Africa Israel Residences, part of Lapidoth Capital, revealed its sales figures in the third quarter of 2021, showing an impressive rise in all parameters.
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In the third quarter, the company sold 193 housing units (a rise of over 70% year-over-year), totaling NIS 686 million (including VAT) – a rise of about 190% for the quarter year-over-year.
The company also reported an impressive rise in the average price of a housing unit: in the third quarter of 2021, the average price of a unit was about NIS 3.6 million (including VAT), compared to NIS 2.1 million (including VAT) in the same period last year – a jump of about 70%. The rise derives mostly from the company's impressive sales in DUO, its luxury residential project in Tel Aviv.
In the first three quarters of 2021, the company sold 585 housing units for a total of about NIS 2 billion.
Micha Klein, CEO of Africa Israel Residences: "The first three quarters of 2021 show the continued growth of Africa Israel Residences, both in the number of housing units sold and in their financial scope. Last year, the report showed sales data for two important segments – the DUO project in central Tel Aviv, which includes 668 housing units and commercial space. In the future, another luxury tower with about 250 housing units will be built in the same complex."
"Another segment is urban renewal in Kiryat Yovel in Jerusalem, the first project being Savyoney New Katamon. The company has about 1,400 units in the area in different stages of construction, which constitute part of the thousands of housing units in the urban renewal field spread out throughout the country."
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According to Klein, the price increases of the past year can be seen in part in the results of the first three quarters, while another part will only be apparent in the future, with additional projects to soon begin marketing.
"We're acting to increase our future holdings in significant deals, to create immediate value for our investors, while maintaining high financial stability and an improvement in profitability," said Klein.
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