Harova project in Jaffa
16 luxury apartments sold in May
Following freeze in luxury housing market in past 18 months due to recession, 16 housing units sold in Jaffa and Jerusalem for total sum of NIS 38 million
Following 18 months with almost no deals in the luxury housing market in Israel, first signs of a change have been recorded in the past few weeks.
Herzl Habas, CEO of the Habas real estate company, reported several weeks ago that his company had managed to sell luxury apartments despite reports of a "clinical death" in this market. He is now joined by similar statements from companies building luxury housing projects in Jerusalem and Jaffa, which have reported of a strong month of sales in May.
An average month sees only two or three apartments sold in such luxury projects, but hardly any deals have been executed in the past year and a half.
Last month, however, construction company Yehuda Rahamim managed to sell seven housing units for a total sum of NIS 26 million (about $6.6 million) in the "The Supreme" housing project at the entrance to Jerusalem.
At the same time, the entrepreneurs of the "Harova" (the quarter") housing project in Jaffa reported selling nine apartments in May, for a total sum of NIS 11.7 million ($2.98 million).
Private wine refrigerator
"The Supreme" project, which is located at the old Foreign Ministry compound near Jerusalem's Sacher Park, is planned to include 50 luxury apartments over seven floors in three buildings with a shared lobby. The project will stretch over some 8,000 square meters (9,568 square feet) and will have two underground parking levels over an area of about 6,000 square meters (7,176 square feet).The project will also include storerooms, a gym, a sauna room, and a wine cellar with a private wine refrigerator for each apartment.
The most expensive apartment sold in the project in the past month is located on the fifth floor and measures 220 square meters (263 square yards) in size, with a 45 square meter (54 square yard) balcony. It was sold for NIS 5 million ($1.28 million).
The "Harova" project, initiated by the compound's owners – families Ganor and Manor of Tel Aviv – is located on the junction of Yefet, Amiad, Rabbi Tanhum and Rabbi Pinhas Streets at Ancient Jaffa. The project's third stage is a closed neighborhood of 102 apartments and penthouses. The project is expected to be populated by the end of 2010.
The apartments sold last month include a two-room flat stretching over 58 square meters (69 square yards) in size, with a balcony, sold for NIS 1.3 million ($331,438), and a two-room flat measuring 62 square meters (74 square yards) in size, with a balcony, sold for NIS 1.35 million (344,185).
According to Harova's sales manager, Arik Zevladovich, one-third of the apartments were sold last month as part of the "one member brings another" sales promotion campaign by veteran tenants of the project, each of whom received NIS 10,000 ($2,550) for recruiting the new clients.
