Tel Aviv is world famous for it’s vast collection of Bauhaus buildings, concentrated in the UNESCO designated White City section of the city. Over the past 15 years Tel Aviv real estate developers have fought tooth and nail to buy up these properties and restore them to their original form, commanding top-end prices for them throughout the city. Bauhaus properties are gems in Tel Aviv’s cityscape and are in high demand by buyers for domestic and foreign. Prized for their high ceilings, minimalist interiors, and long balconies, Bauhaus properties are, and will continue to be, some of Tel Aviv’s most sought after residences.
The Bauhaus isn’t Tel Aviv’s only treasure, however. Pre-dating the Bauhaus era in Tel Aviv (beginning in 1933), the Eclectic style of architecture was Tel Aviv’s first obsession. Beginning with the city’s establishment is 1909, the Eclectic school combined European architecture with Oriental inspired elements such as domes, arches, ornamentation, and vivid colors. Primarily located in the city’s Lev Hair neighborhood, the center of Old Tel Aviv, the vast majority of these buildings have been forgotten by time, neglected or demolished to make room for more modern buildings.
Real estate developers have begun to take notice of these beautiful buildings and the city has sprung into action to restore them to their original grandeur. One of Tel Aviv’s most famous Eclectic buildings, the Hotel Montefiore on Montefiore Street, is a world renown boutique hotel and restaurant, and a favorite of both locals and tourists. Following suit, the Alma Hotel opened up last autumn, offering Tel Avivians a chic hotel and fine dining restaurant by Chef Jonathan Roshfeld, of the Yavneh-Montefiore and Herbert Samuel restaurants.
Property buyers are also flocking to Tel Aviv’s Eclectic style buildings, with restorations underway at Nahalat Binyamin 10, Yavneh 7, and Balfour 6. Congruent with the city’s demand for top-end property, each of these residences will be outfitted to the highest of standards, catering to a cosmopolitan clientele who appreciate the historic nature of the buildings. Prices are set along these lines, with prices averaging to 52,000 NIS per square meter (1,500 USD per square foot). If the current trend continues, Tel Aviv will continue to see an increase in demand for these historic properties. As their number is quite limited, the supply will continue to dwindle, making an Eclectic property a solid long-term investment.