Tel Aviv's Kerem HaTeimanim neighborhood (the Yemenites' Vineyard) is slowly turning into the French Vineyard. In the past two months, Jewish investors from France have signed real estate deals worth approximately $20 million in the old Yemenite neighborhood, which is located near the Carmel Market.
A group of French investors recently purchased a number of buildings on an area of 2 dunam, where they plan to build a luxurious residential compound which will be marketed in France.
One of the investors, represented by Attorney Shai Segal, bought 300 square meters (3,229.2 square feet) in Beit Yosef Street for $700,000. The investor plans to build 10 apartments there instead of the current building which slated for demolition. A similar plot of land was sold a year ago for $400,000.
Another plot on Rabbi Meir Street is now on sale, and several French groups are interested in building a prestigious apartment building on it.
"The French, who have discovered the neighborhood and fallen in love with its central location near the sea, are purchasing old buildings slated for demolition and uniting plots in order build a closed project in the area which will be marketed mainly in France," Attorney Segal explained.
The price of an apartment in these compounds is expected to be about $5,000 per square meter. Thus, a 100 square-meter (1,076.4 square-feet) apartment will be sold for approximately $500,000.