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Luxury apartment prices on the rise across Israel
Construction companies report of increasing number of deals in luxury real estate market outside Tel Aviv as well, leading to price hike in Jerusalem, Ashdod and Petah Tikva
Ory Chudy, Calcalist
The recovery
in the luxury apartments market in the past few weeks is not taking place in Tel Aviv alone. The Yehuda Rahamim company has reported that a South American businessman recently purchased an apartment at The Supreme project for NIS 4.7 million (about $1.24 million).
The flat, measuring 220 square meters (2,368 square feet) in size with a 40 square meter (430 square foot) balcony, was bought for the businessman's son.
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110-180 square meters (1,184-1,937 square feet) in size with a garden of 25-35 square meters (270-377 square feet). The apartment prices range between NIS 2.5-4.6 ($659,500-1.2 million).
The Klod Nahmias company reported that since it began marketing the K-Tower project, which includes 186 apartments in two towers in Ashdod, 11 five-room apartments have been sold for an average price of NIS 1.8 million ($474,000) per flat.
A five-room apartment measures about 200 square meters (2,153 square feet) in size and includes a balcony measuring 27-36 square meters (290-387 square feet). The project's is scheduled to be populated in August 2011. Sharon Nahmias, the project's marketing manager, says the buyers were Israeli, Russian and French businesspeople.
The housing market in Petah Tikva has also seen a rise in flat prices. A five-room apartment in Africa Israel Residences' Space project was sold recently for NIS 1.9 million ($501,500). The apartment, measuring 156 square meters (1,679 square feet) in size with a 13 square meter (140 square foot) balcony, and located on the 18th floor, was purchased by residents from the same neighborhood, New Neve Oz.
"This area is now attracting people from Tel Aviv, Herzliya and their surroundings as well. And to prove it, the price of this apartment is close to prices in central Tel Aviv," says Ofer Zuker, Africa Israel Residences' national sales manager.
Initial reports of improvement have also been emerging from northern Israel. The Ampa Malibu company recently sold 36 houses and plots in Kibbutz Mahanaim – the entire compound offered for sale. Some of houses were sold as part of a company campaign, which included 11 villas over half a dunam for NIS 589,000 ($155,200). The rest of the houses were sold for NIS 649,000 ($171,000) and more.
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