The rise in Tel Aviv real estate prices includes areas formerly considered relatively inexpensive. A week ago, a new immigrant from France purchased a 70-sq.m. apartment in the bohemian southern Tel Aviv neighborhood of Florentin near Jaffa for NIS 3.2 million. The seller, who lives on the premises, bought it in 2011 for NIS 1.5 million before it was built.
The apartment, which faces west, is on the seventh floor of a nine-storey building. The apartment has a partial view of the sea, but under the urban building plan, this view will be blocked in the coming years. The apartment also has a four-sq.m. balcony.
According to the www.madlan.co.il website, the prevailing price per sq.m. in the Florentin neighborhood is NIS 34,700, and many properties there can be found priced at NIS 1.5 million or less, because there are many small apartments in the neighborhood. This sale was therefore at 30% above the market price, and was comparable to housing prices in north Tel Aviv. For example, the average price for residential real estate per sq.m. in the prestigious Babli neighborhood is NIS 44,900 per sq.m.
The apartment is part of the Florentin Quarter project planned by architect Ilan Pivko and built by YBOX and businessman Yossi Turgeman at the corner of Salame, Abarbanel, and Maon Streets at the edge of the Florentin neighborhood. The project contains four elliptical nine-storey buildings with a total of 261 apartments ranging from two rooms to apartments covering an entire floor. There is a commercial center between the buildings.
Kobi Chen, CEO of TOPDEAL, a broker and marketer of high-rises, who carried out the deal, said that the identity of the parties was confidential. The seller is the son of a medium-sized contractor, and the buyer is already living in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on October 5, 2016
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