The luxury housing market in Tel Aviv’s southern neighbor has been growing in leaps and bounds.

Sea Park, the new neighborhood currently under construction in Bat Yam, is just beginning, but there are already many people willing to pay millions of shekels for apartments there. The location is becoming the most expensive part of the city.

In contrast to other cities, luxury housing did not exist in Bat Yam until recent years. Up until 2012, a mere handful of housing deals there were priced at NIS 3 million or more. Since then, however, the luxury housing market in the city has been growing by leaps and bounds, reaching a peak of 61 deals in 2017 and falling to 52 deals in 2018.

Despite the drop in the number of deals, Bat Yam saw its first deal for over NIS 10 million last year. Two deals were signed in a project of Property and Building group subsidiary Nave in the northern part of Sea Park: one for NIS 15 million and the other for NIS 10.25 million.

The more expensive penthouse has 300 square meters and the less expensive one 180 square meters. Nave CEO Avi Rosen says that marketing of the third penthouse in the company’s building has not yet begun, although the building has already been¬† ccupied for two years.