What is Tama 38 (NOP 38)
Tama is NOP - National Outline Plan (תוכנית מתאר ארצית), and Tama 38 is National Outline Plan 38 for the seismic strengthening of existing buildings. In simple words – it is a plan to strengthen old structures against earthquakes, and it is very trendy in Israel.
Tama 38 allows tenants to benefit from strengthening the building against earthquakes and gets to expand their property by adding about 25 sq.m, without any cost! Most of the projects include the addition of a balcony and elevator, and some even get storerooms and parking solutions.
Since homeowners enjoy the benefits without any expenses, the developer is allowed to build 2 additional floors and sell these new apartments for his profit and thus making it a win-win situation for everyone.
Both foreigners and Israelis are sometimes concerned about purchasing a property in Tama 38 project. Should you buy a Tama 38 property or stick to new projects only? And like always, the answer is – it depends. New constructions are entirely new, while Tama 38 offers new apartments in a renovated building, and because of that, Tama 38 projects might be up to 15% cheaper, and sometimes even more. Like new projects, Tama 38 developers are obligated to present guarantees until completion of the construction and provide a warranty after the rendering.
Our advice is to not think about it in the beginning. First of all, make a list of the best options your agent provided according to your requirements (area, price, entrance date, etc.), and compare them; you might be surprised. If your best option is the Tama 38 project and you are still unsure, try talking to your agent and real estate lawyer. As things are examined with professionals by your side, there is no reason to fear such a move on the way to the property of your dreams.
Take a look at these TAMA 38 projects for example:
• Tama 38 in Tel Aviv
• Tama 38 in Raanana
• Tama 38 in Nes Ziona
As described above, these are new apartments in renovated buildings, which allow you to save 100k - 400k shekels, compared to similar apartments.
Tama 38 apartments are almost as good as new, with the same warranty, but for a lower price. But don’t worry; there are many new projects if you want to go for a new property only.
In any case, BHII is here for your assistance, whether you are looking for a new project or even a used property. Contact us and promise yourself the best real estate experience in Israel.