Israeli real estate development company Israel Canada (TASE: ISCN) controlled by Barak Rosen and Assaf Tuchmeir, sold 20 apartments in the Rainbow project in Sde Dov in North Tel Aviv for NIS 200 million in the first half of 2025. Deducting the sale of the 10 apartments that the company sold in Sde Dov in the first quarter at an average price of NIS 9 million shekels each, then in the second quarter the company sold 10 apartments at an average price of NIS 11 million – an increase of about 23% compared with the first quarter in terms of apartment prices.
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To date, Israel Canada has sold 265 apartments in its project in Sde Dov for NIS 2.3 billion. So, on average, the value of each apartment sold so far has been NIS 8.7 shekels, and those who have been waiting to purchase apartments have seen prices continue to climb.
For comparison, to the rising prices in Sde Dov, in another Israel Canada project, “Midtown” in Jerusalem, Israel Canada has sold 246 apartments for NIS 1 billion at an average price of NIS 4 million per apartment. Since the start of 2025, the company, which builds luxury apartments – mostly in the Tel Aviv metropolitan region – has sold 218 apartments for NIS 1.33 billion, at an average price of NIS 6.1 million per apartment.
Israel Canada ended the second quarter with NIS 236 million, up 40% from the corresponding quarter of 2024,, but with a net loss of NIS 7 million. In the first half, revenue rose 16% to NIS 400 million while net loss was NIS 31 million. The loss was due to the impact of the operation against Iran, which damaged the company’s hotel operations, along with the departure of some evacuees from the north and south from their hotels. The company’s share price has risen 8% over the past year, to give a market cap of NIS 5.1 billion.
Published by Globes, Israel business news – en.globes.co.il – on August 27, 2025.
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