Israel most expensive home has been sold. According to informed sources Playtech Cyprus controlling shareholder Teddy Sagi bought the seafront house on Galei Techelet Street in Herzliya Pituah from Ma'ariv Holdings controlling shareholder Zaki Rakib for NIS 135-145 million ($37 to $40m). The deal was closed by Sagi's representatives.
Rakib and his wife Vivian bought the house in early 2005 from Jewish Austrian gambling tycoon Martin Schlaff for $24 million (NIS 105 million at the time). The Rakibs are making a 38% return on the investment in less than six years. Rakib, best known at the time as the founder of high-tech firm Terayon, bought an option on the house for $4 million in January 2005, but only exercised the option in early 2009 for an additional $20 million. That was the most expensive home purchase in Israeli history at the time.
The 2,000-square meter house is on a two-dunam (half-acre) lot on Israel's most expensive street with residents such as Bank of Israel Governor Stanley Fischer or U.S. Ambassador James Cunningham. It includes a sealed room, fitness room, wine cellar, private swimming pool, and elevator to the Mediterranean. Schlaff bought the house in 1994 for $7 million.
Source Globes
All the news about White City Residence, upcoming skyscrapers in Tel Aviv and other related news...
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Thursday, December 23, 2010
Wednesday, December 22, 2010
Sea One Hotel will be operated by Isrotel
The Isrotel group signed recently with Electra Real Estate to operate the hotel part of the prestigious Sea One. The hotel is expected to open during 2012. It will have 230 rooms and the lease will be for a period of 16 years with extension options. According to the agreement, the Isrotel Company will pay an annual rent of NIS 15.4 million a year or a percentage of the hotel revenue, whichever is higher.
Shlomo Sherf CEO Electra Real Estate, said: "Isrotel has enormous experience in luxury hotels around the country, and we are convinced that they are the appropriate management company for a luxury hotel such as the Sea One. We believe that the hotel will be one of the major accommodation centers for business people who come to Israel and will become a leading brand in in Israel." After signing the agreement Lior Raviv, CEO of Isrotel said: "The new hotel will be different from the hotels we know today in Tel Aviv. We will offer a contemporary hotel, unique and modern. The hotel will be designed by the German interior designer Harold Klein, who has extensive experience with the best hotels in Europe."
In addition to the hotel, the Sea One Project, located in an area of 4 hectares between HaYarkon and Herbert Samuel streets, will include a residential complex, commercial areas, a pool overlooking the sea and a public parking lot. Lastly, the project received this fall a building permit for the addition of 10 floors, which will include hotel rooms and luxury apartments. The project is considered one of the most prestigious to have been built recently in Tel Aviv, and last year it made the news when a Russian businessman bought the penthouse with an area of 1,100 square meters for NIS 110 million.
Shlomo Sherf CEO Electra Real Estate, said: "Isrotel has enormous experience in luxury hotels around the country, and we are convinced that they are the appropriate management company for a luxury hotel such as the Sea One. We believe that the hotel will be one of the major accommodation centers for business people who come to Israel and will become a leading brand in in Israel." After signing the agreement Lior Raviv, CEO of Isrotel said: "The new hotel will be different from the hotels we know today in Tel Aviv. We will offer a contemporary hotel, unique and modern. The hotel will be designed by the German interior designer Harold Klein, who has extensive experience with the best hotels in Europe."
In addition to the hotel, the Sea One Project, located in an area of 4 hectares between HaYarkon and Herbert Samuel streets, will include a residential complex, commercial areas, a pool overlooking the sea and a public parking lot. Lastly, the project received this fall a building permit for the addition of 10 floors, which will include hotel rooms and luxury apartments. The project is considered one of the most prestigious to have been built recently in Tel Aviv, and last year it made the news when a Russian businessman bought the penthouse with an area of 1,100 square meters for NIS 110 million.
Monday, December 6, 2010
Israeli real estate market 4th in world
Whether or not a real estate bubble is developing in Israel, the country is not far behind Hong Kong. The Global Property Guide's survey of changes in home prices for the third quarter of 2010 puts Israel in fourth place, after Hong Kong.
The survey ranks residential real estate markets by the change in prices from the corresponding quarter of the previous year. The Latvian capital of Riga is in first place, with a 24.6% rise in nominal home prices, followed by Singapore, with a 22.9% rise in nominal home prices. "The rapid economic expansion in Singapore canceled out anti-speculative measures implemented by the government," "Global Property Guide" said. Hong Kong is in third place, with nominal home prices 20.5% higher in the third quarter than in the corresponding quarter. "Global Property Guide" notes that home prices rose strongly over the year, even after the imposition of stamp duty, plus tighter financing conditions, and restrictions on home ownership.
