Apartments on a glitzy stretch of Tel Aviv beach are going for up to nearly $50 million — and, at least until recently, they were being snatched up.
According to a story this week in The New York Times, the “Golden Kilometer” has attracted international billionaires who are looking for a refuge from the non-Jewish world.
“Anti-Semitism is on the rise, and people are scared, so they’re buying,” Shoshi Kahtan Gentely, the director of Israel Property Network, said in the story. “More and more Jews are buying properties in Israel. And the properties along the beach are the crème de la crème of Tel Aviv living, so while the pool of buyers for those is tiny, they do sell.”
Multiple high-end apartments are available now, and developers are cooking up other luxury projects for the area, according to the story.
But it’s possible that the coronavirus pandemic-induced financial crisis will inhibit sales, as it is expected to in real estate markets around the world.