The Buyer's Price program, whereby contractor's bid for land for development on the basis of the lowest final selling price to buyers of the apartments to be built, continues to run, but most people are not aware of an important condition that was been introduced into it. The condition relates to the division into series, which has given 60,000 of those holding certificates of eligibility priority in future lotteries.
Many people have obtained certificates of eligibility in the past year and have been classed as Series A, but are waiting for specific lotteries in areas of high demand. One of the outstanding locations in which many people hope to win the right to a low-price apartment is in a Buyer's Price project in Herzliya, which will consist of 1,500 units at Glil Yam.
The land auction has not yet closed, and it is currently due to be concluded only in mid-December, but some people are waiting for the opportunity to participate in this lottery and are not registering for any others. Inquiries made to "Globes" indicate that some of those holding certificates of eligibility are not aware of the fact that if they do not apply to participate in any other lotteries meanwhile, even if they are for apartments in locations they do not want, they will not be allowed to participate in the Herzliya lottery. They will be transferred to Series B, meaning that they will not at present be able to participate in any lottery, certainly not in Herzliya.
The condition for remaining in Series A is to register for at least one lottery before the end of 2016. A further condition of the program is that if someone wins the right to an apartment in three lotteries and turns down these opportunities, they will be relegated to Series B.
Published by Globes [online], Israel business news - www.globes-online.com - on December 4, 2016
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