What is Tama 38 (NOP 38)
When it comes to seismic strengthening and expanding existing buildings in Israel, Tama 38 (National Outline Plan 38) is the buzzword you need to know. Designed to fortify older structures against earthquakes, Tama 38 has become a popular trend in the country.
So, what exactly does Tama 38 entail? Under this plan, tenants have the unique opportunity to strengthen their buildings against seismic activity while also gaining additional living space. By participating in Tama 38, tenants can add around 25 square meters to their property at no cost. Many projects even include the addition of balconies, elevators, and additional amenities such as storerooms and parking solutions.
The beauty of Tama 38 lies in its win-win nature. Homeowners enjoy the benefits of improved structural safety without any financial burden, while developers are permitted to construct two additional floors. These new apartments can then be sold for profit, creating a mutually beneficial situation for all parties involved.
Tama 38 vs. New Projects.
Should you invest in a Tama 38 property or stick with new developments only? The answer, as always, depends on your specific circumstances. While new constructions offer a completely fresh start, Tama 38 provides the opportunity to own a new apartment in a renovated building, which often makes the lobby and the staircase less spacious and somewhat inconvenient.
Due to this difference, Tama 38 projects can often be up to 10-20% more affordable, or even more in some cases. It's worth noting that, similar to new projects, Tama 38 developers are required to provide guarantees throughout the construction process and offer warranties upon completion.
However, it's important to note that not every Tama 38 project guarantees a seamless experience. As these projects are typically smaller in scale, they often involve newer developers who may lack the same level of expertise and resources. Consequently, there is a higher possibility of encountering issues during the construction phase or after the project is completed.
To give you a glimpse of what Tama 38 has to offer, here are a few notable projects to consider:
As mentioned, these projects offer new apartments in renovated buildings, providing significant cost savings ranging from 100,000 to 400,000 shekels compared to similar properties.
In conclusion, Tama 38 apartments offer the allure of nearly new properties with the same level of warranty, all at a more affordable price point. However, if your budget allows it, we recommend going on new developments or pre-owned properties.
Remember, Sabras is here to assist you regardless of whether you're interested in new developments or pre-owned properties. Contact us today, and let us ensure that your real estate experience in Israel is nothing short of exceptional.