For young, campy Israelis who want to live where the action is, nothing beats Tel Aviv, often billed as the ‘Non-Stop City’, or ‘The City That Never Sleeps”. As both sale and rental properties continue to surge, however, many Tel Aviv wannabes are finding it harder and harder to find a place to call home; especially in highly desirable North Tel Aviv.
People who are considering purchasing a property, even in buildings more than fifty years old, and without a parking place or elevator, the prices can run in the neighborhood of $3,500 to $4,000 per square meter. For this price, you may wind up with an old, crumbling 3 room flat in a fourth floor walkup with a possible renovation project of at least $25-30,000 to make the place livable, according to today’s standards. If the building is located in what is known as “Little Old Tel Aviv, near Streets like Nordau or Sokolov, these “minor inconveniences” may be well worth it as this area is “hot” as far as desirable properties go.
For renters, finding an available apartment in just about any part of Tel Aviv is a challenge, and in the above area, or near historic Shenkein or Dizengoff streets a virtual impossibility. Any real estate broker who specializes in rentals in these areas can tell you that there is a yard long waiting list for rentals; and for the property owners, it’s definitely an “owner’s market”. T.V. shows such as A Star is Born (Israel’s equivalent to American Idol) is causing thousands of young people from all over Israel to flock to Tel Aviv to live for a period of time. For these kids, The City has everything they can ask for: great night life, restaurants, beach fronts, shopping, and a vibrant pulse that seems to never cease.
Though not having the same atmosphere as Little Tel Aviv, Old Jaffa is also booming, both from a purchase and rental basis. Many old buildings have either been completely renovated, or torn down, and new, very expensive residential projects erected in their place. Projects such as Andromeda Place, just a stone’s throw from the historic Old City and Flea Market, is now one of the city’s most exclusive neighborhoods with even two room studio apartments going for more than $450,000 and renting for $1,200 per month or more.
Location is everything in every type of property market; and Tel Aviv is no exception. But if one can get a great sea view and be only a block or two away from that favorite pub or Sushi bar, then even a 5th floor “roof top” with an asbestos shingleie cover to keep the elements out may be well worth it.
Oh, to be young again!