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'Diur LaMishtaken' Lottery - 1,300 Units in Moreshet Neigborhood in Modiin
The framework of the Finance Ministry's plan to advance the lotteries of 15,000 'Diur LaMishtaken' apartments throughout the country, includes also Modiin Maccabim Reut with 1,300 housing units in the Moreshet neighborhood.
The new aspect of this lottery is that it is the first that will give preference to city residents, with at least 20% of the apartments - 256 housing units - intended for locals, city residents of Modiin Maccabim Reut.
The registration for the lottery will open on 18/6 for three weeks and close on 9/7/17. The results of the lottery will be published on 14/8/17.
The reduced price apartments will be built in 11 separate projects in the Moreshet neighborhood, which will be built in 3-4 years on the western side of the Avnei Chen neighborhood. The neighborhood will include a total of 2,520 housing units at achievable prices, with this current lottery being the first step. The current lottery is only open to participants holding a Teudat Zakaut as non-home owners, and not to those who are seeking to upgrade.
The prices of the reduced price apartments will range between 10-12 thousand NIS per meter, a reduction of around a half a million NIS compared to market prices in the city, depending on the final size of the apartment.
The division of the apartments, their size and number of rooms will be determined according to the lottery, after the issue of the building permit to the contractor. For example, the 'Dona' building company will build the largest living complex, including 408 units, of which 288 are reduced price units for young couples, 57 of which are intended for residents of Modiin Maccabim Reut only. The price of an apartment in the project will be 11.019 thousand NIS per meter.
According to the data of the Finance Ministry, the prices will be significantly cheaper than market prices, with an 85 sqm apartment costing around half a million NIS, a 110 sqm apartment around 1.2 million NIS and a 120 sqm apartment around 1.3 million NIS.
Residents are defined as those registered in the Mirsham Uchlusin (population registry) as those living in Modiin Maccabim Reut for the last three years consecutively, or four years within the last 10 years. Those who did not update their address will not be considered residents and will not be able to benefit from the priority for residents.
The lottery includes a total of 24 different cities. Those eligible can sign up for lotteries in up to 3 different cities (for all projects in those cities), The lotteries will be carried out according to the size of the city, with Modiin Maccabim Reut 7th on the list. Those signing up for lotteries in cities where the lottery will be taking place before the one in Modiin, in the case that they win an apartment, will not be eligible to exchange it for an apartment in Modiin. It is recommended to pay careful attention for which building project you register.