A two-room house on the seventh ground of the Madarin Oriental venture at 2 Hayarkon Road in Tel Aviv (reverse the previous dolphinarium) was bought in April for NIS 9.79 million, in line with the Israel Tax Authority web site. The deal, for a 79 sq. meter house, works out at NIS 123,924 per sq. meter.
At 7 Hayarkon Road, in line with the Madlan web site, an house was bought in February for NIS 6.67 million. This deal, for a 53 sq. meter house, offers a worth per sq. meter of NIS 125,759. In October 2024, one other house within the Mandarin Oriental venture bought for NIS 13.38 million, or NIS 132,475 per sq. meter.
These are simply three examples. At a time when the true property business, definitely in Tel Aviv, is especially asking itself what costs residences within the new neighborhood by the ocean on the location of what was Sde Dov Airport in north Tel Aviv will fetch, there’s an space that can be on the primary line from the ocean the place the numbers would have appeared absurd within the not too distant previous.
“The typical for offers on Hayarkon Road prior to now yr has surpassed NIS 130,000,” says actual property appraiser and lawyer Ran Wiernik, a former chairperson of the Actual Property Appraisers Affiliation. “Should you attempt to examine this space with Sde Dov, you notice that it’s merely not the identical product. Hayarkon is far more central than Sde Dov, the ocean is inside strolling distance alongside all the road, the Carmel market is shut by, town middle is shut by. The availability there’s additionally totally different. At any given second there’s often only one venture promoting new residences, and it’s a vendor’s market. You could possibly say that it’s virtually a monopoly. Evaluating in the present day’s costs, Hayarkon is 60% dearer.”
“There are tasks at NIS 150,000”
“There are additionally tasks on this road for which common costs are over NIS 150,000 per sq. meter,” provides Oren Katz, a realtor who specializes within the luxurious finish of the market, with an emphasis on Tel Aviv. “The Mandarin Oriental venture, for instance, the place by the way all of the residences have been bought. The Herbert Samuel 6-8 luxurious towers fetch these costs, however smaller tasks may supply the extras that entice the luxurious patrons. Solely very high-end tasks can attain such costs – those who incorporate a resort, with a swimming pool, on the ocean entrance. Outdated, much less refined buildings on the road are priced within the vary of NIS 70,000 to NIS 80,000 per sq. meter.”
Yehuda Avron, a realtor who additionally works within the luxurious market, says that these costs are attribute of the entire coastal strip. “At Jaffa Port too, you may see costs of NIS 100,000 per sq. meter and extra, and in Herzliya Pituah as nicely in fact. It is dependent upon the venture, the property, the diploma of luxurious they provide. Costs can begin at NIS 15 million, and attain NIS 100 million or extra. Rents on Hayarkon Road, on the ocean entrance, attain as a lot as NIS 60,000 month-to-month. Hayarkon Road could be very a lot in demand nowadays, and costs are to swimsuit. There aren’t many bargains, and so the pricing reaches these ranges.”
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“Diplomats’ households and abroad residents”
“These costs replicate the market,” says Katz. “That is what occurs when there aren’t any reserves of land, when every little thing has been constructed, when there isn’t a lot provide. After I promote residences at costs like these, I too elevate an eyebrow, however that’s what the market decides. I don’t know if we’ll attain NIS 200,000 per sq. meter, however in my opinion it would at the least keep at present ranges, due to one issue: abroad residents. A lot of them have come to have a look at residences within the space just lately, primarily from Britain, by the way, partly due to antisemitism, but additionally due to heavier taxation there.
“British Jews who aren’t petrified of the state of affairs in Israel, who discover it arduous with the rising tide of antisemitism and excessive taxation within the UK, are deciding to return right here, and Hayarkon is one in all their most popular places. They’re in search of town of Tel Aviv. Abroad residents are altering the foundations of the sport, and that’s how costs have gotten to the place they’re.”
“Abroad residents and diplomats’ households are the primary elements producing the demand on Hayarkon Road,” provides Avron. “There was very intense exercise by overseas residents just lately. The state of affairs in Israel is probably not good, however when it isn’t good right here, for Jews abroad it’s even more durable. Antisemitism is on the rise, they usually’re in search of a refuge.”
Printed by Globes, Israel enterprise information – en.globes.co.il – on July 22, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
