The ultra-luxury real estate market is booming: There were 94 transactions for apartments worth more than NIS 15 million in 2021 -- according to an analysis by the tax authority. The figure is up 50% in comparison to 2020 when 62 such transactions were made.
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However, if we look at the average price of transactions in the category in 2020, we see that the average price stood at NIS 31 million compared to just NIS 22.8 million in 2021.
Unsurprisingly, Tel Aviv leads the market with 61 transactions worth over NIS 15 million in 2021, accounting for 65% of all such transactions. Jerusalem comes in second with 15 transactions, Herzliya follows with eight transactions of over NIS 15 million, ahead of Savyon with four, and Ramat Hasharon with two.
Most of the transactions in the luxury market were in luxury towers (77 deals) and the rest were for private homes.
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The most expensive transaction in 2021 was for an apartment on Hayarkon Street 55 in Tel Aviv in the David Promenade Residences. The 68 square meter seafront apartment was sold for NIS 108 million.
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