Tel Aviv Luxury Rentals Surge as Penthouse Hits Market for 85,000 Shekels
Tel Aviv rental prices are surging in the luxury sector, highlighted by an 85,000-shekel penthouse lease on the promenade. Meanwhile, prime sales transactions reached up to 55 million shekels.
While housing prices in Tel Aviv are experiencing a slowdown, rental prices continue to rise, particularly in the luxury segment. This trend is evident in the city's high-demand areas, where many luxury apartments are being listed for tens of thousands of shekels per month.
A luxury penthouse will soon hit the rental market with a monthly price tag of 85,000 shekels. Located in a new six-story boutique building along the promenade, the property features a private rooftop pool, four bedrooms, and an open view of the sea.
The apartment spans 205 square meters, complemented by a 100-square-meter terrace, excluding the rooftop pool area located on an additional level. The project was developed by the Zameret Netsah Group, and lease agreements for most of the building's units have already been signed ahead of occupancy.
Situated on the first line to the sea and adjacent to the USA embassy building, the project was originally conceived by the company exclusively for long-term rentals. To bring this vision to life, the developers assembled top-tier professionals in the country. The residence includes four large bedrooms, a fully equipped kitchen, and two massive front and rear balconies.
The upper level features a private rooftop complex reserved exclusively for the penthouse occupants, complete with a swimming pool and an open-air lounging and hosting area. The project is currently in its final completion stages ahead of delivery.
"When we initiate a building that remains under our ownership and is designated for rent, we think about long-term living standards right from the planning stage," said Yossef Cohen, CEO of Zameret Netsah Group, speaking to local media. He added that the prime seaside location and boutique character guided the project, noting that strong pre-occupancy leasing reflects high market trust.
Meanwhile, the high-end sales market has also seen significant transactions. Last month, a 243-square-meter penthouse in Tel Aviv was sold quietly by Phoenix Holdings and America Israel for 23 million shekels, prior to the presale phase, reflecting approximately 95,000 shekels per square meter.
Additionally, the Hagag Brothers sold a penthouse for 55 million shekels in the Infinity project located at the corner of Ibn Gabirol and Jabotinsky streets. Purchased by an American businessman, the 293-square-meter duplex spans the 51st and 52nd floors and includes an enormous terrace, valuing the transaction at roughly 150,000 shekels per square meter.
