US, French Jews' interest in local property awakens

There has been an increase of diaspora Jews inquiring about Tel Aviv's Neveh Zedek-by-the-Sea luxury high-rise project following Operation Cast Lead.

January 27, 2009 09:53
1 minute read.
US, French Jews' interest in local property awakens

Neveh Zedek high-rise 88 248. (photo credit: Courtesy)

A wave of inquiries from US and French Jews has been flooding the sales offices of the Neveh Zedek-by-the-Sea luxury high-rise project in Tel Aviv, according to the companies marketing the project. They attributed the high interest to growing tensions of anti-Semitism following Operation Cast Lead. "From telephone conversations with the potential buyers, it seems that the military success of the war, and the identification and solidarity of Diaspora Jews with developments in Israel, has set in motion a drive to act among Jews," said Ran Ben-Avraham, vice president of development and marketing at ZMH Hammerman Ltd., one of the companies involved with Neveh Zedek-by-the-Sea. "At the same time, they are faced with anti-Israel demonstrations and negative public opinion in European and other countries, which has increased their desire to buy an alternative home in Israel." The 40-storey, 160-unit building is situated at the corner of Rehov Yitzhak Elhanan and Rehov Hatavor in the historic neighborhood of Neveh Zedek. In cooperation with designer Giorgio Armani, all apartments in the project are sold fully furnished by Armani Casa. Apartments cost $9,000-$10,000 per square meter, depending on which floor they are situated. Over the past two weeks, the sales offices of ZMH Hammerman Ltd. and Eurocom Real Estate Ltd. have received 165 requests from foreign residents interested in purchasing an apartment in the project. During Operation Cast Lead, 77 requests were received from Jews in France and 88 from US Jews, in addition to requests by Jews from Belgium, Switzerland and Canada, as Diaspora Jews encounter a growing wave of anti-Semitism and are less afraid of rockets hitting Israel, Ben-Avraham told The Jerusalem Post. "In the wake of the global economic crisis, the real-estate market for luxury housing cooled down over recent months," he said. "In light of recent anti-Semitic tensions abroad, we have noticed a flood of requests from Jews who are asking for information to arrange meetings in order to buy apartments in the project. The project... has attracted much interest, in particular by foreign residents, since it resembles living in a luxury hotel in the middle of an historic place like, for example, Rome."

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