Living the high life— Residential towers in Israel
Historically, apartments in Israel were small, damp and crowded. “Luxury” was a light fixture instead of a bare light bulb. Today, Israelis are working harder than ever throughout the day and into the night. They want their homes to be comfortable spaces to live and work, to reflect their success. Owners can customize apartments to their specifications. The days of balatot, the ugly standard spotted floor tiles, are over. In their place are a choice of floors including those which look like parquet but are actually tiles.
Since land space is at a premium, towers are being built-in Jerusalem and throughout central Israel where people need homes near the hi-tech centers. These towers have spacious lobbies and communal rooms, and in some cases swimming pools, gymnasiums and concierge services. Who’s buying? Israelis who are leaders in the start-up and high-tech industries want a luxurious home close to where they work. Olim from France and other European countries are coming as waves of anti-Semitism wash over Europe again. And Americans who are retiring in their sixties want to make aliya and live in a place which they don’t need to maintain.
What towers in Israel are on the market?
Two towers at the edge of the Arnona neighborhood in Jerusalem are currently being built. Apartments are a minimum of three rooms and start at 2 million shekels. There are Shabbat elevators and underground parking. This is a great location close to Talpiot and the Hadar mall. On a warm summer night stroll over to a cafe in Baka or the First Station complex. With the Begin Highway being extended to Gilo soon you’ll be able to drive to the highway in 5 minutes and easily commute to Tel Aviv or Modi’in. The 2 towers have 24 floors with 100 apartments in each building. A 3-bedroom apartment is 2 million shekels; 5 rooms is 2.7 million.
In Ir Yamin, Netanya two 18-floor towers with 65 apartments in each building are under construction next to the sea. Take your morning stroll every morning on the beach. This project is being marketed to families with an emphasis on the schools, shopping center and country club near the development. The project is being built according to green energy standards. Strong insulation prevents leaks and consumers save on energy bills. Each apartment has 5 rooms. These apartments range in price from 2,580,000-2,950,000 shekels. Each building contains a gym, lounge, lobby and an indoor play area. There is a large open area surrounding these towers so you won’t feel hemmed in by other buildings.
The Tikvah neighborhood in South Tel Aviv which was one of the poorest, grimiest ares in the country is being revitalized with new projects. In one project, towers with 17 floors and 66 apartments per building will border the largest park in Israel, Park HaSharon, which will have special playground equipment. One Shabbat elevator will be in each building. Three towers will be ready this December. Prices range from 1,750,000 for a three-room apartment to the penthouse which is 3.9 million shekels.
The contents of this article are designed to provide the reader with general information and not to serve as advice for a particular transaction. Readers are advised to obtain advice from qualified professionals prior to entering into any transaction.
© Copyright 2016
There are hundreds of luxurious and state-of-the-art new towers currently being developed and marketed across Israel. For more information, or for assistance in finding a project that is suitable for you, please contact Buy-It In Israel using the form below: