The Yad Eliyahu neighborhood in southern Tel Aviv continues to demonstrate high prices that are beginning to approach those of the city’s north. In the “Lohamei Gallipoli” urban renewal project in Yad Eliyahu, Tel Aviv, an apartment owner in the project, who has lived in Miami for the past twenty years, upgraded her apartment and purchased a penthouse from Rayk, part of the Aspen Group.
The penthouse is located on the seventh floor, with an area of 118 square meters and a 32-square-meter balcony. The deal amounts to approximately NIS 5.6 million, about NIS 48,000 per square meter. The buyer plans to return to Israel upon the project’s completion, expected at the end of 2028, and live in the penthouse.
At the same time, another deal was signed: an apartment on the sixth floor, with an area of 109 square meters and a 31-square-meter balcony, was sold for approximately NIS 4.85 million (about NIS 46,000 per square meter). These two recent transactions join seven apartments that were already sold during the project’s presale stage.
The “Lohamei Gallipoli” project includes the demolition and reconstruction of two existing buildings and 35 apartments, which will be replaced by four modern buildings of six to seven floors with about 94 new apartments.
The project offers a wide variety of apartments, ranging from two-room units to penthouses and garden apartments, some with private pools. The neighborhood has been undergoing an urban transformation in recent years, with an acceleration of renewal projects in an area known for its proximity to major transportation routes and a wide variety of parks and public gardens.
Rami Dvash, Vice President of Marketing and Sales at Rayk Group: “The fact that Israelis living abroad choose to invest and purchase apartments precisely during such a complex period, alongside the continued demand from local residents, illustrates the strong confidence in the Yad Eliyahu neighborhood and its renewal potential. The story of a buyer returning to Israel after more than two decades in the U.S. is a personal example of a broader trend, in which urban renewal projects are becoming an attraction for Israelis from the diaspora as well.”
The woman, in her fifties, married with one child, shared: “I believe that every Israeli living abroad should have a home in Israel that serves as an anchor and support,” she said. “As someone born in the neighborhood, I was excited to see the change and development, and that was one of the reasons for investing there, and specifically at this time.”