Tel Aviv is divided into many different neighborhoods with a large variety of different characteristics beyond difference in price averages. This post shares some data from three popular Tel Aviv neighborhoods located on the edges of the city.
North Tel Aviv (north of the Yarkon River) apartments have an average price of around 3,700,000 NIS. Because it’s a growing newer neighborhood the age of the buildings are very similar; interestingly, the second-hand apartments are slightly more expensive than the newer apartments: This can be explained easily - new apartments are purchased on paper a year before (or more) they will be ready to be occupied; second-hand apartments are available for immediate move-in – this factor affects the price. North Tel Aviv attracts many families.
On the other side of the Yarkon lies the "old north" neighborhood, where the average price of a newer apartments (constructed after the nineties) is approximately 3.5 million NIS, and around 2.9 million NIS for an older apartment. Also very family friendly, the old north is also very popular amongst younger singles and couples looking to stay close to central Tel Aviv but escape just a bit of the hustle and bustle of central Tel Aviv. The old north one of the classic areas of the city, and is among the most popular for residential buyers and investors alike.
In the hip and young Florentine neighborhood in south Tel Aviv, the average property price is 1,650,000 NIS (varies depending on the age of the apartment). South Tel Aviv is the least expensive section of Tel Aviv, which many believe makes it the most attractive for potential price increases in the future.