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Tel Aviv luxury apartments set new price records

A new price record for a Tel Aviv luxury apartment was set this year at David Promenade Residences, when two units sold for $26 million each.

According to Holland Real Estate and Neot Shiron, the two families who bought them paid NIS 88 million each for a terrace that fits 438 square meters (4,715 square feet) of living space and a swimming pool measuring 145 square meters (1,561 square feet). , Tel Aviv, agencies that closed the sale.

The two-story villas are located on the 24th and 25th floors and feature six-meter- (20-foot) high living room ceilings and panoramic sea and city views. They are bought in shell condition and families finish them to their own original specifications, the firm said.

The total cost of both units is NIS 176,000,000 ($51,187,000).

The price represents a cost per built square meter of NIS 200,000, excluding completion and purchase costs, easily topping this year’s previous “normal luxury price” of NIS 130,000 to NIS 140,000, The Residences at Mandarin Oriental Tel Aviv, next door. It used to be a dolphinarium.

The 28-story David Promenade Residences on Tel Aviv’s coast is adjacent to the five-star David Kempinski Hotel, which opened earlier this year, and stands directly across from the waterfront. Residents can tap into perks offered by the adjacent hotel, including restaurants, a spa and room service to their apartments.

David Promenade Residences on Tel Aviv Beach (Courtesy Holland Real Estate)

Backed by Nahal Group, David Promenade Residences was designed by Feigin Architects, an Israeli firm that has been in business since 1963 and has a long list of landmark projects. These include David Intercontinental Hotel in Tel Aviv, Waldorf Astoria in Jerusalem, King David Tower in Tel Aviv, David Dead Sea Resort and Spa Hotel, Grand Court Hotel in Jerusalem, Royal Beach Hotel in Eilat and Ice. Park and Mall in Eilat.

The two units are not the only apartments in the building that have recently sold.

Holland Real Estate and Neot Shiron, who brokered the sale of the tower, said four residences in the tower have sold for a total of $72,700,000 in the past few months.

For those looking for more modest prices, as of June, a 208-square-meter finished apartment with a 70-square-meter balcony (2,239 square feet and 753 square feet) is NIS 30 million ($8,725,000) and another 158-square-meter apartment (1,701 square feet) in shell condition is almost NIS 22 million ( sold for $6,400,000).

Penthouse Terrace at David Promenade Residences (Courtesy Holland Israel)

In 2021, 680 square meters of living space (7,319 sq ft) and substantial terraces on the 20th and 21st floors of the David Promenade Residence were sold in shell condition for NIS 108,000,000 ($301,410). This represents “only” NIS 158,824 ($46,191) per square meter of living space. And yet on the block is a three-bedroom apartment of 180 square meters (1,938 square feet) and a 62 square meter (667 square foot) balcony on the 13th floor, priced at NIS 33,000,000 ($10 million).

13th floor apartment for sale at David Promenade Residences by Holland Real Estate and Neot Shiran (Courtesy Holland Real Estate).

A potential luxury apartment in Tel Aviv is rapidly rising in favor with owners, with Port Tel Aviv in Old North offering starting prices for a one-bedroom apartment from NIS 8,275,000 ($2,406,671) to 76 square meters (818 square feet) with 13 square meters. Balcony (140 sq ft) designed by star architect Ilan Pivko.

On Rothschild Boulevard, new apartments are being completed in the Kempinski-linked Villa Rothschild project, which combines traditional low-rise design with a luxury villa. And the property being developed at Sde Dov Airport promises to deliver a range of luxury accommodation for years to come.

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