French buyers just lately purchased two flats in Tel Aviv’s Infinity Tower, being developed by Hagag Group (TASE: HGG), for NIS 27.5 million.
The primary condominium costing NIS 16.5 million is on the forty third ground with a sea view and is 180 sq. meters in measurement with a 22 sq. meter balcony. The second condominium on the ninth ground is 150 sq. meters in measurement with a 29 sq. meter balcony, which price NIS 11 million.
The offers, together with the balconies, on the primary condominium displays a value of NIS 86,300 per sq. meter, whereas the second condominium displays a value of Nis 66,800 per sq. meter.
In line with Hagag Group’s 2024 monetary report, the 2 offers mirror increased than common costs per sq. meter within the venture. Because the firm started advertising Infinity Tower in 2021, the common per sq. meter in flats bought was NIS 53,600 whereas in 2024 the common was NIS 58,390 per sq. meter. Within the first quarter of 2024, the common was NIS 64,100 per sq. meter, whereas the corporate reported that after the date of the report date, 9 flats had been bought within the venture, at a median value of NIS 67,660 per sq. meter.
“The variations per sq. meter between the flats is comprehensible, and stems primarily from the variations in top,” says appraiser Eyal Teddy Harel of Teddy Value determinations and Administration. “The forty third ground will take pleasure in a sea view, whereas on the ninth ground it’s already not sure that you may see the ocean – and sooner or later, when further towers are constructed within the space, the view might be blocked much more.”
Each flats had been bought by an actual property holding firm owned by French buyers. Adv. Yomtov Kalfon from the S. Friedman & Abramson & Co. (SFA) regulation agency supported the deal along with Advs. Yonatan Gal and Yoni Cohen. The true property brokers had been Zach Azogui from Mykeyz Actual Property and David Saban and Moshe Berami from Evenis Group.
Adv. Kalfon says, “They had been in search of a luxurious venture in Tel Aviv and the Hagag Group venture is taken into account fascinating and in a really central location. The consumers don’t stay in Israel and see the acquisition as an funding deal however are additionally shopping for it as a precaution as a result of delicate state of affairs Jews discover themselves in around the globe.”
He provides, “Many international residents have been considering shopping for in Tel Aviv just lately for a similar cause. Each businessman who has succeeded overseas will robotically have a property in Israel – from October 7, 2023, that is actually a pattern.”
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Nonetheless, it ought to be famous that market information nonetheless doesn’t mirror a big enhance in purchases by international residents for the reason that outbreak of the struggle. In line with information from the Chief Economist’s Division on the Ministry of Finance, there was a slight enhance for the reason that finish of 2023, however from a historic perspective the extent remains to be low.
In January 2025, purchases by international residents in Israel totaled 150 flats, which was about 1.9% of all transactions out there that month, and since 2015 the speed of transactions by international residents has not crossed the three% mark. In Tel Aviv, lower than 20 flats had been bought by international residents in January 025 whereas in Jerusalem 93 flats had been purchased – about 62% of all purchases by international residents in Israel this month.
The Tel Aviv housing market is at the moment going by way of a difficult time, primarily attributable to excessive rates of interest. Inside that, the luxurious market is going through even better difficulties. “
It’s totally tough in Tel Aviv proper now,” says appraiser Teddy Harel. “There’s lots of provide, primarily due to the brand new tasks, and comparatively little demand. 2024 was a tricky 12 months. Within the luxurious market, primarily new flats are being bought throughout this era, and often to international residents and folks within the higher echelons.”
Infinity Tower is the Summeil district of Tel Aviv between Ibn Gbriol, Arlozorov, Jabotinsky and Ben Sarok Streets, adjoining to Africa-Israel’s DUO venture. Infinity Tower could have 53 flooring with 287 flats on a 3,100 sq. meter lot.
The Infinity and DUO towers might be constructed on the positioning of low-rise residential buildings, a few of that are the stays of an Arab village that was evacuated in 1948, the place residents had lives in an unregulated method for many years. Solely after negotiations with the tenants, lawsuits and evictions, was it potential to get the development plan underway on the positioning, a number of years in the past.
“It is a very sought-after advanced,” says Harel. “That is the middle of the middle of Tel Aviv. All the things is inside strolling distance or a scooter trip from town’s predominant locations – and in a number of years the sunshine rail Inexperienced Line will cross close by.”
Revealed by Globes, Israel enterprise information – en.globes.co.il – on April 14, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
