Tuesday, September 14, 2010

Are the French invading Neve Tzedek?

Three French residents have acquired five apartments for a total of NIS 22 million last month in the White City Residence project (Neve Tzedek by the Sea).

Are foreign residents returning to the Israeli real estate market? It looks like it. One buyer bought two flats on the 7th floor totalling 200 sqm for NIS 8.5 million (making the price per sqm at NIS 42.5k or  USD 11.3K). Another buyer purchased a similar surface on the 11th floor for NIS 9 million translating into a price per sqm of NIS 45k or USD 12K. And on that same floor a 100 sqm flat was sold for NIS 4.7 million reflecting a price per sqm of NIS 47k or USD 12.5k. All apartments include a balcony overlooking the sea, a storage room and an underground parking.

The project, whose construction began last year, is located along Isaac Elhanan and is owned by Eurocom Real Estate, Hammerman and a group of investors from Belgium. It includes 160 apartments on 40 floors. The project has sold 71 flats so far for a value of more than NIS 300 million. Buyers are mostly business people from Israel, Switzerland, Venezuela, France and England.

The company said that they had now completed the excavation work and that they were now working on building the underground parking lot. Ran Ben-Avraham, vice president of marketing at Hammerman said: "As every summer, we saw increased interest from foreign residents for our project. What is surprising this year is that the decision process was so quick and that transactions were carried out in such a short timeframe. It seems that Europeans have identified White City Residence as an attractive destination in Tel Aviv and are bringing one another to the table".

For a live Webcam of the construction site, just click here.

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