"If before the coronavirus people would buy a two-bedroom apartment in Israel for an investment or as a second home, today we see people looking for homes that they actually would like to live in," he said.
Today, however, Bar Shai explained, real estate prices in prime locations in Israel, such as Tel Aviv, are constantly increasing and finding a spacious apartment at affordable prices has become a major challenge for home buyers.
“If we are talking about the coronavirus, people need to understand that this is a temporary problem, and once it is over the prices will only increase,” he said. “We've seen this with the intifada, with war, with [real estate] tax legislation, we've been in this business for many years and we’ve seen that after every crisis the prices shoot up.”
Bar Shai’s latest project, the twin Highline towers in Ramat Gan, are being developed by The Red Sea Group, a real estate development group founded by Eli Papouchado. The group has 50 years of experience initiating and managing real estate holdings around the globe, including some 40 hotels across Europe and countless residential projects worldwide and leading developments in Israel including the prestigious Neve Tzedek Tower in Tel Aviv.
As such, Highline features two sleek and ultra-modern 29-story apartment buildings with striking views of Tel Aviv, the Mediterranean Sea and the Jerusalem hills.
The buildings feature three to four-bedroom luxury apartments on the first through 25th floors, all with balconies, as well as coveted four-bedroom midi and maxi penthouses on the upper floors. The 29th floors feature a some 200 m² spectacular five bedroom penthouse with a 160 m² balcony including a private pool and breath-taking views of the Tel Aviv skyline and the Mediterranean Sea, and a second penthouse facing the North East with views to the Sea and towards the Jerusalem hills.
"People have always wanted spacious homes, but now we are seeing an ever-growing demand for these larger and more spacious apartments," he said.
(photo credit: HIGHLINE PAPUSHADO GROUP)As such, the midi and maxi penthouses were designed with this concept in mind, offering 150m² apartments – a rare find in the city center - that were tailor made to try and suit the needs of the residents, and include extra spacious living quarters, grandiose balconies, and even a separate suite for guests.
All the apartments benefit from open interiors, high ceilings and spacious floor plans. Additionally, from the grand lobby to the private fitness room and a lavish residents' club and even down to the hotel-style apartment numbers, the project provides an atmosphere of a vacation-style living.
“Additionally, we have brought our expertise in the hospitality industry to this residential project, and you’ll find it in the finer details,” he added.
With regards to the location, the project is nestled on a small side street in Ramat Gan right on the border with Tel Aviv, situated to provide the best of both worlds – a quaint neighborhood feel, with restaurants, cafes, parks, schools, and synagogues as well as one of Israel’s main railway stations all within walking distance and the bustling metropolis of Tel Aviv easily accessible just a few minutes away.
“I don’t believe that the pricing gap between Tel Aviv and Ramat Gan will last indefinitely, especially with the new light rail under construction that will connect the two cities at unprecedented speed.”
As such, perhaps the most attractive point of the Highline project is its pricing – a three bedroom apartment stands at NIS 3.9 million, while the four bedroom 195 m² mini penthouse with a 50m² balcony on the 28th floor stands at NIS 7.9 million – a price point that is near impossible to find in neighboring Tel Aviv.
"Papouchado has the ability to recognize the most attractive up and coming areas - we've done this around the world, and throughout our various projects in Israel," Bar Shai said. Indeed, the development group was one of the first to develop the Westminster neighborhood in London - opening the Park Plaza Hotel and other real estate projects there - an area which has since blossomed as well as to initiate the Neve Tzedek Towers in the Neve Tzedek neighborhood in Tel Aviv, today one of the city’s most sought after locations.
“This is the next big thing in terms of value - the incredible location combined with the attractive prices that you can't find in Tel Aviv," he said. "There is an opportunity here that will not return."For more information about this project, click here: