Foreign residents are again investing in seaside apartments in Tel Aviv, even as one of the city's most expensive apartments remains unsold. FAIRE Fund reports that it has sold two apartments in its Hayarkon 96 project for NIS 7.85 million altogether.
An 88-square meter three-room apartment on the seventh floor with a sea view was sold for NIS 4.35 million, reflecting a price of NIS 50,000 per square meter; and 78-square meter apartment without a sea view was sold for NIS 3.5 million, reflecting a price of NIS 45,000 per square meter. The renovated Bauhaus-style building includes a new wing with more floors than the original building.
23 of the building's 45 apartments have been sold to foreign residents, investors, and Israelis seeking better apartments.
FAIRE Fund chairman Shlomo Grofman said, "Since the beginning of the year, we've felt growing interest by foreign residents in seafront projects, and we're often closing contracts."
FAIRE Fund has not yet sold the building's 800-square meter penthouse, which has a 200-square meter balcony and a swimming pool. The company is asking NIS 100-125 million for the property, making it one of the most expensive in Tel Aviv.
Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2010
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