Wednesday, November 14, 2012

17 Arlozorov wants to set new sales record

Tel Aviv's luxury real estate market has been booming for quite some time, with the past 3 years seeing records broken each quarter for each new project being built up into the sky. A new record is now attempted with the 850 square meter penthouse in the new Arlozorov 17 tower hitting the market for 200 million NIS ($53m), i.e at a price of just about $60,000 per square meter. Time will tell however if Dan Group, the developer, can get this price.

Arlozorov 17, which will be located on Arlozorov Street in the Old North neighborhood of Tel Aviv between Ben Yehuda and Dizengoff Streets, is one of a number of luxury high-rise projects currently under construction. Dan Group said that the new luxury residential tower built on top of the former Dan Garages is now expected to be completed by 2015. The tower will include a spa and an olympic-length swimming pool.

Walking through the streets of Tel Aviv one cannot help but see the real estate boom, with cranes and building sites dotting the city in each and every quarter. Tel Aviv's origins point to its modest low-rise buildings, many earning UNESCO protection for its Bauhaus and International style architecture, but finding premium living spaces was hard to come by. In the past decade, however, luxury projects have been churning out by the dozens, offering discerning buyers from Israel and abroad to take part in the action. While the city for most of its history did not offer high-end homes, today this problem is but a distant memory, with a great number of luxury properties currently available for sale in almost each quarter of the city.

Arlozorov 17's asking prices range from 50,000 to 200,000 NIS per square meter ($13,000 to $51,000) for the other units and is priced well above Tel Aviv's average of 30,000 NIS per square meter. Luxury properties in prime locations in Tel Aviv command well above the 40,000 NIS per square meter mark however. With over 15 other projects of its kind in the works over the next couple of years, we can expect to see asking prices soar even more. The real estate market in Tel Aviv looks like it's in for some exciting days ahead, with the city finally ascending to the level of a true global city, offering top-notch property for buyers from all over the globe.

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