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Israel’s real estate market is facing a deep crisis due to a shortage of labor at construction sites, rising raw material costs, and extended project completion times. However, the luxury residential market seems to continue operating in 2025 without disruption.
The recovery trend appears to be ongoing this year as well. We looked into luxury real estate deals from the past three months and found quite a few (a luxury deal is considered a sale of a property for around 10 million shekels or more). For example, it has been revealed to Mamon that a luxurious penthouse apartment of 97 square meters, with a huge 120-square-meter terrace, located in the Kerem neighborhood (Kerem HaTeimanim) in the heart of Tel Aviv, was recently sold to a foreign buyer from Canada for approximately 16 million shekels.
The property is part of a new boutique project called “Eden” by R.D. Shaiv, which is expected to begin construction soon. The project includes only six apartments on Kehilat Eden Street near the Carmel Market. The developers are new immigrants from Brazil, with a portfolio of over 10,000 housing units built overseas, and are now focused on developing ultra-luxury residences in Israel. The penthouse was sold “off-plan” via a Zoom meeting. The deal reflects a price of approximately 117,000 shekels per square meter.
“This is a record price for the historic neighborhood, which began as a poverty-stricken area housing new immigrants from Yemen back in the early 20th century, and has since transformed into a neighborhood attracting buyers from all over the world thanks to its prime location near the sea, the market, and Neve Tzedek,” explains Roie Kaner, CEO of Montefiore Real Estate Group, which specializes in working with foreign residents and new immigrants and brokered the deal.
According to Roie Kaner, “We were privileged to take part in a special transaction in a luxury project of a quality rarely seen elsewhere. In fact, over the past three months, we’ve received purchase offers from foreign residents and new immigrants totaling more than 180 million shekels — once again proving that despite everything happening around us, Jews from abroad continue to buy real estate in Israel and express trust in the country, now more than ever. And we see this is just the beginning. The number of inquiries we’re receiving from foreign buyers and people considering Aliyah is enormous, and we’ve already seen reports of hundreds of percent increases in immigration requests. The State would do well to prepare in advance to ensure proper absorption of every new immigrant.”
Link to the full article: https://www.ynet.co.il/economy/article/yokra14290252
