- Sharp uptick in American relocation applications during COVID
- Tel Aviv is Israel’s most expensive residential market
Americans Flocking to Tel Aviv
According to Nefesh B’Nefest, an organization that helps relocation efforts for people from North America and the UK, relocation applications from US citizens increased +126% in 2020. As of October last year, this organization saw an uptick of 16,000 immigrants from 85 countries.
According to Matthew Bortnick, director with Tel Aviv’s local Beauchamp Estates, said, “The market used to be dominated by buyers from the UK and France, but Americans now equal them. The largest deals and the top end of the luxury market are also dominated by Americans.”
Why Tel Aviv?
Tel Aviv’s happening tech scene has become a pulsating business hub for young people from all over the world. The city’s energy has earned it nicknames such as Silicon Wadi and Startup City. Its year-round good weather and location on the beach also attracts families and retirees.
Large Share of International Ownership in Tel Aviv Makes It Unique
Beauchamps Estates’ Bortnick says that Tel Aviv has more international ownership than any other city in Israel. Such international ownership has been spurred by the forging of diplomatic relations between Israel and the United Arab Emirates with increased interest from Middle Eastern investors.
Tel Aviv is Country’s Most Expensive Residential Marke
Property prices are much like those in London and Manhattan with prime properties coming in at $1,700 – $$2,000/ square foot.
As Israel’s most expensive residential market, according to the Israeli Center Bureau of Statistics, Deloitte’s 2020 Property Index ranked Tel Aviv just behind Paris in terms of average transaction costs, more than twice the cost of average costs in 67 European cities.
Despite High Prices, Demand is Steady
Inna Fleshler, marketing director for Israel Sotheby’s International Realty, said Tel Aviv’s hottest locations include Rothschild Boulevard, the Neve Tzedek area and Israel’s most expensive location, the waterfront of Galey Tchelet Street where prices come in at $1,765/square foot. Fleshler also included a seafront neighborhood just north of Tel Aviv called Herzliya Pituach for buyers wanting large, ultra-prime properties called
Fleshler pointed out that low supplies due to lack of buildable space and steady demand dictate high prices. “Tel Aviv,” she said, “is a hot market.”
Thanks to MansionGlobal.
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