Luxury Real Estate In Israel - What is the Current state of the Luxury Real Estate Market in Savyon
The luxury apartment's market in Israel, which constitutes about 0.5% of the total housing market, has become increasingly sought after in recent years.
The majority of luxury real estate in Israel is concentrated on the coastal plain area, which stands out for its advantages. The properties in Savyon are built on large plots of land, with large interior and exterior spaces and a careful architectual design.
With the onset of Covid 19 there has been a global shift in real estate prices in the direction of a sustained rise. The situation is also true for Israel, hence even the prices of luxury real estate rose considerably.
Savyon has always been a sought-after destination due to its nature and large plots.
It has always been characterized by low real estate prices compared to other luxury areas in Israel. Currently Savyon has also changed it's trend towards a raise in prices.
Today, following a huge leverage of the high-tech industry, paradoxically considering the distress of the economy / small business, a lot of capital has entered the market, raising the demand for luxury properties.
At present, due to rising sales and declining propertie's availability, the market has become categorically a sellers market.
Properties which have been on the market for years sold in recent months at their asking prices.
Will there be a change?
On the face of it, it does not seem so. The Corona has recalculated the property owner's value assessment. If there was a desire to move to luxury towers, the tendency today is to prefer private homes over meeting neighbors in elevators and in general associating with crowds.