In September-October, Africa Israel sold 399 apartments in various parts of Israel, for $84 million. In October, the company sold 271 apartments, a 112% increase compared with September, at a consideration of $56 million. This figure represents a sales record in the company’s entire history. In the whole of 1997, by comparison, the company sold 969 apartments. The boost in sales follows a report by the twelve leading companies, as published in "Globes" on Thursday, which sold 856 apartments in October, an 86% increase compared to September.
Prices at fourteen of Africa Israel’s sixteen sites are shekel-denominated, and remained unchanged except for a 1.4% Consumer Price Index linkage, throughout October, in spite of the devaluation. Prices at both sites, Jerusalem’s City of David and Savyonei Ramat Aviv, are denominated in dollars based on the representative rate of exchange, since most units there are sold to foreign residents.
In the past two months, Africa Israel sold 96 apartments in Yahud (Kiryat Savyonim project), 71 of them in October. Four-room apartments sold for $235,000. The company also sold 78 apartment in Or Yehuda (Neveh Savyon) and 52 residential units in Ganei Tikva (New Givat Savyon). Four-room apartments sold for $240,000.
For the first time in many months, the company reports a considerable volume of sales in luxury apartment buildings in Tel Aviv and Ramat-Gan. In the past month, Africa Israel sold three apartments in Savyonei Aviv, on the lands of the Ramat Aviv hotel. Four-room apartments sold for $650,000. Also, nine apartments were sold in Savyonei Ramat-Gan, four-room apartment selling for $330,000.
Published by Israel's Business Arena November 1, 1998