The French are back: 50% of the buyers in Avrahami Group's Noga 1 project in Jaffa are foreign residents, mostly from France.
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Twenty, 2-room, 3-room, and 4-room apartments are still up for sale, at prices beginning at $3.29 million. Naturally, the past year has seen a sharp decline in the number of foreign residents buying apartments in Israel. In the last two months, however, the market has been showing signs of recovery.
The Noga 1 project, situated in Jaffa's Noga complex, will include 64 housing units with commercial space on the ground floor, in a luxurious 10-floor building. The building is being constructed on the site of the first branch of the Anglo-Palestine Bank, built in 1903 and demolished about three years ago. The handover is expected in about two-and-a-half years.
According to Reuven Eliav, the project's marketing manager, "Foreign residents usually buy a property that they intend to use as a resort apartment when vacationing in Israel, often renting it out the rest of the year. With the gradual recovery from the pandemic and Passover and the summer vacation just around the corner, many French Jews have been quick to buy apartments through real estate agents, relatives who live in Israel, and video and Zoom calls."
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According to Yaffa Sadan, VP of Marketing and Sales at the Yossi Avrahami Group, "Noga 1 is a luxury project. One of its main advantages is its attractive location. The buyers who are not foreign residents are mostly owners of spacious villas looking for more modest accommodation after their children have left home. They're looking for luxury apartments in a prime location near the beach in Tel Aviv-Jaffa. Other buyers are investors looking for 2- or 3-room apartments."
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