The Azorim building company is opening a new breed of luxury apartments in
Israel, building a complex that is to include full hotel services.
who snatch up any of the 87-apartment in Jerusalem’s Hanevi’im Boutique will
have access to hotel like services including a spa, business lounge, housekeeping
and room service, “providing them with the elegance of a five star hotel with
the convenience and comfort of home,” according to the company.
concept is to combine the relaxing feeling of vacation with the convenience of
being at home,” said Hershy Friedman, owner of Azorim. “The results speak for
We have already sold half the project.”
luxury-apartment market in Israel already has a unique variety of options, many
of which cater to foreign owners. For example, one common model sells apartments
in hotel buildings with a time-share element; owners who plan on visiting only
for one season in the year let the hotel rent out their apartment for the
remaining months, saving on costs.
In extending that model to include
full-on, year-round hotel services, Azorim continues its sometimes experimental
forays in the real-estate market. Earlier this year, The Jerusalem Post first
revealed the company’s plans to import an entire, existing community from abroad
to reside in a newly built apartment complex.
“We are always looking for
unique projects in prime locations that bring the quality and luxury that Azorim
is known for, while providing a considerable investment advantage over our
competitors for our clientele,” said Aya Roesh, Marketing manager for
The boom in the housing market, however, caused both by a
shortage of supply and strong demand from investors, has led the Bank of Israel
to set out more stringent terms for investors buying real estate.
2008 and 2012, the average home price skyrocketed 54 percent, while average
household income in the country rose by only 20%.