Tel Aviv is Israel's real estate capital; one only needs to glance at the Tel Aviv skyline to notice the abundant number of cranes constructing new projects in this beautiful city. Everyone who lives in Tel Aviv loves it for many different reasons, but it is very important for those who own property in Tel Aviv, and for those who intend to invest in Tel Aviv in the future, to know some factual data about this city that we all love.
In May 2016 the average property price in Tel Aviv was 2,481,000 NIS; the average price per square foot was 33,000 NIS. This was calculated according to the average of 3,199 properties sold during the period of six months. Of course, this average incorporates a wide price gap between the most and least expensive properties, depending largely on the specific neighborhood of each property.
So what will happen to Tel Aviv property prices in the future? It’s obviously impossible to be sure what the future holds in store for Tel Aviv real estate. However, examining recent trends indicate Tel Aviv real estate to be very promising.
As of March 2012, property in Tel Aviv stood at an average price of on 1,719,000 NIS, compared to the national average of 1,007,000 NIS. In other words, property in Tel Aviv was more expensive than the national average by 70.7%. Four years later, in April 2016, the average property price in Tel Aviv was 2,481,000 NIS- an increase of 44%. The national average price rose during the same period of time to 1,319,000 NIS- an increase of only 30.9%. Tel Aviv’s rise in property cost rate has no match, and thus the gap between the average price in Tel Aviv to the rest of the nation also increased to 88%.
This data indicates a very high level of demand in the city, which consistently extends over the span of many years, and helps make Tel Aviv real estate so attractive.