Tel Aviv is the capital and second largest city of Israel. With an estimated population of approximately 391,300, it is the most populated city in Gush Dan, a metropolitan area that accommodates over 3.15 million people. It is located on the Israeli Mediterranean coast and has a land area of 51.8 square kilometers. Tel Aviv is regulated by the Tel Aviv-Yafo municipality.
Founded in 1909 on the borders of the ancient port city of Jaffa, Tel Aviv witnessed rapid growth that soon outpaced the growth of Jaffa. In 1950, two years after the formation of the state of Israel, Jaffa and Tel Aviv were merged into a single municipality.
Tel Aviv contains more than 5,000 Bauhaus buildings. Due to this, it is popularly known as „the White City“. In July 2003, UNESCO’s World Heritage Committee declared „the White City“ as a unique and historical architectural site.
Additionally, Tel Aviv is Israel’s commercial and economic capital. Due to this factor, real estate prices of Neve Tzedek properties are generally higher in comparison to the real estate prices of other cities in Israel. Real estate properties in Northern Tel Aviv are relatively expensive.
Factors that Affect the Prices of Tel Aviv Properties:
Just as any other commodity, real estate prices are affected by supply and demand. In Tel Aviv, the supply of new housing is quite low, as the city is already built up. Thus, the real estate prices are bound to increase.
The three major sources of new home supply in Tel Aviv are:
- Replacing older low-style buildings with high residential towers
- Constructing new buildings in open spaces
- Relocation of the military installation (that is currently present in the heart of Tel Aviv) outside Tel Aviv, thereby leaving an adequate amount of area for the purpose of civil construction
Tel Aviv, classified as a beta+ world city, is the most expensive city in Israel and the 17th-most expensive city worldwide. Its urban area is considered to be the second-largest city economy in the Middle East. Also, it ranks 42nd on the list of global cities by Foreign Policy’s 2008 Global Cities Index.
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Source by Marcia Henin