Israel is in fourth place, with nominal home prices 16.4% higher in the third quarter than in the corresponding quarter, and 4.4% higher than in the preceding quarter. "House prices in Israel have surged continuously since 2009, and in the year to third quarter 2010 prices rose 14.12%. This marked the fifth consecutive double-digit quarterly year-on-year rise in prices of owner-occupied dwellings in Israel," "Global Property Guide" says.
The next six places in the top ten fasting rising home market prices are Australia (eight cities), Taiwan, Finland, Norway, South Africa, and the UK (nationwide). The third quarter nominal rise in home prices ranged from 11.5% in Australia to 4.5% in the UK, compared with the corresponding quarter. Ireland closed the "Global Property Guide" rankings for the third quarter, with a 14.8% drop in nominal home prices compared with the corresponding quarter.
Source Globes
The survey ranks residential real estate markets by the change in prices from the corresponding quarter of the previous year. The Latvian capital of Riga is in first place, with a 24.6% rise in nominal home prices, followed by Singapore, with a 22.9% rise in nominal home prices. "The rapid economic expansion in Singapore canceled out anti-speculative measures implemented by the government," "Global Property Guide" said. Hong Kong is in third place, with nominal home prices 20.5% higher in the third quarter than in the corresponding quarter. "Global Property Guide" notes that home prices rose strongly over the year, even after the imposition of stamp duty, plus tighter financing conditions, and restrictions on home ownership.
Israel is in fourth place, with nominal home prices 16.4% higher in the third quarter than in the corresponding quarter, and 4.4% higher than in the preceding quarter. "House prices in Israel have surged continuously since 2009, and in the year to third quarter 2010 prices rose 14.12%. This marked the fifth consecutive double-digit quarterly year-on-year rise in prices of owner-occupied dwellings in Israel," "Global Property Guide" says.
The next six places in the top ten fasting rising home market prices are Australia (eight cities), Taiwan, Finland, Norway, South Africa, and the UK (nationwide). The third quarter nominal rise in home prices ranged from 11.5% in Australia to 4.5% in the UK, compared with the corresponding quarter. Ireland closed the "Global Property Guide" rankings for the third quarter, with a 14.8% drop in nominal home prices compared with the corresponding quarter.
Source Globes
Thursday, December 2, 2010
Tel Aviv to have transit authority in 2011
Tel Aviv’s opposition party Ir Likulanu (City for All) launched a well-organized assault on Mayor Ron Huldai’s transportation policies, or lack thereof, last night during a meeting of the city council. Huldai, however, came prepared, armed with a well-timed newspaper headline and a motion designed to preempt the opposition’s initiative.
The meeting began with a sharp and impassioned speech by Dr. Noah Efron of Ir Likulanu, who called on the mayor to create a high-level task force charged with identifying concrete and immediate solutions to the city’s transportation problems within 6 months. Efron stressed that he was not calling specifically for implementation of the bus rapid transit (BRT) plan for which his party has been campaigning for several months, but for any solution with the potential to solve the city’s traffic problems in the near future. During his speech, Efron handed Huldai a document containing what he said were signatures of thousands of city residents who support such a system.
The speech drew several rounds of applause from an unusually large audience, many of whom were Ir Likulanu supporters. Following Efron’s speech, Huldai took the podium. “It’s a shame that your speech is based on ignorance and demagoguery,” he began. “You say something needs to be done – why don’t you do something? You say it can be done – why don’t you do it? Don’t lecture me if you don’t know the facts.”
At this point, Huldai’s sarcasm began to draw boos and heckling from the audience. With a nod from the mayor, security guards escorted several of the loudest hecklers out of the hall. Not surprisingly, the mayor suggested that the council remove Efron’s motion from the agenda, which it did. Then Huldai picked up Efron’s petition, and handed it right back to him.
With the opposition’s challenge out of the way, it was time for Huldai to drop his bomb, which was delivered by Deputy Mayor Meital Lehavi (Meretz). (Earlier, with the procedural pettiness typical of city council meetings, Huldai’s coalition had attempted to have Lehavi speak before Efron, a move calculated to preempt his motion. Ir Likulanu protested, however, and Efron was allowed to speak first.)
The big announcement: according to Lehavi, a metropolitan transit authority would be set up in “early 2011.” The authority, she said, would be given the power to plan, administer and supervise public transportation in the metropolis, and had already been agreed to in principle by the Finance and Transportation Ministries. The authority would be staffed by representatives of local authorities and the national government. Accordingly, Huldai had arranged a meeting of the metropolis’ 20 mayors next month to discuss the plan.
