,000 new homes are planned for the district.

With easy access to Road 531 and the Ayalon highway and near a planned Metro station on the M1 line, the neighborhood will also be close to Reichman University. This is one of the largest stretches of available land in Herzliya and is likely to have huge demand as in Glil Yam in the south of the city.

Reality Group's deal reflects a price of NIS 4.6 million per dunam (1,000 square meters). Market sources say this is a low price for the area with some recent deals fetching up to NIS 8 or even 9 million per dunam. At the moment the land bought by Reality Group is still zoned for agriculture and its value will jump when it is rezoned for construction. When that happens the land could be worth between NIS 10 and 20 billion.

Meanwhile plan 3006 is far from being realized with many obstacles to be surmounted, with many ownership and planning problems that must be resolved before final approval to rezone the land is given. Reality Group will be required to work in close cooperation with Herzliya Municipality to promote the plan.

Published by Globes, Israel business news - en.globes.co.il - on August 20, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Land for development in north Herzliya credit: Tzachi Kivenshtein
Land for development in north Herzliya credit: Tzachi Kivenshtein
Unframe founders credit: Yossi Yarom Israeli AI enterprise platform co Unframe raises $50m

Unframe’s turnkey AI solutions enable companies to solve any enterprise AI use case at scale with fully functional, customized AI solutions for businesses in a matter of hours, rather than months.

Combatica credit: Combatica Combatica launches next-gen VR AI training platform

The Israeli company's virtual reality platform includes 50 AI generated scenarios, seven maps and even situations for operating night vision.

Shekel credit: Shutterstock Vladirina 32 Shekel volatility after US tariffs announcement

The shekel is weakening sharply against the euro, which is gaining following the unveiling of Donald Trump's tariffs plan.

Minister of Finance Bezalel Smotrich credit: Noam Moskovitz Knesset Spokesperson Treasury assesses potential damage to Israel's US exports

Israel will be charged a higher tariff on its exports to the US - its biggest export customer - than Turkey and the UAE.

Iranian flag credit: Shutterstock Why inflation haunts Iran

With a month-on-month increase of 3.3% and an annual rate of 37.1%, inflation reflects the struggles of millions of Iranians.

APM merges with lawyers from Doron, Tikotzky Kantor, Gutman credit: Eyal Merilos APM merges with 12 lawyers from Doron, Tikotzky Kantor, Gutman

With the addition of these 12 lawyers, Amit Pollak Matalon & Co. will now have 135 lawyers.

US President Donald Trump credit: Reuters Sipa USA Israel on list as Trump unveils tariffs

Relatively low reciprocal tariffs will be imposed on Israeli goods sold in the US.

Deflated unicorn credit: Shutterstock Big Tech 50 reports more huge falls in startup valuations

Israeli R&D partnership Big Tech 50 reports that an investment of $2 million in Orcam made in 2021, shrank to just $31,000 at the end of 2024.

NextFerm technologies based on yeast credit: NextFerm Food-tech co NextFerm suspends operations

The company, which produces food ingredients in yeast without genetic engineering, cannot pay its debts and is seeking a buyer.

Minister of Finance Bezalel Smotrich credit: Shlomi Yosef OECD sees recovery in growth but high inflation

The OECD Israel Economic Survey 2025 recommends that the Israeli government take several restraining measures, in order to exit the economic storm created by the war.

Dano Ben-Hur credit: Dror Sithakol Statisticians contradict BoI on impact of housing finance deals

The Central Bureau of Statistics insists the impact of 20/80 buy now pay later financing deals on the real estate market and housing prices is minimal.

Governor of the Bank of Israel Amir Yaron  credit: Government Press Office Debt fears top Bank of Israel's concerns

Most unusually, Governor of the Bank of Israel Amir Yaron's press conference last week did not focus on inflation and the impending interest rate decision.

US President Donald Trump  credit: Reuters/Leah Millis Israel moves to avoid Trump's tariffs axe

Minister of Finance Bezalel Smotrich has signed an order canceling all tariffs on imports from the US. The impact will mostly be on agricultural produce.

Forbes Rich List credit: Shutterstock Maslowski Marcin Wiz founders ranked in Forbes 2025 Rich List

There are a few dozen Israelis listed in the 2025 Forbes Real-Time Billionaires List including Wiz founders Assaf Rappaport, Yinon Costica, Roy Reznik and Ami Luttwak.

SatixFy CEO Nir Barkan credit: Ariel Barkan Canada's MDA Space to buy Israeli satcom co SatixFy

MDA Space will pay $269 million for the Israeli company, including taking on a $76 million debt and a 75% premium on SatixFy's closing price on Nasdaq yesterday.

Raising dollars credit: Shutterstock Israeli startups raised over $1b in March

Israeli privately-held tech companies have raised $2.1 billion in the first three months of 2025, according to IVC-LeumiTech, up 24% from the corresponding quarter of 2024.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018