The real estate market in Ashkelon was surprised this week by the announcement from the Chai Nahmias Group about a price reduction in the "HIGH NORTH" project in the northern part of the city. A 3-room apartment is now offered at 1,699,000 NIS ($500,000) – a reduction of about 15% compared to the original price.
The decision follows the success of the "HIGH PARK" project in the city, which also saw particularly significant price reductions for 5-room apartments.
Local market players describe the move as a true "market breaker": on one hand, developers and brokers see it as an innovative approach adapted to the economic reality and focused on the local community; on the other hand, some express caution and prefer to wait and see how the market responds, whether prices will continue to drop, and whether the volume of transactions will change.
"Price Reform" or a Trend Shift?
According to industry sources, Nahmias sees this step not merely as a price reduction, but as part of a broader initiative he defines as a "price reform." The goal is to make housing more accessible to Ashkelon residents, align supply with local needs, and build trust with the community.
"The move is part of a price reform led by Chai Nahmias to respond to the changing economic reality and return housing to the community," explains Adam Ganon, the group’s VP of Marketing and Sales. According to him, the company emphasizes transparency, adherence to construction schedules, and maintaining the quality of design and product.
Beyond the social aspect, the market also identifies investment potential. The price drop is seen by investors as a rare opportunity to purchase an apartment at a relatively low price in a project expected to reach occupancy in about a year – in an area with significant growth potential. Experts estimate that purchasing at this stage could yield future returns, particularly given the project’s location and growing demand in the city.
HIGH NORTH is planned as a boutique project, including garden apartments, 3-, 4-, and 5-room apartments, and luxury penthouses. The apartments feature advanced architectural design, bright spaces, and wide balconies, with careful attention to functionality and maximum comfort.
The project is located in the northern part of the Wine City neighborhood, a quiet area adjacent to a natural grove, while also benefiting from proximity to all essential community services – schools, kindergartens, community centers, green parks, and excellent transportation accessibility.