Huge urban renewal project is set to change the face of Beit Shemesh

– PROMOTED CONTENT –

The first urban renewal project in Beit Shemesh, NEO Home & Country, will add approximately 1,200 apartments through ten towers overlooking the Jerusalem mountains and include the city’s first private country club. The target audiences of the developers are national religious (Dati Leumi) families, both Israeli and Anglo-Saxon, alongside housing improvers from among the veteran residents of the city. In recent years, the prices of new apartments in Beit Shemesh have soared by tens of percent.  And according to real estate experts in the city, this trend is expected to continue.

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In recent years, Beit Shemesh – located west of Jerusalem and a 25-minute drive away – has become one of the fastest developing cities in Israel, with thousands of new apartments being built there every year, in particular in Ramat Beit Shemesh located in the southern part of the city. However, despite the abundance of new construction, the western and older parts of the city were seemingly neglected. A few months ago, this glass ceiling broke when the construction of a huge urban renewal project in the Ramat Lehi neighborhood started.

As part of the NEO Home & Country project, Urban Renewal Corporation is developing a project of 1,195 apartments that will include commercial areas and Beit Shemesh’s first private country club. This replaces old housing structures built in the 1950s and 1960s, comprising 176 apartments. The new project will consist of 10 buildings, including residential towers of up to 27 floors and lower-rise buildings of 9 floors, in a complex whose total area is 50 dunams.

neo beit shemesh
Complex in Beit Shemesh to undergo urban renewal

The project is being developed at the highest point in the city and can be seen from any point. This means that the residents will have an open view of the entire expanse of the Jerusalem mountains and the coastal plain without obstruction. Electra Construction, one of Israel’s largest construction companies, won the tender for the project’s construction.

At this stage, a building permit has been granted for Phase A of the project, which includes 404 first apartments, and marketing is underway. The project includes 3-room apartments of 75 square meters, 4-room rooms from 90 sqm, and 5-room rooms at 115 square meters. Currently, prices start at 1,850,000 shekels for a 3-room apartment. This is a low price point compared to the ultra-orthodox neighborhoods in Ramat Beit Shemesh.

However, those familiar with the urban housing market in the country’s center know well that these price levels are unlikely to remain for very long. Beit Shemesh is one of the cities with the sharpest price increases in the past decade. For example, in the past two years, the average price of a new 4-room apartment in the city has soared from 1.5 million shekels in 2021 to 2.2 million shekels, on average, today.

Over the past decade, Beit Shemesh has become a popular destination for a diverse Anglo-Saxon community – traditional, religious, and ultra-Orthodox. Historically, the Ramat Lehi neighborhood, near the northern entrance to the city, was characterized by a veteran secular and traditional population that established the city, joined in the 1990s by immigrants from the former Soviet Union and later also by a national religious population. The new project appeals to a mixed population and Anglo-Saxon audiences from all streams, as well as housing upgraders among the veteran population.

Beit Shemesh is in a mountainous area surrounded by green forests that attract travelers and vacationers from all over the country. Planning institutions are currently promoting the construction of a new park along the historic railway line between Beit Shemesh and Jerusalem. Along the route, which is 33 kilometers long, walking trails and a bicycle path will be built, which will open a variety of sports and leisure activities to city residents, as well as allow city residents who work in Jerusalem the opportunity to reach their workplace by bicycle, instead of by private car.

Together with the new country club, which is being built as part of the NEO project, the city is expected to provide a unique residential experience for the upper middle class, attract a new population from across the Jerusalem metropolitan area, and continue to absorb Aliyah and increase the new and veteran immigrant communities, thousands of whom have already found their homes in Beit Shemesh.

To learn more about NEO Beit Shemesh, visit the project page and sign up for a virtual webinar.

Buyitinisrael makes no warranty as to the accuracy or inclusiveness of this advertisement or any associated information. Buyitinisrael has no control over the content the Developer and/or Marketing Agent provides.

The contents of this article are designed to provide the reader with general information and not to serve as legal or other professional advice for a particular transaction. Readers are advised to obtain advice from qualified professionals prior to entering into any transaction.

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