How hot is the real estate market in Tel Aviv?
March 02, 2018 - Tel Aviv
Tel Aviv is a city of sun, sea, sand and a seriously strong property market. Its seafront is a tangle of cranes as developers race to build super-luxury homes with views of the glistening sea.
This surge was driven by a strong domestic economy, led by its booming tech sector, coupled with low levels of new construction, according to Yolande Barnes, Savills’ head of world research.
The property firm has ranked Tel Aviv 15th in the world as a tech centre, based on factors such as the talent pool, business environment, and “buzz and wellness” [...]
Daniel Knobil, a search agent in Tel Aviv, agrees that the city’s status as tech centre is helping to fuel its booming property market. “There is now a growing class in Israel of very wealthy young people fuelled by the tech boom. You’re getting a lot of people in their 20s and 30s who are selling their companies to the likes of Google and Facebook [...]
Demand for homes is also high in the city because of its creaking transport system that makes commuting from the outskirts impossible, adds Knobil.
And it’s not just Israelis – overseas buyers are also coming to the city to snap up apartments, often off-plan. Gil Sabo of Sotheby’s International Realty says that 80 per cent of its clients are from abroad, composed of Britons, Americans, French, Australians and Russians. Part of the appeal to foreigners is finding a safe haven from a perceived rising anti-Semitism in their home countries.
Read the rest of the story @ telegraph.co.uk
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