Once a dusty biblical town, Be’er Sheva is today Israel’s most exciting renaissance city. Since the Israeli government announced their decision to relocate 10 major IDF facilities to the area in 2005, Be’er Sheva has been transformed into a magnet for real estate investment.
Tens of thousands of highly educated and motivated Russians who were housed here 20 years ago now constitute a high proportion of Be’er Sheva’s upper middle class. Their drive and ambition have resulted in a demand for property in the city and are contributing to the rapid appreciation in property prices. With the commute from Be’er Sheva to Tel Aviv now a smooth 55 minutes by train or an hour by car, it has become popular with young families who are unable to find affordable housing in the center of the country where their jobs are located.
But Be’er Sheva is itself fast becoming Israel’s new Silicon Valley. Some of the world’s leading high-tech corporations are moving into the new Advanced Technologies Park (ATP) next to Ben-Gurion University, making it a magnet for start-ups and service industries. The combination of the planned military campus with the developing high-tech park and university will create exciting synergies and catalyze the industry and economy of Be’er Sheva in particular, and the region as a whole. Army personnel relocating to the city, together with the growing student population of this popular university town, will also drive demand for real estate on all levels.
Housing prices in Be’er Sheva have risen by 67% in the past few years. The young, ambitious mayor, Ruvik Danilovich, has championed the building new residential neighborhoods on land owned by the municipality. The city’s new cultural projects include museums and art galleries, a large performing arts complex, 12,000 open air theater, a performing arts youth center, shopping malls, community centers, and a major new sports complex.
The prestigious Ramot residential neighbourhood to the north of the city, near the ATP, is becoming the suburb of choice for hi-tech company employees looking for a high standard of living. Other neighborhoods are run-down and ripe for redevelopment, such as the Ottoman-era Old City, which is undergoing gradual gentrification. There are currently a number of residential development projects in Be’er Sheva that are available to purchase off -plan and scheduled for completion by 2016.
To find out more about exciting property investment opportunities in Be’er Sheva, contact Lisette at Prime Property Israel.
