Diaspora Buyers Pour Millions Into Tel Aviv Apartments With Safe Rooms

Despite a market slowdown and falling sales nationwide, money is still showing up, but it is chasing a very specific product: the Tel Aviv market.

By Shula Rosen

Israeli real estate is not moving in one direction right now. It is splitting. The broad market is still weighed down by cautious local buyers, expensive financing, and a record stock of unsold new apartments.

But in prime Tel Aviv, a narrower pool of overseas and high-end buyers is still closing deals at levels that would have seemed aggressive even before the war.

Not a broad recovery, but a selective one, concentrated in the safest, best-located, most liquid parts of the market.

Credible sources report that a French lawyer bought two adjacent apartments in a Tama 38/1 project on Michal Street in central Tel Aviv for about NIS 13 million, with plans to merge them into one future home ahead of aliyah.

The combined area is about 167 square meters, with two balconies and two safe rooms, and the deal reflects roughly NIS 77,000 per square meter.

Another Paris couple bought a four-room apartment in the Noga 1 project in north Jaffa for about NIS 8 million, or roughly NIS 69,600 per square meter, as a holiday apartment for now and a possible future move later.

Media also cite fresh deals at Allenby 100, Ben Yehuda 105 and Herzl 91 at roughly NIS 94,000, NIS 81,700 and NIS 69,800 per square meter, respectively, plus a NIS 5 million garden apartment purchase in Yad Eliyahu by an Israeli investor.

In other words, money is still showing up, but it is chasing very specific product – Tel Aviv, urban renewal with proximity to the sea or transit, and newer units with protected spaces.