Dozens Of Deals: Half Of Ken Hator’s Luxury Apartments in Netanya Sold To Foreign Residents

Exclusive: Despite the slowdown in overseas apartment purchases in Israel since the start of the war, The Blue Cliff project of luxury apartments in Netanya has sold 43 of its 90 seaside apartments in just a few months—nearly all to foreign buyers, mainly from the U.S., at prices reaching up to NIS 55,000 per square meter.

By Nimrod Buso, Nadlan Center

Since the outbreak of the Iron Swords war nearly two years ago, many in Israel’s real estate sector anticipated an increase in apartment purchases by foreign residents—driven both by solidarity and by the rise in antisemitism across Europe and North America. This anticipated trend, however, has largely failed to materialize. Now, the Nadlan Center reports that dozens of luxury apartments in Netanya’s seafront tower have been sold in just a few months to foreign residents, primarily from the United States.

Called The Blue Cliff, the project is being developed by the Ken Hator real estate company. It is located on Nitza Boulevard at the site of the former Galil Hotel, which closed in the 1990s and has stood abandoned ever since. The plan calls for a 32-story luxury tower combining 90 residential apartments, 204 hotel units, and commercial space.

Discover The Blue Cliff, Netanya

Nadlan Center has learned that nearly half of the luxury apartments in Netanya—43 out of 90—have been sold so far, and other than a few exceptions, all were purchased by foreign residents, most of them American Jews. Sale prices range from NIS 50,000 to NIS 55,000 per square meter, significantly higher than typical prices in the surrounding area.

According to Guy Yosha, VP of Marketing and Sales at Ken Hator, “We initially marketed the project to the general public, rather than targeting foreign residents. When the war began, we, like many others, anticipated increased interest from foreign residents in purchasing real estate in Israel. At the same time, we realized this project was especially well-suited to that audience. Its beachfront location, spacious apartments, and access to the amenities of the adjoining hotel are all features that strongly appeal to affluent overseas buyers.”

To support this effort, Ken Hator partnered with Green Home Real Estate, a marketing firm owned by Shai Rubin and managed by Galit Daniel, which specializes in the Netanya market. In a move that was unexpected—and contrary to the city’s usual image—the focus shifted toward the American market rather than the French. “We toured the U.S., met with leaders of Orthodox and traditional communities in New York and Miami, and hosted parlor meetings,” Yosha said. “We are still working closely with several key figures in those communities, and we are also attracting buyers from Canada and the UK.”

Among the standout transactions so far, two apartments on the 24th floor, each measuring 159 square meters plus a 26 square meter balcony, a 5 square meter storage room, and two parking spaces, were sold for about NIS 9 million each. The total volume of sales so far is around NIS 310 million. According to Rubin, “The current market is particularly challenging, which makes creative, out-of-the-box thinking essential. We identified a strong audience of Jews ready to invest significant sums in the right product, and with this project, we’ve succeeded in overcoming those challenges and reaching our target market with precision.”

Massive Excavation In A Dense Urban Area

Construction work on the luxury apartments in Netanya is set to begin in the coming days, including a massive excavation of approximately 60,000 cubic meters in the heart of an active and densely built urban environment, using exceptionally tall cranes and operating under tight traffic, space, and scheduling constraints. The site will employ an advanced engineering system with full BIM coordination, allowing precise integration of the planning, execution, and supervision stages.

The total residential area is expected to be about 25,100 square meters, with hotel space totaling about 19,346 square meters. In addition, there will be four levels of underground parking. Each of the components—residential, hotel, and commercial—will be planned with entirely separate infrastructure and systems, ensuring complete operational and engineering separation between uses.

As reported last week, Bank Leumi and alternative finance company AMPA Capital have signed a joint financing agreement for the project. The total financing package is valued at NIS 670 million, including NIS 250 million in cash loans to be provided equally by Bank Leumi and AMPA Capital. The balance will be covered through sale law guarantees issued by Bank Leumi.

According to CEO Yoav Ken-Tor, “The project we are developing in Netanya reflects the city’s new vision—high-quality mixed-use development combining residential, hotel, and commercial space in the heart of a renewing, fast-developing area. This is a complex engineering endeavor that will bring real change to the urban environment, and we are proud to lead it together with a top-tier professional team.”