Africa Housing Increases Apartment Sales Despite Market Slowdown
Africa Housing reported an increase in apartment sales in the second quarter of 2026 compared to the same period last year, selling 71 units versus 63. The total sales value rose to 248 million shekels from 192 million shekels. However, sales slightly declined from the previous quarter, which saw 73 units sold. A significant portion of the revenue increase, 37 million shekels out of 56 million, came from selling three luxury units in the DOU TLV project near Kikar Hamedina in Tel Aviv. This project, expected to complete next year, includes 510 units for sale, with 372 sold by the end of June 2026. In the first half of 2026, 12 units were sold, compared to 13 units throughout 2025.
The average price of apartments sold in DOU TLV has risen sharply, from 8.1 million shekels in 2025 to 10.5 million shekels in Q1 2026 and 12.3 million shekels in Q2 2026, averaging 11 million shekels for the first half of the year. Outside Tel Aviv, Africa Housing's notable sales included 14 units in Netanya during Q2, following 42 units in Q1, and 28 units in projects in Nesher and Haifa, up from 13 units in the previous quarter. Prices in these other projects, spread across Haifa, Jerusalem, Netanya, Petah Tikva, and Givat Shmuel, averaged 2.6 million shekels per unit.
Since March 2025, the company has been led by CEO Ronit Ashed Levi. Africa Housing recognizes revenue based on construction progress rather than sale date, causing differences between sales and revenue figures. The company recorded revenues of 199 million shekels in Q2 2026, an 8% increase year-over-year, and net profit attributable to shareholders rose 14% to 24 million shekels. Controlled by Lapidot Capital Group (50.8%) led by Yaakov Luxenburg, Africa Housing is valued at 2.6 billion shekels. Its stock has fallen 26% since the start of 2026 amid the residential real estate market slowdown, compared to a 17% decline in the Tel Aviv Construction Index, which also includes infrastructure companies that have seen growth.
