Wait for TAMA 38 or sell at a loss? The dilemma of apartment owners in Neve Sha'anan, Tel Aviv

Asking prices for old apartments in Neve Sha'anan have dropped by 10%-15% in the past year. Apartment owners are torn between waiting for urban renewal (TAMA 38) or selling at a loss. Price gaps between different streets in the neighborhood are large, while the rental market remains stable.

Apartment owners in Tel Aviv's Neve Sha'anan neighborhood face a dilemma: wait for urban renewal (TAMA 38) or sell at a loss. According to appraiser Eyal Haoshner, asking prices for three-room apartments in older buildings have fallen by 10%-15% over the past year, a trend that began toward the end of 2025. Realtor Itai David recounts an owner of an 80 sqm apartment who asked for 2.4 million shekels (his purchase price four years ago) and removed the listing when he realized he wouldn't get that price. In contrast, a renovated inherited 2.5-room apartment (about 60 sqm) was sold to a young couple as an investment, rented out for 5,000 shekels per month, and the building has secured most signatures for TAMA 38. Gaps within the neighborhood are large: on Congress, HaGra, and Haharash streets, per-square-meter prices in new projects are significantly higher than in older buildings. Rent for an old three-room apartment: 4,500-5,000 shekels, compared to 6,500-7,000 shekels for a new one. The rental market is stable. Demand comes from foreign workers, asylum seekers, young people, students, and artists. The article notes that the seller's identity—investor versus heir—affects willingness to compromise.