Although not stated explicitly, it appeared that Huldai was positioning himself to lead the future authority. Lehavi also proposed the creation of a “lobby” which would advocate for the decentralization of legal powers governing transportation planning from the central government to local authorities, which she invited Efron to join.
The announcement reflected a long-standing demand from Huldai, who has repeatedly claimed that city mayors in Israel do not have the legal power to design transportation systems for their cities. By law, those powers are held by the Transportation Ministry. However, this has not stopped Israel’s other two major cities, Haifa and Jerusalem, from moving forward on their respective mass transit systems, both of which are now nearing completion of their initial phases, while Tel Aviv’s remains stuck.
The reason for this apparently has to do with the respective characters of those cities’ mayors. In the current reality, progress depends on tight coordination between the municipality and the Transportation Ministry, something which Haifa and Jerusalem have evidently achieved, while Huldai’s relationship with the Ministry and its officials has been adversarial and characterized by mutual recriminations.
The move to set up a metropolitan transit authority, which had already been unveiled in that morning’s newspaper, was widely seen as positive. Yet the timing of the move, after a full 12 years of Huldai’s administration doing little or nothing to break through the deadlock, was seen by some city councilors as outrageous.
Source Sustainable City Blog
The meeting began with a sharp and impassioned speech by Dr. Noah Efron of Ir Likulanu, who called on the mayor to create a high-level task force charged with identifying concrete and immediate solutions to the city’s transportation problems within 6 months. Efron stressed that he was not calling specifically for implementation of the bus rapid transit (BRT) plan for which his party has been campaigning for several months, but for any solution with the potential to solve the city’s traffic problems in the near future. During his speech, Efron handed Huldai a document containing what he said were signatures of thousands of city residents who support such a system.
The speech drew several rounds of applause from an unusually large audience, many of whom were Ir Likulanu supporters. Following Efron’s speech, Huldai took the podium. “It’s a shame that your speech is based on ignorance and demagoguery,” he began. “You say something needs to be done – why don’t you do something? You say it can be done – why don’t you do it? Don’t lecture me if you don’t know the facts.”
At this point, Huldai’s sarcasm began to draw boos and heckling from the audience. With a nod from the mayor, security guards escorted several of the loudest hecklers out of the hall. Not surprisingly, the mayor suggested that the council remove Efron’s motion from the agenda, which it did. Then Huldai picked up Efron’s petition, and handed it right back to him.
With the opposition’s challenge out of the way, it was time for Huldai to drop his bomb, which was delivered by Deputy Mayor Meital Lehavi (Meretz). (Earlier, with the procedural pettiness typical of city council meetings, Huldai’s coalition had attempted to have Lehavi speak before Efron, a move calculated to preempt his motion. Ir Likulanu protested, however, and Efron was allowed to speak first.)
The big announcement: according to Lehavi, a metropolitan transit authority would be set up in “early 2011.” The authority, she said, would be given the power to plan, administer and supervise public transportation in the metropolis, and had already been agreed to in principle by the Finance and Transportation Ministries. The authority would be staffed by representatives of local authorities and the national government. Accordingly, Huldai had arranged a meeting of the metropolis’ 20 mayors next month to discuss the plan.
Although not stated explicitly, it appeared that Huldai was positioning himself to lead the future authority. Lehavi also proposed the creation of a “lobby” which would advocate for the decentralization of legal powers governing transportation planning from the central government to local authorities, which she invited Efron to join.
The announcement reflected a long-standing demand from Huldai, who has repeatedly claimed that city mayors in Israel do not have the legal power to design transportation systems for their cities. By law, those powers are held by the Transportation Ministry. However, this has not stopped Israel’s other two major cities, Haifa and Jerusalem, from moving forward on their respective mass transit systems, both of which are now nearing completion of their initial phases, while Tel Aviv’s remains stuck.
The reason for this apparently has to do with the respective characters of those cities’ mayors. In the current reality, progress depends on tight coordination between the municipality and the Transportation Ministry, something which Haifa and Jerusalem have evidently achieved, while Huldai’s relationship with the Ministry and its officials has been adversarial and characterized by mutual recriminations.
The move to set up a metropolitan transit authority, which had already been unveiled in that morning’s newspaper, was widely seen as positive. Yet the timing of the move, after a full 12 years of Huldai’s administration doing little or nothing to break through the deadlock, was seen by some city councilors as outrageous.
Source Sustainable City Blog
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