Foreign residents continue to buy Israeli apartments in group purchases. Rotem Shani Development and Investment Company (TASE: RTSN) said yesterday that it has begun marketing its latest project in Beit Shemesh and has begun a pre-sale campaign by selling 64 apartments to a group of contemporary Haredi Jewish buyers based in New York and New Jersey.
The “Savion” project in Beit Shemesh is an urban renewal project in the so-called “Aden area” covering an area of 22 dunams (5.5 acres) on which 542 apartments will be built, 469 of which will be marketed, and the rest will be allocated to homeowners whose apartments have been built. Demolished to make way for the new project. The project consists of three buildings with a height of 26 floors and two buildings with a height of nine floors, in addition to commercial spaces and public buildings. The project obtained demolition and excavation permits, and the company is in the process of obtaining construction permits.
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According to Rotem Shani’s report, the company has signed binding sales contracts with 49 buyers while an additional 15 apartments are being registered for sale. The average price per square meter for apartments is NIS 23,200 (including VAT), and four-room apartments are sold at NIS 24,500 per square meter (including VAT).
This is a large number of apartments that will be sold at once to a group of foreign Jewish buyers residing in the United States. According to Rotem Shani’s reports for the second quarter of 2024, the company sold a total of 60 residential units during the first half and after the budget date, including 27 residential units in the first quarter of the year and 15 residential units in the second quarter. After the budget date, 15 apartments were sold and three are being registered. Apartments in the project are sold.
High rates of apartment purchases by foreign residents
The Globes recently reported on the rise in mass home purchases in Israel by diaspora Jewish communities. For example, a group of Iranian Jewish buyers purchased 42 apartments in Kiryat Ono for NIS 190 million.
The Savion project in Beit Shemesh is being jointly developed by Rotem Shani and MYDR Psagot – Hasavion.
Published by Globes, Israel Business News – en.globes.co.il – on September 30, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.