Over the past 10 days Tel Aviv and other cities throughout Israel have been hosts to protesters numbering in the 10’s of thousands, rallying against the state of the Israeli housing market. Students, families, and politicians alike are calling upon the government and municipalities to create solve what many consider to be a lack of affordable housing for the middle class throughout the country. The Prime Minister has responded to their calls, offering incentives, though his response has as of late, fallen on deaf ears.
To be sure, living in Tel Aviv is not cheap. Like any international city, Tel Aviv is the central hub of the country, host to international corporations, Israel’s elite, expatriates, and the most expensive real estate in the country. Yet, it is also home to thousands of students, middle class families, foreign workers, and tourists, all of whom are finding it increasingly difficult to purchase or rent an apartment in the city. Prices in the city have risen over 50% over the past 3 years, mainly due to foreign investment, making it a challenge for the average Tel Avivian to find adequate and affordable housing solutions.
While prices are at a high at the moment, talk of an imminent “bubble burst” in the Israeli real estate market has brought a numerous new listings to the apartment market, creating more options for buyers from all spectrums. Home owners’ feelings that the roller coaster may be coming to an end are rushing to sell off their assets, creating opportunity for everyone. This being said, there are still GREAT deals to be found on apartments for sale in Tel Aviv. Where the average price per square meter has been floating around the 30,000 NIS mark for about a year now, numerous deals exist with prices way below, some as low as 22,000 NIS per square meter, a price mark that hasn’t been seen in over 3 years.
For one looking for a great deal, don’t buy all the hype. With the proper research and property savviness, attractive deals for personal living and investment can still be had here in Tel Aviv.