Businessman buys 5 Tel Aviv apartments in Dou project

An Israeli real estate businessman has bought five apartments in the Dou TLV project in Tel Aviv’s Summayl district on Ibn Gbriol Street. The businessperson is buying four, five-room apartments, each 160 square meters in size, and one 100 square, four room apartment meter apartment. Each apartment comes with a parking space.

Africa Israel Residence CEO Ronit Eshed Levy says, “This represents a new type of deal we’re seeing in the Dou. Buyers for personal use and more than one apartment. Everyone who bought in the last year bought for personal use. They’re all senior executives in the business market, from high-tech and real estate.

“In this case, he and his wife are buying two apartments, plus one for each of their three children. All the apartments are for personal use, all apartments looking west with a sea view. The contract was signed during the war, and I think that’s indicative of how we’re perceived globally. This is a player who can buy anywhere in the world and in Israel.”

Eshed-Levy says the apartments were purchased for an average price of more than NIS 82,000 per square meter, “despite the difficult period.”

The Dou TLV project is between Ibn Gvirol, Arlozorov and Ben Saruk streets. Dou will also include a three-floor commercial center, with a gross area of about 13,000 square meters, and basement parking with an area of about 47,000 square meters. Construction began in 2021, and the company estimates that Dou will be completed in 2027. The project will include a gym, a lounge for residents, a pool and a spa.

“Everything in front of it will remain low, and there will be an open view of the sea, and in terms of planning it has many sides facing the sea. This is attractive among buyers,” says Eshed-Levy.

“In addition, there is a high level of facilities and there is a direct connection to the Light Rail Green Line on the minus one floor of the project – this is unique. It is also close to the Purple Line.”

Residential: Tel Aviv’s huge apartment inventory

According to the Central Bureau of Statistics, Israel has an inventory of more than 86,000 unsold apartments, and 29% of them are in the Tel Aviv district. In the city of Tel Aviv alone, there are more than 9,000 apartments for sale and the monthly rate of apartment sales is just over 300.

However, the slowdown in apartment sales is also noticeable in Dou. According to the company’s reports, near the start of construction in 2021 and 2022, 329 apartments were sold, while in 2023 the company sold 10 apartments in the project, and in 2024 another 9. In all of 2025, only 13 apartments were sold in the project. According to Eshed Levy, the company still has 138 apartments left for sale.

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That’s a lot to sell when there is such a large supply in Tel Aviv.

“The towers are no competition for a 4-room apartment on the 7th floor in a TAMA (structural strengthening) project. It’s not the same product. Luxury sells slowly.

“It’s a tower built according to an old urban plan and all the apartments include parking. People keep wanting to buy more parking spaces, but we’re limiting the number of parking spaces we’re selling at this stage, and at the end of the marketing we’ll offer more parking spaces if they remain. Even in Tel Aviv, you need a car at least one day a week.”

In the 2025 report, the expected gross profit rate on the project dropped slightly from 36% to 34%, and the company still expects the average price to be NIS 76,000 per square meter.

According to Eshad-Levy, “In 2025 we sold at an average price of NIS 82,500 per square meter, but a lot depends on the apartments that will be sold. We have a diverse inventory – two-room apartments for NIS 4 million, and penthouses too.”

Architect Avner Yashar is responsible for design, and Danya Cebus and Electra Construction are responsible for construction. The supervising company is Margolin. “The project was supposed to open in 2029 and we brought the schedules much ahead. We see that it will realistically be possible to issue Form 4 in the second quarter of 2027. We managed to do this despite many difficulties – it is a large project in the center of Tel Aviv, alongside the work on the light rail that is very burdensome for us, and despite the war.”

<b.Commerce: “We want a unique flagship store”

At the same time, the company has begun marketing the commercial space in the project. Eshed Levy: “We are in advanced negotiations because it is a premium location for businesses – next to a Green Line station and on the street, and beneath a project of hundreds of apartments. The mantra is to provide a solution for the apartments. And of course, everyone who passes by on the street.

“For example, we want a unique flagship store for a brand in Israel, and a shopping experience.”

Published by Globes, Israel business news – en.globes.co.il – on April 19, 2026.

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