In what is seen as an additional sign of recovery in the real estate market, Africa-Israel Residences and its partner Sheinfeld sold six apartments at its prestigious project on HaRav Kook Street in Jerusalem, in the course of the last six weeks.
News1 reported that the sales are currently defined as purchase requests, subject to the signing of detailed contracts. The buyers will pay $5,100 per square meter.
The luxury apartment building at HaRav Kook Street is located in the heart of the capital, near HaNevi’im Street. It will include 120 apartments when construction, which is currently at initial stages, is complete.
Africa-Israel Residences and Sheinfeld began selling the apartments two years ago, and sold 17 apartments by late 2008, when the severe financial crunch hit. In early 2009, Sheinfeld decreased its share in the project from 50 percent to 22.5 percent and Africa-Israel increased its share to 77.5 percent. No apartments were sold in the first six months of 2009 but the past month and a half have indicated a recovery.
Most of the buyers are from Britain and France, but there is interest from the U.S. as well, according to News1.
Other signs of a recovery in the real estate market include increased demand by groups of overseas investors for low-end and mid-range apartments. Jewish buyers from France are said to be “flooding” the offices of a firm called Top Investments, which organizes such groups and helps them purchase apartments in Tel Aviv and Netanya.