What is the luxury properties market in Israel
The luxury market in Israel is made of luxury apartments in luxury buildings, that made it into the luxurious category following their natural, basic details:
- Technical specification of the property: Luxury asset is normally built from high quality materials, improved with accessories and other expensive systems, and other additions.
- Cost of the property: being made out of expensive systems and materials, luxury assets in Israel typically range in price anywhere between 10M and up to 400M NIS.
- Location: Property’s location greatly affects the property’s tag as a luxury asset. A branded “luxurious” city or a neighborhood will set the property as luxury or a standard property. i.e.: in Israel there are several cities classified as highly-luxurious: some cities over Carmel beach, Caesarea, Herzliya Pituach, Kfar Shmaryahu, Arsuf, Rishpon, Ben-Zion, Savion etc., and also several neighborhood in the highly demanded city of Tel-Aviv – such as Tzahala, the coast line, Ramat-Aviv, Hof Hatzuk, some qualitative neighborhoods in the Israeli capital Jerusalem, and more…
You could also find luxury properties in the cities Tel Mond, Even Yehuda, Raanana, Ramat Hasharon, Netanya, Haifa etc.
- Property’s size: The property’s size is a crucial factor on the property’s price, and as the size goes up and the asset is larger – the price gets more expensive. Recently into the luxury market came as a new category the Mega Luxury properties, which are at least 4305 sqft, located mainly in luxury buildings.
- City’s / neighborhood population: The population residing in the city or the property’s neighborhood – greatly affects the locations’ branding as ‘luxurious’.
- The cost of land in Israel: Every luxury branded city, or square, such as in: Caesarea (squares 2,4,5,6,9), Savion, Kfar Shmaryahu, Tel-Aviv, Herzliya Pituach, Jerusalem (Talbiyeh sq., Rehavia sq.), Rishpon, Netanya, Beit Yanai, Bnei Zion, Zichron Yaacov (West), Danya neighborhood in Haifa, Shavei Zion, etc.; have their own luxury price-map for every square-feet.
- Also a part of the Israeli market of luxury properties – there are more in demand types of assets than others of a less trendy, less demanded categories, such as: Triplex, Penthouse, buildings and villas, farms, private houses, luxury apartments, etc. Each has a different demand levels.
Given the complexed nature of the Israeli market of luxury properties, this narrow market compatibility requires lots of knowledge and extensive skills.
It is important that we know how to differentiate management and marketing of luxury properties from standard market assets.
What is the role of the luxury properties’ marketing company and / or what good is a qualitative properties’ marketing and management company for properties owners in Israel?
Keeping the asset’s value:
A qualitative management company should keep and preserve the property’s surroundings. As opposed to a standard asset, luxury apartments in luxury buildings contain smart systems, technologies, expensive appliances, imported raw material of high quality… and on all of this luxury – somebody has to keep an eye.
In a survey we performed, we checked and found that where the management company cared – there was significantly amortization, less damages, and thus – less expanses.
Regular and frequent maintenance of the property helps preventing small issues from developing into serious issues, and as the property is more luxurious – the regular care for it requires more frequent actions.
Peace of mind to work and initiate:
In a luxury property which is managed by a professional property management company – the property’s owner can have a true sense of peace of mind, which allows him to leverage his businesses, rather than bothering on property’s maintenance.
Current treatment in every request of the property’s owner:
There are many types of services which a luxury apartments and housebuilding properties’ management and marketing company can offer, all depends on the property’s owner requests, for example:
There are Oligarchs who reside outside of Israel and own luxury properties in Israel, which they come to occupy for a single moth in a year; yet, the asset and its’ systems must be maintained through the entire year.
The property should be made ready to be occupied by its’ owner.
The owners’ car should be ready to pick up from the airport.
The owner should be picked up upon request from the airport to the property.
Tickets should be purchased for shows / events according the owners’ requests, or register the kids into a suitable camp.
The house should be ready to accommodate guests; food should be supplied according the owners’ demands and specifications.
The children / owner should be kept busy and having fun.
Bills should be paid and / or property maintenance issues must be addressed.
In any case needed – the luxury property’s management and marketing company deploys a marketing plan for the asset whether it’s for sell or rent.
Luxury apartments’ house buildings properties’ marketing
There are those who prefer to rent or sell their properties to a third party, and this is why the management company should expertise in the marketing aspect of the property, since this aspect holds clear instructions and rules.
Taking care of the tenants means the management company should be fluent in all the contracts and maintain connections with a lawyer to deal with any legal matters between the owner and the tenants.
Management company should have maintenance personnel ready to take care of the house’s systems, gardening, pools, and technical issues the property might experience.
The management company must register the property on the tenants’ name on municipal records for property tax purposes, and on electric, water and gas companies for billing purposes.
A qualitative luxury properties management company should select suitable tenant; should inspect the tenant beforehand and take care of tenants’ needs during the contract period; for example: furniture, equipment, electrical appliances – all according the tenants’ requests.
When the owner is busy doing his businesses – all these – and more – can be a huge hassle, since to fulfill all these tasks – and on a regular basis – takes an extensive knowledge, a system of professional services providers, computerized systems and a lot of effort, time and resources.
We, at Elita Home, came up with a smart plan for maintenance, management and marketing of luxury properties, where every customer is set on a specific plan for matching needs with desires, while the guiding line is “The difference is in the management”.
Elita Home manages and markets thousands of square ft. in luxury assets in Israel and the world.
Our first most priority – is our customers’ needs.
Here is A link to a very interesting article about luxury areas in Israel:
Do you still ask “Why ‘Elita Home’ ? “ – check this link than.
We are thrilled towards our next challenge. Do you?
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Our story begins at the end of 2005, when we ordered an extensive market research, comparing property management services in Israel with their global, international counterparts.
This research was and still is – a confidential document! Our goal was set to lead the property management and marketing culture in Israel, while creating solutions and bringing into service our new aspects, in the spirit of Total Management.
