Which neighborhoods will benefit from the metro project

Quite a few objections have been filed in recent months to the planned metro route in the Tel Aviv metropolitan area, claiming that the huge infrastructure project will lower the value of the properties adjacent to it. The claims are clear: The construction of the new stations for the ambitious project, of a subway traveling about 150 km in 24 local authorities, will lead to huge expropriations of land (a situation that could freeze future residential projects), construction work that will last for many years and dramatic roadblocks. Central congestion anyway – which will make it difficult for the quality of life of residents.

The project includes three subway lines (1M, 2M and 3M), which will operate in complete separation from the other transportation systems (Israel Railways, light rail and buses), but will meet with them at stations along the route. The travel speed of the metro lines is expected to be higher than that of the light rail, the capacity will be greater, and the frequency of travel more frequent. The goal: to create a synchronized transportation network, which should bring significant relief in getting from the cities of Gush Dan to the largest employment centers in the country.

Despite claims about the decline in property value, the real estate industry estimates that when the train is completed in 10-15 years, the values ​​of the apartments near the route are expected to climb. The improvement is expected to encompass all cities where metro lines pass, but it seems that cities in the second circle will benefit more.

Real estate appraiser Ohad Danos: “This is a process that will take a good few years, but international studies prove: Metro lines upgrade the values ​​of adjacent properties. The fact that a person will not need a car to get to work, and can manage his life more comfortably, will affect real estate values.” N. “The metro project is ‘Deal Breaker’, changing the game, because it takes places that to this day the thought of living in was perceived as a nightmare for some people as a result of the traffic jams, and suddenly they will be indifferent to it.”

According to Alon Greenberg, urban and regional planner and CEO of Residential Environments, the metro will lead to an unprecedented real estate boom, which will be reflected in the addition of massive building rights in the vicinity of the stations, as well as significant improvements in properties within walking distance of the stations. “Metro stations are planned, but the road to improvement is still long. The various metro plans have been deposited but have not yet been approved.”

He said, “Studies conducted around the world have shown that the improvement of residential properties at a distance of 100-500 meters from a metro station usually ranges from 10% -25%.” In contrast, properties adjacent to the station will enjoy maximum accessibility, but will also risk environmental nuisances. On properties located at a distance of 500 meters or more the impact will be low. “The metro can be predicted to lead to price increases, especially in the satellite cities, which are populated by hundreds of thousands of people who travel to the major employment centers,” Greenberg adds. “The improvement will be less felt in Tel Aviv and the inner core of the metropolis.”

“The Hod Hasharon municipality recently decided to stop or restrict large construction plans planned in the city, and not in vain: today it is considered one of the least accessible cities in the center of the country,” says Greenberg. Hod Hasharon is served by two stations of the Israel Railways, but they are located on the outskirts of the city and far from the population centers. In addition, exits to highways and intercity roads are inconvenient. “A ‘fast to the city’ project, in which a public transport route will be paved on a level road, will sweeten the bile pill a little, but will provide only a partial solution,” Greenberg adds.

A large part of the city’s future rests on four metro stations of the 1M line to be built in its territory. Of the four, the one with the highest potential for improving the real estate properties in its vicinity is the station, which is planned right in the center of the city, at the intersection of HaBanim Street and Ramatim Road. The prices of second-hand apartments in the center average NIS 1.7 million for three rooms and NIS 1.95 million for four rooms. The city is in great demand among young and established families, but today most prefer to live in the new neighborhoods. The metro may change the picture and divert demand towards the city center, while upgrading the public space and renewing the built fabric. Danos estimates that there may be an increase in prices of about 15% in this area.

Greenberg: “Like other old cities in the country, Kfar Saba has deteriorated in recent decades. The massive development in the east and west of Kfar Saba has hampered the functioning of the Weizmann axis as a main commercial street. However, in the last two or three years the central area has been revitalized thanks to “Urban renewal projects. But a significant facelift is expected to occur only in the future, thanks to a ‘fast to the city’ project that includes paving public transportation routes.”

Sagi Lanchener, CEO and owner of Yanov, which is building an urban renewal project on the street: “Several Weizmann Street stations are planned, with the most prominent being located in the pulsating heart of the city – the intersection of Weizmann and Sokolov streets, near the Arim Mall.” Ranging from NIS 1.65 million for second-hand three-room apartments to NIS 1.9 million for second-hand four-room apartments. In addition, a station will be built at the corner of Tel Hai Street. Danos estimates that the properties in the area will be improved by about 15%.

Little Givat Shmuel is expected to double its population from about 26,000 to about 55,000 in 2040. The city enjoys a central location in the Tel Aviv metropolitan area, and the metro route that will pass through its territory is expected to upgrade its accessibility, which is currently mediocre. A single station of line 2M is planned in the city – on Jabotinsky Street near Bar Ilan University. The station is surrounded by three neighborhoods: the old neighborhood, the old Ramat Hadar and the new Ramat Hadar.

