A 198 square meter, six-room semi-detached house on Ahava Street in Eilat’s Rova 2 has been sold for NIS 6.5 million. The house stands on a 450 square meter lot and has a swimming pool in a 360 square meter garden and a 113 square meter roof area.
The house was a built as part of a 2019 Israel Land Authority (ILA) tender for 345 homes in a government subsidized discounted homes program. Uniquely in the subsidized program project, the lots were allocated for terraced and semi-detached houses with gardens with 50% of the units in the program and 50% on the free market. Amram Avraham Construction won the tender to build 200 of the homes.
In the government subsidized program, 160 square meter semi-detached houses were built with 200 square meter gardens for NIS 1.6 million. The houses on the free market fetched twice the price and in the main were bigger.
Terraced houses on the free market fetched NIS3.2-4.1 million and semi-detached houses fetched NIS 4.5 million and even more. The latest deal is the most expensive ever in the neighborhood and according to the Israel Tax Authority website the biggest deal in Eilat over the past decade.
In the past two years, several deals have been completed for houses in the project at prices ranging from NIS 4.1 to 5.2 million. The differences were mainly due to the size, landscaping and view.
The six-room semi-detached house that was sold is located closest to the sea. This first line nearest the cost includes 20 houses, and the house has an additional advantage in being next to the path that will lead down to the sea when the neighborhood is completed. Three years ago, two nearby houses on the row closest to the sea, but smaller and slightly less well-located, were sold for NIS 5.8 million.
All of this lends logic to the deal price
Developer Amram Avraham Construction CEO Noam Greif and VP marketing and sales Asaf Hamo say that the project is on its way to completing marketing and occupancy.
Greif says, “The Aqua Resort project includes 231 housing units, of which 117 were allocated to the government subsidized program,” says Greif. “When the ILA held the tenders, we saw that they did not match the spirit of the program in terms of the type of homes, and we recognized the potential of the place.”
As for the price, Greif says that “it may be the highest in Eilat in the last decade, but in the last 20 years, no properties have been built in the city that are similar to this property, which was built to the highest quality, and from which you can overlook the sea with an open, unobstructed view, and also walk down to it. If you calculate the price per square meter, you will get to about NIS 30,000 per square meter, which is not so much.”
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Hamo also explains that the uniqueness of this house, and the entire southern row of houses, is what allowed the company to demand such high prices for these properties.
Real estate appraiser Erez Cohen agrees that this is an exceptional property on the Eilat market. He says, “Along with apartments in the subsidized program, the government also included houses and gardens in the free market, a combination that is particularly rare in Israel, and especially in Eilat. The fact that it is a rare project, combined that enjoys an unobstructed sea view and access to the beach, created exceptional demand, which explains the high price that was obtained.”
Cohen adds, “In terms of value per square meter, the deal reflects about NIS 32,800 per built square meter, slightly higher than garden apartments that have been sold in the city in recent months. For example, in June, a deal was recorded for a 123 square meter garden apartment and 153 square meter yard, which reflects NIS 31,500 per square meter. In March 2025, another garden apartment of 94 square meters with a 119 square meters yard was sold for NIS 2.8 million – NIS 29,800 per square meter. In other words, the high price stems both from the size of the apartment and from the fact that it is a large house with privacy, and proximity to the sea.
“Along with the high price relative to the city, it is important to note that no deals with similar characteristics are available, meaning there are no more transactions of houses and gardens so close to the sea. This deal reflects the high demand and low supply of such houses.”
Published by Globes, Israel business news – en.globes.co.il – on October 19, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
