Tel Aviv Developer Extends Lottery Giveaway as Sales Stall

A highly publicized housing promotion by Anei HaIr, a Tel Aviv developer, was supposed to end on June 15 but has now been pushed to July 24. The campaign, launched in mid-February, promised that among the first 50 buyers in one of the company’s many projects in central Tel Aviv, a two-room apartment would be raffled off near Kikar HaMedina.

The apartment, 37 square meters in a project at 154 Jabotinsky Street, is part of an urban renewal development with 31 units, 13 for existing residents and 18 for sale. CEO and founder Ron Chen had called it an “unprecedented” prize with odds of 1 in 50, valuing the unit at 2.5 million shekels. The company’s terms allowed it to extend the promotion, including in cases of emergency, military operation, or war.

The postponement reflects weak sales. According to Anei HaIr’s May 27 financial reports, it sold only four apartments across all its projects in the first quarter, for 15 million shekels, and one more apartment by the end of May for 4 million shekels. That turned the raffle from 1 in 50 to about 1 in 5, if it were held now. Chen said the market is especially frozen in Tel Aviv’s mid-range segment, around 7 million to 8 million shekels, while luxury penthouses are still moving.

Chen said the company will hold the raffle even if only 20 units are sold, and hopes a new marketing push will boost interest. Anei HaIr says it is involved in 52 projects in Tel Aviv, plus one in Givatayim and one in Bat Yam, totaling 5,288 homes. Still, the company lost 4.2 million shekels in the first quarter and 18.5 million shekels in 2025. The report also noted that Geffen Megurim recently offered to buy control of Anei HaIr from Rotstein Group at a valuation of 240 million shekels.