Gindi Project Sales Surge 37% Above Initial Price
Translated & summarized from Ice by baba
Gindi Holdings' VOGUE project in Shev Dolev saw apartment prices increase by nearly 37% from the initial advertised 49,000 shekels per square meter, reaching an average of over 60,000 shekels per square meter. Out of 708 units, 680 have been sold, with current prices ranging from 67,000 to 80,000 shekels per square meter. Excavation and construction are slated to begin within two months, with Gindi Holdings emphasizing the project's prime location and investment potential.
The story in 5 lines · by baba
- Gindi's Shev Dolev project saw prices rise 37% from 49,000 to over 60,000 shekels per square meter.
- 680 of 708 apartments in the VOGUE project have been sold.
- Remaining units are priced between 67,000 and 80,000 shekels per square meter.
- Excavation and construction are expected to start within two months.
- Gindi Holdings highlighted the project's prime location and future value.
Gindi Holdings announced a significant real estate promotion in June 2025 for its VOGUE flagship project in the Shev Dolev area, initially advertising apartments at 49,000 shekels per square meter. This price point was considerably lower than the 90,000 shekels per square meter quoted by other developers at the time. While the low price generated buzz, many speculated it would lead to a prolonged freeze in the housing market. However, the promotion proved highly successful for Gindi, driving rapid sales.
In reality, Gindi sold apartments at an average price exceeding 60,000 shekels per square meter, with other developers selling at 70,000-73,000 shekels per square meter. Some competitors argued Gindi's price was still high given its location, which is not beachfront. Gindi also reportedly allowed some buyers to resell their apartments shortly after purchase, with some listing them for significant profit before full payment.
Out of 708 apartments in the project, 680 have binding sales contracts, with 28 remaining. Some of these are under unexpired purchase options, and 12 are premium units like mini-penthouses and duplexes. The current price range for remaining units is 67,000 to 80,000 shekels per square meter, representing a nearly 37% increase from the initial 49,000 shekels per square meter advertised price. Even smaller units, which typically command higher per-square-meter prices, were sold at a lower average than the premium units.
In the past two months, an additional 8 units were sold. The average price achieved in the initial sales phase, excluding the single low-floor unit advertised at 49,000 shekels per square meter, is approximately 25% higher than the presale prices. Assaf Adler, Chief Business Officer of Gindi Holdings, stated that excavation and construction are expected to begin within the next two months. He expressed confidence that buyers made an exceptional deal due to the location and future appreciation potential, calling Shev Dolev the most sought-after residential area in Israel.