Rishon Leztion – the Fourth Largest City in Israel

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Rishon Letzion: Worth Considering as a Real Estate Investment?

It is now official. Rishon Letzion (or as it is unofficially called “Rashlatz”) is now the fourth largest city in Israel after Jerusalem, Tel Aviv and Haifa.

It was first built as an agricultural settlement in 1882 , however 100 years later in the 1980’s the city began to grown  in leaps and bounds.

“Rashlatz” is also called the “City of  Shopping Malls” due to the large number of shopping malls in the city.  The city is located on the Mediterranean coast and boasts a beautiful beach.   In addition to this, it has one of the largest industrial areas in the country and the largest shopping mall in the country called “Hakanion Hazahav”.  This large mall includes 380 stores and a large movie complex called “Cinema City” which has 26 movie theaters and thousands of meters of stores, restaurants and coffee shops.  The large Ikea store is also located on the outskirts of the city.

Recently the municipality has decided to preserve the historical parts of the city which should  attract many local tourists.

In the past few years the city has grown by about 1,000 new apartments a year and today there are 230,000 residents.  In a recent decision the municipality decided to halt the construction of new apartments despite the fact that there is still empty land that can be developed within the city limits.

The city is located in the center of the country and is close to several highways that connect it to the major cities.  Prices in the city are low compared to other places in the area but this should change if there will be no new construction in the near future.  For those who purchase now this could also be the next best real estate investment.