Three Urban Renewal Projects Launch in Eilat to Build 1,800 New Apartments

Raik Real Estate Group is advancing three urban renewal projects in Eilat that will replace approximately 350 existing apartments with around 1,800 new units. These projects also include commercial spaces, public buildings, and infrastructure development, and are at various stages of progress.

A key project is the Ailot complex in the Arava neighborhood, where 108 old apartments will be demolished to make way for six new buildings ranging from 10 to 25 stories, totaling 648 new apartments. The plan also features underground parking and commercial areas. Dozens of apartment owners have already signed evacuation and demolition agreements.

Yossi Raik, CEO of Raik Real Estate Group, stated that Eilat is undergoing significant urban renewal and represents a major focus for the company in the coming years. Eliran Harel, the group's business development VP, added that the Ailot complex is designed as a mixed-use center combining residential and public spaces, with planning conducted in cooperation with apartment owners and local authorities.