Givatayim Luxury Tower Sells Apartments for $13,000 Per Square Meter

A new luxury residential tower, JASMIN, is under construction in Givatayim, a city bordering Tel Aviv. The project, developed by ICR (Israel Canada Ram Megurim), will feature 32 floors with 117 new apartments, replacing three older buildings that housed 42 residents. The company has announced that the price per square meter in the new tower is set at NIS 43,000 (approximately $11,700 USD).

While Israel Canada is known for premium pricing, its urban renewal arm operates separately, and this price is considered market rate for the area. Givatayim, though close to Tel Aviv, has a slightly older demographic but has been adapting to attract younger residents. Recent sales in the city have seen apartments without protected rooms sell for NIS 4.36 million (approximately $1.18 million USD), which was below market price.

Analysis of surrounding projects indicates that average four-room apartments in Givatayim typically sell for between NIS 4 million and NIS 4.9 million (approximately $1.08 million to $1.32 million USD), depending on the floor. Three-room apartments range from NIS 3.7 million to NIS 4 million (approximately $1 million to $1.08 million USD). These prices are considered reasonable for Givatayim but significantly higher than the national average, though comparable to some Tel Aviv neighborhoods.

Dalia Rabiv, CEO of ICR Israel Canada Ram Megurim, stated that early sales phases have shown market confidence in the project. The company plans to continue investing in prime demand areas in Israel, particularly Givatayim. According to the company, 17% of the apartments in the JASMIN tower have already been sold, with occupancy expected in about five years. Rabiv attended the event along with representatives from Ram Megurim and Electra Construction.