The developers of the Ritz-Carlton Herzliya report selling six vacation apartments over the past month for NIS 30 million. The news follows yesterday's data released by the Ministry of Finance of a rise in the purchase of Israeli apartments for investment by foreign residents in January.
The apartments sold by the Ritz-Carlton Herzliya include a 101-sq.m. unit with a balcony on the eighth floor for NIS 8.1 million, to a US businessman who already owns another apartment in the project. A 65-sq.m. unit on the seventh floor has been sold to a Russian businessman.
The prices reflect NIS 70,000 per square meter on average.
The units are vacation apartments with the owners entitled to reside in them up to a maximum of 180 days per year. When the owners are not in residence, the units are marketed as regular hotel suites by the Ritz-Carlton hotel chain.
The Ritz-Carlton Herzliya has 12 floors with 115 rooms on the first six floors, and an additional 82 vacation apartments on the top six floors. The vacation apartments for sale start at NIS 3 million and range from 50-180-sq.m. Most of the buyers in the project are Diaspora Jews from the US, Belgium, Switzerland, UK, Russia, Brazil, Mexico, Venezuela and South Africa. A few of the buyers are Israeli investors who live in the project at weekends and enjoy an income from leasing out the unit as a hotel room. The Ritz-Carlton Herzliya also reports that some of the guests who recently stayed in the units include Apple CEO Tim Cook, singer Justin Timberlake, and actors Michael Douglas, Catherine Zeta-Jones and Jessica Biel.
the project's marketing director Miri Azuri said, "In the past few months, we have seen renewed interest and return of foreign residents wanting luxury apartments. We expect the trend to strengthen towards Passover and the summer months. The concept of these luxury apartments has taken hold as the exact product matching the needs of foreign residents that appreciate a five star standard quality of life."
The Ritz Carlton Herzliya was built by Tidhar Group headed by Gil Geva, Arye Bachar and Mark Weissman, and Adis Investments headed by Adi Strauss and Irit Strauss.
Published by Globes [online], Israel business news - www.globes-online.com - on March 9, 2015
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