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Real Estate in Tel Aviv – continued
By: Amir Yarkoni
Tel Aviv is a unique city, offering a lot of character to those who live in it. While Jerusalem is the spiritual heart of Israel, Tel Aviv is the true nerve center of the country.
Tel Aviv is a young city, lives by the sea, with sophisticated nightlife and restaurant culture, and can be a very enjoyable place to live for people of all ages.
Real Estate Trends
Sea Front Hotel Units
In the past decade, massive construction took place along the coast line of Tel Aviv, in the other side of the sea road (Herbert Samuel road and promenade). The most prominent is the "opera house", a huge partly-pink building.
Some luxury hotel/residential units were built, offering fancy residential beach-front units, just 5 minutes from the heart of Tel Aviv.
This are mostly glass towers, with swimming pool and gym facilities for the tenants.
Most occupants are wealthy people that do not live regularly in Israel, but come quite often and choose to buy a unit for the time spent here. Thus, many apartment units are empty most of the year.
Others offer short-term rental option for summer visitors and other short-medium term stays.
Neve Tzedek
Neve Tzedek is located in the south of Tel Aviv, bordering Eilat. St. in the south, Hertzel st. in the north, and the beach road in the west. The location is 5 minutes walk from beach and 5 minutes from "shuk hakarmel" the largest market of Tel Aviv. It is low-built with 1-2 story homes.
Neve Tzedek is a historical neighborhood, dating back to the 19th century. Now it's rejuvenated, Its beautiful, old buildings mostly reconstructed and the neighborhood has turned into a "hip" place, with many artists' galleries, small bars and restaurants.
The neighborhood attracts many young people who flock to the neighborhood usually renting. The neighborhood also attracts middle-upper class families and individuals who mostly buy/reconstruct a house.
In the heart of the quarter, "Suzan Delal" center for dance and the arts is built on impressive, reconstructed premise, surrounded by green vegetation.
Neve Tzedek was almost totally reconstructed with great success, and turned into one the most desired quarters of Tel Aviv. Naturally, this has affected real estate prices which have risen dramatically. A new residential skyscraper is now underway in the outskirts of the neighborhood, in the border of Eilat st. in the south
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Commercial Real Estate in Tel Aviv
Azrieli Center
Azrieli towers have set a new standard for skyscrapers in Tel Aviv, Israel and the entire Middle East. Azrieli center is the largest commercial center in Tel Aviv and Israel and has a shopping center, cinemas, and many firms such as hi-tech companies, financial institutions, law firms and more. |
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| Azrieli towers have set a new standard for skyscrapers in Tel Aviv, Israel and the entire Middle East. |
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The center consists of 3 towers: the circle, triangular and square. Of those, the circle and triangular were finished and active and the square is still under construction. The towers are the highest in the Middle East, 49-stories each.
The whole towers are made of glass, allowing excellent views to residents. The circle tower offers panoramic 360 degrees view. Full Facilities are in existence including restaurants, shopping malls, gym clubs and so forth. The last floor is a restaurant. Real estate and rental prices are high and the center is intended for high-end commercial residents.
Rothschild Area
Azrieli towers have set a new standard for skyscrapers in Tel Aviv, Israel and the entire Middle East. Azrieli center is the largest commercial center in Tel Aviv and Israel and has a shopping center, cinemas, and many firms such as hi-tech companies, financial institutions, law firms and more. |
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| Azrieli towers have set a new standard for skyscrapers in Tel Aviv, Israel and the entire Middle East. |
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Rothschild Boulevard, in the veteran financial center of Tel Aviv that spans around itself, Eh'ad ha'am (hosting the Tel Aviv stock exchange) Lilinblum, and Alenbi, is a place with style.
The area had undergone an impressive and successful preservation effort and its Bauhaus structures were gracefully reconstructed. The boulevard is packed with good restaurants and bars and is very lively both in the day and nighttime.
As a result of the central location in the economic center of Tel Aviv, and beautiful architecture, prices of real estate are quite high in the heart of the quarter. Many financial institutions and investment banks are located in this quarter.
Tel Aviv Old Port
When referring to the old port, one refers to a quite large and spread out area that starts from the mythological Metzizim beach and circulating all the way to the Reading chimney, by the estuary of the Yarkon River to the sea. Parts of the port were reconstructed and very lively but large quarters of the port are still deserted hangers, rundown shops and parking lots. There are some development plans for the area both for residential and commercial purposes.
The old port might introduce some real estate initiatives and opportunities if development will be allowed in the rundown parts.
Real Estate Agents
If you are living abroad and would like to buy/rent a property in Tel Aviv for living purposes or as an investment, some real estate agencies will serve you.
For a set commission, normally around 1% - 2%, of the deal value, they will usually find what you are looking for. This may be your best option if you are away, and can save you the hassle and flights in and out of Israel.
Part II
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