TAMA 38 in a Nutshell
Ever seen those TAMA 38 signs and wondered what all that construction is about?
These projects see the complete refurbishment of existing buildings in addition to two floors of brand new apartments being added.
Bringing Buildings up to Current Standards
The goal of these TAMA 38 projects is to upgrade these buildings to bring them to current earthquake-resistance standards.
TAMA 38 projects often add parking spaces and safe rooms in addition to new floors.
Over time, TAMA 38 has developed a sub-project known as Pinui Binui, meaning “evacuation and reconstruction”, in which buildings are completely demolished and larger ones are built from scratch in their place.
The Israeli government gives tax and zoning incentives to developers and property owners to either enforce the structure of old buildings or to rebuild them from scratch.
Discount Property Prices
TAMA 38 properties can often be obtained at a discount if you are willing to buy them “off-plan”, and have construction schedules that are significantly faster than a development that is being planned and built from scratch.
While Pinui Binui promises prior tenants brand new apartments as well as many more for sale, which can cover the costs of the project and even turn into profit for developers.
Buying in a TAMA 38 project offers a brand new, lovely apartment at a reasonable price point.
Contact us today at firstname.lastname@example.org to discuss available TAMA 38 apartments in Jerusalem!
Reflections on Tama 38 following 2023 earthquake in Syria and Turkey
For real estate agents in Jerusalem, such as ourselves, Tama 38 is a part of our daily life, however, following the tragic earthquake that hit Turkey and Syria in February 2023, it has been talked about amongst the general public too.
Since many Israelis felt the tremors of the earthquake and because a Tama 38 building is primarily to be earthquake proof.
The aim is very much to make sure that all housing units in Israel have a safe room and the buildings themselves have solid foundations.
It can often be a painfully long process to get permission for a Tama 38, and is not always economically viable to developers in high demand areas.
Nevertheless, whilst there can be bargains to be found in Tama 38 projects, they also provide real value in case of an earthquake, which unfortunately is a real possibility.
As a result, there have been calls for the Israeli government to cut down on red tape at both the municipal and national levels to ensure Tama 38s can happen in an easier and more efficient manner.
In 2022, we produced a case study on Tama 38s if you are looking for more information.