According to Greenberg, only the new Ramat Hadar is also close to the purple line station of the light rail, which is expected to operate in 2026. In the neighborhood, more than 2,000 housing units are planned in the towers, along with a commercial center, 70 dunams of open space and 45 dunams for public buildings. Three-room apartments are being sold for NIS 2 million; Four rooms for NIS 2.3 million; And five rooms for NIS 2.6 million.

According to Nissim Ahiezra, CEO of the Donitz Brothers company, which is building in the neighborhood, “From new projects located in the western part of the neighborhood, the distance to the metro station will be 5-6 minutes walk, which is expected to provide greater accessibility to central cities.” Two railway lines, “it can be estimated that the improvement will reach 20%. The further away from the station, the improvement will decrease to about 10% or less. “

Kiryat Ono is considered the satellite city that attracts the highest socio-economic status in the Tel Aviv metropolitan area. It is growing at an accelerated pace, without adequate backup of transportation infrastructure. In the northwest of the city, the Neot Ariel Sharon neighborhood is being built, which will include about 750 housing units; In the south of the city, in the area of ​​Savyon Junction, a neighborhood will be established that will include about 1,300 housing units, and next to it another neighborhood that is planned on the grounds of the Tel Hashomer base; Dozens of new projects are also being built in the city center.

According to Greenberg, “The area of ​​Savyon Junction will be addressed in the form of the purple line of the light rail, but the real change lies in the 3M metro line that will serve the city center. And evacuation of construction. ” The price of four-room apartments in the neighborhood is about NIS 1.95 million for a second and NIS 2.25 million for new apartments. According to Danos, “Unlike Givat Shmuel, to get from here to the center of Tel Aviv you have to change trains. In addition, it is a population with a high socio-economic level, which is characterized by more frequent use of vehicles. Therefore it can be estimated that this area will improve only 5%.”

The Yam Park neighborhood being built in Bat Yam is considered the city’s new “city.” This is a construction-intensive area located in the southwest of the city and is characterized by problematic accessibility, but not for long. On the corner of Komemiyot Street and the Prophets’ Corner, an end station of the 3M metro line is planned. Even before that, a light rail station of the Red Line is expected to open in about two years, only about 800 meters east of the metro station. Greenberg: “The two stations will provide an adequate transportation solution to the business and residential district of Bat Yam, which will include two million square meters of commerce and employment, 10,000 housing units and 2,000 hotel rooms. This is a flagship project of enormous importance to the city, and it will allow it economic independence. “

The prices of the apartments in the complex currently stand at about NIS 2.6 million for four-room apartments and NIS 3.3 million for five rooms. Danos estimates that the narrow, elongated neighborhood that features a seafront may exhibit an improvement in the range of 10% -15% in property values ​​adjacent to the planned lines.

According to Uri Fleischman, VP of marketing and sales at the Levinstein Group, which is building in the Nahalat Yehuda neighborhood, the neighborhood is close to the city’s new train station, as well as to main roads – 4, 44, 431, 1 and the Tel Aviv highway, which provides good accessibility today. However, according to Greenberg, the public transportation services in the neighborhood are lacking.

Greenberg: “The Banot-Chail metro station, on the 1M metro line, will be located about 5-7 minutes walk from two prestigious areas in the south of the neighborhood: Nahalat Yehuda A. Kfarit, and Nahalat Yehuda West, where about 950 housing units are being built in the towers. The station, on the metro line “The longest and most important of the three lines will cause a transportation revolution in the area. It will also provide a solution for the Nahalat Yehuda Illit complex, which will include more than 4,000 apartments.”

Danos estimates that in areas where there is saturated construction in the neighborhood, there may be an improvement of about 10% in property values. In areas of ground-level improvement will reach 5%.

Greenberg: “The Jaffa A neighborhood already enjoys good accessibility. It is close to the Israel Railway Station and Ayalon lanes, is characterized by efficient bus service and is connected to a network of bicycle paths. But in the future it is expected to be one of the most accessible residential neighborhoods in the country.” “Near the Maccabi Jaffa complex, located in the north of the neighborhood, a 2M metro line is planned at the intersection of Ness Legoim and Heinrich Heine streets.

The Maccabi Jaffa complex is expected to include about 1,500 housing units, including apartments as part of a price-per-tenant program. The complex, adjacent to Tel Aviv-Yafo College, joins other large residential programs. Real estate prices in the area currently stand at about NIS 31,000 per square meter on average, compared with about NIS 45,000 in northern Jaffa and the flea market. According to Greenberg, in light of the expected changes in the coming years, it seems that the price gap will narrow. Danos estimates that the improvement rate may reach up to 10%.