Real estate developer Prashkovsky said it will launch the country's first fully digital online auction for newly built apartments, allowing buyers to bid remotely on hundreds of homes over a 72-hour period.
The auction, scheduled to run from Aug. 9 at 7 p.m. through Aug. 12 at 7 p.m., will offer apartments across several of the company's residential developments in Israel, including projects in Tel Aviv, Herzliya, Ashdod and Haifa.
Under the format, participants will submit sealed bids through a dedicated website starting from a predetermined minimum price. The highest bid at the close of the auction will secure each property.
The company said prospective buyers may submit up to three bids under a single financial guarantee. Those seeking to purchase multiple apartments may submit additional guarantees to enter further bids. All bids will remain confidential throughout the auction, with winners required to sign purchase agreements within 14 business days of being notified.
Prashkovsky said the sale marks the first time new residential properties in Israel have been offered through a nationwide online auction format, replacing the traditional model of negotiations with sales representatives.
Hundreds of apartments will be offered, ranging from three-, four- and five-room apartments to garden apartments and mini-penthouses.
Rendering of the HaGaDa project in Tel Aviv
(Illustration: Prashkovsky)
Projects included in the auction are HaGaDa along the Yarkon River in Tel Aviv, Gan Rashal and Glil Yam in Herzliya, Kiryat Peres in Ashdod, and Ramat Hanasi and Moradot Lincoln in Haifa.
Starting prices range from about 1.9 million shekels ($627,000) for four-room apartments in Haifa to 10.75 million shekels ($3.55 million) for mini-penthouses in the Tel Aviv project.
The auction process will be overseen by Israeli law firm Fischer (FBC & Co.) and accounting firm Baker Tilly Israel, the company said.
The company said the online auction is intended to make the home-buying process more transparent and accessible by allowing buyers to compete through a standardized digital bidding process rather than conventional negotiations.
Haim Karadi Photo: Tal GivoniHaim Karadi, CEO of Prashkovsky Income Properties, said the company viewed homebuilding as a long-term responsibility to the families buying its properties.
“Prashkovsky is a family-owned public company that has been building in Israel for four generations,” Karadi said. “Over the years, we have continually sought new ways to provide buyers with greater value, transparency and confidence throughout the purchasing process.”
He said the digital auction reflected the company’s commitment to innovation and to creating a clear, accessible and fair process that allows the public to participate on equal terms.
“We invite prospective buyers to review the available apartments, study the auction terms and submit bids during the limited window,” he said.