The real estate market in Israel is boiling hot. Prices continue to rise against a background of increasing demand for residential apartments and apartments for investment. In the field of luxury properties, demand also exceeds supply, and the gap is even bigger. “The supply of luxury apartments today is small relative to the past, and significantly so in Tel Aviv and other popular areas in general and in Neve Tzedek in particular. If a few years ago a customer who sought a luxury apartment in the Neve Tzedek area had many options, today the options have become greatly reduced,” says Yoni Zemour, who has specialized for many years in luxury apartments in Tel Aviv.
From Neve Tzedek to Florentine and Herzl
Zemour and his firm’s team, who know Neve Tzedek well and in depth, says that in recent years the neighborhood has developed noticeably. “Luxury tower blocks that have been built in the neighborhood have attracted a discerning population who enjoy a unique living experience, which includes venues for entertainment and leisure such as cafes, restaurants and galleries, alongside playgrounds and public parks,” he says, and adds that the rapid development in Neve Tzedek has also affected the entire area surrounding the neighborhood.
In answer to the question of whether a potential investor has anything to look for in Neve Tzedek, Zemour replies that planned future projects are expected to strengthen its status even more. According to him, luxury projects are planned to be built around the neighborhood, including the Carlton Ritz on the corner of Rothschild Boulevard and Herzl Street, and the Four Seasons and Mandarin hotels. All of these are international brands, which will turn Neve Tzedek into one of the more prestigious neighborhoods in Tel Aviv. “I predict that prices will continue to climb, particularly in view of the planned projects,” he explains on the basis of his professional experience. “Today the area surrounding Neve Tzedek is more accessible pricewise compared to the heart of the neighborhood, and there are more opportunities in terms of the properties on offer. The entire area is developing, whether Florentine or Herzl, and already today apartments are being sold there at more accessible prices. What is more, in a few years' time luxury tower blocks will be built in the area and it will continue to develop, so prices will continue to rise. Therefore, in my opinion this is a very attractive area both for residential purposes or for investment.”
15 years of activity
Zemour Real Estate boutique agency, located in Neve Tzedek, markets a variety of properties and projects at a wide range of prices and specializes in luxury apartments in Tel Aviv – but also in other cities including Herzliya, Raanana and Netanya. During its 15 years of activity, the firm has become one of the most outstanding in the field of luxury homes in Israel. The firm maintains its unique, personal and professional approach and family vibe. The firm is currently marketing the Gefen Tower project in Ramat Gan, which consists of 150 apartments, and a number of boutique buildings in Tel Aviv, as well as villas and apartments for private customers. Yoni Zemour, who heads the firm and already displayed interest in the field of real estate at an early age, began working in Tel Aviv and later marketed the Lieber Tower luxury project in the heart of Neve Tzedek, which consists of 104 recently-occupied apartments. “While working on the project I fell in love with the neighborhood and the area and decided to open an office here,” Zemour says and notes that “interaction with people is our beating heart, it's a real passion.”
The key to success: The connection with customers
Most of the firm’s customers come to it through recommendations. Its location, in the heart of Neve Tzedek, is very significant. “We always know about every property that comes up for sale or rental in the area. Of course, we are also present in the digital world. But from our point of view, building strong long-term relationships with our customers is the key to success,” Zemour says. This connection with customers is evident in the fact that they phone to consult the firm’s team on various matters, and customers who live abroad inform Zemour when they visit Israel. These relationships, Zemour says, enable the firm to create business connections between their customers.
In a market where demand exceeds supply and the competition between the firms that market the properties is increasing, how can you create a competitive advantage?
“Today the firms that succeed are those that give their customers added value – a high level of service, personal attention and locating special properties that are not advertised on the market. For example, an apartment in Herbert Samuel Tower on the Tel Aviv waterfront, which we recently sold for 24 million shekels.” Experience and reputation, extensive professional knowledge of the area and the special connection with customers are what make people who want to sell, buy or rent luxury apartments turn to Zemour and his agency.