Hi-Tech Zone Expands to Overseas Real Estate With Cyprus Apartments
Translated & summarized from Calcalist by baba
The consumer club Hi-Tech Zone is now marketing investment apartments in Cyprus to its members, following its recent acquisition of an investment house. Co-CEO Ronen Dagan announced the Cyprus project, stating prices are 35% below market value with April delivery. The club is also offering financing options through Bank Hapoalim. This marks an expansion into overseas real estate, a venture that carries significant financial risks.
The story in 6 lines · by baba
- Hi-Tech Zone is marketing investment apartments in Cyprus to its members.
- Co-CEO Ronen Dagan stated prices are 35% below market value with April delivery.
- The club is offering financing options through Bank Hapoalim for the Cyprus project.
- This move follows Hi-Tech Zone's recent acquisition of an investment house.
- The organization previously marketed Cypriot properties and sold vacation apartments.
- Marketing overseas real estate is noted as a financially complex decision with risks.
Following its recent acquisition of an investment house, the consumer club Hi-Tech Zone is now venturing into marketing overseas real estate to its members, specifically offering investment apartments in Cyprus. Co-CEO Ronen Dagan informed club members of the opportunity to purchase apartments in a project on the island, noting that both he and his partner, Noam Busidan, have personally bought units there. Dagan stated that Hi-Tech Zone has received numerous proposals for overseas real estate investments in recent years but has largely declined them, presenting this current offering as a selective opportunity.
The chosen project in Cyprus was selected after a review of its plan, construction quality, permits, and delivery schedule. According to Dagan, the price offered through Hi-Tech Zone is 35% below the market rate for the area. The project is in its final stages, with delivery expected in April. This is not Hi-Tech Zone's first foray into selling Cypriot properties; in March 2025, they announced a partnership to market "the first hi-tech zone complex in Cyprus." Last August, the organization reportedly sold 20 vacation apartments for a total of 5 million euros from a 128-unit complex.
This latest marketing effort appears more aggressive, including offering financial leverage through a partnership with Bank Hapoalim, which allows entry into the investment with very low equity. Hi-Tech Zone, which began as a consumer club offering discounts, has expanded its services to include vehicles, finance, e-commerce, and education. Its expansion into real estate, primarily in Israel, culminated in the purchase of the investment house Kivan in late June. Marketing overseas real estate is a complex financial decision with significant risks, and while due diligence can mitigate some risks, it does not guarantee returns, refinancing, future demand, or sale price.