Tel Aviv is finding new fuel for its burgeoning trophy-home market in the newly normalized diplomatic relations with several oil-rich Arab states, according to luxury brokerage Beauchamp Estates.
Late last year, Israel and a handful of Arab countries, including the United Arab Emirates, Bahrain, Sudan and Morocco, agreed to open diplomatic and economic relations—a reversal from generations of hostility over the treatment of Palestinians. Since then, buyers from Gulf countries, especially those looking for diplomatic residences, have driven interest in villas, mansions and penthouses north of £10 million (US$13.7 million) in Tel Aviv, according to Beauchamp, which is now actively courting such buyers.
Take a £22 million duplex penthouse, which Beauchamp agents hope to make Israel’s first super-prime sale to a buyer from the Gulf. The home overlooks the Mediterranean Sea from the city’s coastal HaYarkon Street.
“Historically the links between Tel Aviv and the super-rich Gulf states of Dubai, Abu Dhabi and Bahrain just didn’t exist,” said Jeremy Gee, director of Beauchamp Estates, which is headquartered in London and opened a Tel Aviv branch last year. “Now the political landscape has been transformed, so this penthouse can be marketed to the rich sheikhs and princes of the Gulf region.”
The penthouse in question is a five-bedroom, mansion-sized unit spanning the 16th and 17h floors of HaYarkon 29. The contemporary building by Israeli firm Bar Orion, with its cantilevered facade, would certainly be familiar to anyone coming from Dubai’s glittering, space-age-y skyline.
Inside, the apartment spans 5,700 square feet and opens from the foyer into a cavernous great room and kitchen with soaring double-height ceilings and near-wall-to-wall glass windows.
There’s also a separate media room and office. Upstairs, the private rooftop terrace includes a pool, hot tub and panoramic sea views, according to images of the home.
From its business in London and Europe, Beauchamp certainly has the metaphorical rolodex needed to bring Arab buyers into the Israeli market. The agency is credited with a number of major sales involving Middle Eastern clients, including a London megamansion the Saudi Royal family sold to Hong Kong billionaire Cheung Chung-kiu for a record £210 million in January.
“To date, we have seen the greatest level of interest from the U.A.E. and diplomatic quarters of other Middle Eastern nations,” Matthew Bortnick, director at Beauchamp Estates Tel Aviv, said in a statement. “In regard to the diplomatic corps, we have been asked about property for possible embassy use and ambassadorial residences, and have been able suggest a range of on- and off-market options.”
Article Source: Mansion Global