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In the shadow of the high-tech crisis and rising interest rates, last year saw a sharp decline in luxury apartment transactions. According to the latest review by the Chief Economist at the Ministry of Finance, there was a drop of around 31% in the number of transactions for apartments priced above 11.5 million shekels. In Tel Aviv, the decline reached nearly 50%. However, a new report to the Tel Aviv Stock Exchange reveals renewed activity in the nonstop city.
Almogim Holdings reported today (Sunday) three real estate transactions in a project it is developing together with Gov Real Estate in the Neve Tzedek neighborhood of Tel Aviv, totaling approximately 90 million shekels. These transactions were signed in the luxury complex Rav Kook Residences, currently under construction in the southwestern part of the neighborhood, with an investment of about 400 million shekels.
According to the report, the companies sold two ground-floor apartments in the project for a total of 41.5 million shekels, reflecting a price of approximately 140,000 shekels per square meter. Additionally, the companies signed a request for the purchase of a penthouse apartment for 48 million shekels, reflecting a price of approximately 170,000 shekels per square meter. The project’s completion and occupancy are expected in 32–36 months.
The project will include five buildings, three of which are preservation structures, including the historic building of the Shaarei Torah Synagogue, established by Rabbi Kook nearly 140 years ago. The residential units, part of four buildings in the complex, will cover a total area of about 4,300 square meters. In total, the project will include 18 luxury apartments ranging in size from 150 sqm to 500 sqm on a single level.
The complex will also feature an inner courtyard, about 550 sqm of commercial space for art galleries, a spa complex with treatment rooms, dry and wet saunas, a Turkish hammam, changing rooms, swimming pool, fitness center, and a wellness area including yoga and Pilates rooms. Residents will also benefit from concierge and security services.
The ground-floor apartment transaction was brokered by Roie Kaner of Montefiore Real Estate Group.
