430 units, is also selling at a
rapid pace.
According to Gazit, Hedera is
expected to turn into one of the
country's major holiday resorts
in the coming years. The com-
pany claims the municipality
has plans to develop a prome-
nade, marina and housing and
vacation developments in the
area.
Ziv Salmon, marketing di-
rector of the Carmel Beach Pro-
ject in Haifa, says there is also
high demand from foreign in-
vestors from France, Mexico,
Italy and the United States. The
company sold 18 apartments iri
October, 16 in November and
eight in the first two weeks of
December. Most of the apart-
ments were sold to foreign in-
vestors.
"We don't know how to ex-
plain the high demand. We did
not launch an advertising cam-
paign or do anything else to
boost sales," Mr. Salmon said.
"It seems that when the situa-
tion is bad overseas, people turn
to Israel for investment pur-
poses."
So far, the developers have
sold more than 330 apartments
in the project, which covers a
large portion of seashore at the
southern entrance to Haifa.
Among the buyers, a Mexican
family bought two apartments
in the building for residential
purposes, one three-room apart-
ment with balcony, and one two-
room apartment for their
parents, for a total of $560,000.
The high demand for sea-
front apartments is not really
surprising considering the su-
per-attractive location, usually
several meters from the sea. In
addition, the developments of-
fer residents high- quality facil-
ities like a swimming pool,
health club, tennis courts and
an attractive lobby.
And the demand has natu-
rally encouraged contractors to
continue to build seaside devel-
opments. Several weeks ago, a
group of investors signed an
agreement to build 750 apart-
ments in the marina in Herzliya
Pituah. The project developers
include Ted Arison, Shikun
Ovdim, Yuli Ofer and the Red
Sea Group, owned by the Pa-
pouchado family.
The development is designed
to include an "island area," a
dried-up sea area west of the
marina on which 400 apart-
ments will be constructed. The
island will be surrounded by
palm trees and yachts. The de-
velopers plan to construct sev-
eral types of apartments, in an
attempt to meet Israeli and for-
eign buyers' demands.
The development will also in-
clude two tower buildings, with
a total of 350 apartments. The
buildings will be situated in the
marina on top of a large shop-
ping mall. [i]
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