Azorim Investment, Development and Construction Ltd. (TASE: AZRM) yesterday announced the completion of two prominent deals in the Jerusalem luxury housing market. The main one is the sale of a mini-penthouse composed of two connected apartments in the prestigious King David Residence project in Jerusalem for NIS 19 million - the most expensive deal in the Jerusalem luxury housing market over the past year.
The property, located on the seventh floor, which was sold in shell condition to a foreign resident of French origin, includes two parking spaces and a storage room. The apartment, which has 270 sq.m. and a 30-sq.m. sukkah balcony, has a panoramic view of the Old City of Jerusalem. The tenant will receive various services from the luxury complex, located on King David Street, with a synagogue, tenants' club with a cigars room, wine cellar, fitness room, swimming pool, Andalusian-style garden, etc.
Another deal involved the sale of two houses combined into one in the Azorim Motza Elite project in Motza, a pastoral community near Jerusalem, for NIS 8.3 million. The houses were purchased by a Canadian resident planning to immigrate to Israel with his family. The combined houses have 333 sq.m. of built-up space, plus 208 sq.m. in gardens surrounding the house. The property is located next to the project's open park. The tenants will receive services from the complex, including a private spa with a fitness room and swimming pool, covered parking lot, and cultural center. As part of the project, a historical white building designated for preservation and community use will be renovated.
Azorim sales manager Idit Weksler-Tzach said, "We have noticed a trend in the past month of many foreign residents showing interest in housing adapted to their needs, with great importance being attributed to a central Jerusalem location. Sale deals to foreign residents are naturally much more complicated. Differences in language, hours, and dealing with the authorities in Israel in these deals naturally requires careful advice and help for the buyers in coping with all the parties involved, including after occupancy. It requires understanding of the needs and requirements of foreign residents buying a property in Israel, who are looking for a complete and comprehensive solution to all their requirements and wishes."
Published by Globes [online], Israel Business News - www.globes-online.com - on March 8, 2017
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