Tel Aviv is a rapidly growing city and there are new real estate projects being developed all the time. These range from massive skyscrapers with luxury accommodation, to the redevelopment and refurbishment of some of the city’s historic buildings.
You can find a large variety of real estate styles in Tel Aviv, in the older neighbourhoods, such as Neve Tzedek, there are beautiful houses and a huge number of Bauhaus buildings. In the more modern areas, there are large blocks of flats, with great views out to the sea, and some truly luxurious apartments.
Tel Aviv is in many ways the heart of Israel’s hi-tech industry, and it is a secular and modern city. As a result, there is massive demand for real estate in Tel Aviv. This, of course, has led to a huge rise in costs in recent years, and whereas once it was possible for most people to find places in the city centre, these days it is rapidly becoming an area exclusively for the upper-middleclass.
As a result, many people are instead choosing to live in the surrounding neighbourhoods. These include places such as Ramat Gan, Givatayim and Petach Tikva. The entire area is known as the Gush Dan and it is so packed together that it is very hard to tell where one area ends and the next begins. In recognition of this, there is a major project underway to bring a light rail service to the area, which will make it far easier to commute between the areas.
Thanks to this, those looking for real estate in Tel Aviv can branch out into other neighbourhoods and avoid the extremely high cost areas. While it will be a few years before the light rail project is complete, it means that there are some excellent long-term investment opportunities.