The New York Times




The apartment, a renovated duplex on the fourth and fifth floors of a 1930s Bauhaus building, has 260 square meters (2,799 square feet) of living space and an 80-square-meter (861-square-foot) terrace with views of the city.

The main floor has an open living and dining area, a modern kitchen, the master bedroom (with en-suite bath), and a second bedroom and bath. There is a small balcony off the living room. Tile floors run throughout; the windows have wood frames.

Upstairs, an additional room could function as a bedroom or study; there is also a half bath and the terrace. The selling price includes two parking spaces at the rear of the building.

The property is in the center of Tel Aviv, just off Rothschild Boulevard, one of the city’s main shopping thoroughfares. Shenkin Street, which has an array of shops, cafes and restaurants, is also nearby. Ben Gurion International Airport is 30 minutes away.


In recent years Tel Aviv’s real estate values have risen slowly and steadily. In 2003, the average price of an apartment was 896,100 shekels ($226,374); in 2008, it was 1,205,400 shekels ($304,509), according to the Central Bureau of Statistics, a government agency.

The economic downturn has slowed the market. By the middle of 2008, “the market froze,” Yoram Indik, a Tel Aviv-based real-estate broker, said. “People didn’t want to sell, buyers didn’t want to buy.”

But even though the pace of sales has slowed, housing prices are generally still on the rise. For the first quarter of 2009, the average price of an apartment was 1,283,000 shekels ($324,113) according to the Central Bureau of Statistics.

The exception to the upward trend has been larger, higher-end apartments. The average price for these homes was 2,315,400 shekels ($584,919) in 2008 and has fallen to 2,087,500 shekels ($527,346) in the first quarter of 2009, a 16.4 percent decrease from the previous quarter. “A lot of foreigners, who used to be the major buyers of real estate in Israel, stopped coming as a result of the economy,” said Jonathan Livny, a Jerusalem-based real estate lawyer who handles deals in Tel Aviv. “That’s affected the upper echelon of the real estate market.”

Certain types of homes carry a premium in Tel Aviv; high-end homes with a view of the Mediterranean start at $8,000 a square meter ($743 a square foot) and can reach $17,000 a square meter ($1,580 a square foot), said Mr. Indik. Prices for real estate in the Bauhaus style, like the apartment featured here, can be 10 to 15 percent higher, he added. (Real estate in Tel Aviv is priced in either shekels or dollars, depending on the favorability of the exchange rates, Mr. Indik said.)


As Israel’s cultural capital, Tel Aviv attracts numerous foreign buyers, particularly Jewish people from the United States and Europe. They gravitate toward higher-end properties west of Ibn-Gabriol Street, close to the beach,. Before the economic collapse, half of the business came from abroad. Over the past year, that number has dwindled to 15 to 20 percent.


There are no restrictions on foreign property purchases in Tel Aviv. Mr. Livny said buyers should estimate an additional 7 to 10 percent of the purchase price for side costs, which includes a land purchase tax (3.5 to 5 percent), a real estate agent fee (2 percent) and lawyer’s fees (about 1 percent), as well as a value-added tax (levied on new construction), registration and notary fees. A full year’s municipal tax is due at contract signing — $2,000 to $3,000 for a higher-end home, Mr. Livny said.

Though banks in Israel are more cautious than they were in previous years, mortgages are still available for foreign buyers,. Today, non-Israelis should plan on a 50 percent down payment,


Municipal web site: www.tel-aviv.gov.il/english/home.asp

White City info: www.white-city.co.il/english/index.htm


Hebrew, Arabic; New Israeli Shekel (1 shekel = $0.25)


Municipal taxes on this property are 12,000 shekels ($3.031) a year; a building management fee is 150 shekels ($38) a month.


Yoram Indik, Yoram Indik Realty Company, 972-77-533-5151; www.indik.net


Israel Luxury Property Listings

Where to find luxury property listings in Israel

Many people sell their Israel luxury real estate via private professional luxury real estate agents. You may find a handful of luxury listings in Israeli newspapers, however, in order to get to the exclusive properties, I’d recommend you find a reputable real estate professional that specializes in the luxury market in Israel.

If you are considering buying a luxury apartment or villa, contact me – realtor@indik.net – with information on the type of property you are seeking to buy and I will forward you a complete list of exclusive properties within your chosen price range and make arrangements for private tours of prospective properties.

Tel Aviv penthouse for sale

Luxurious Tel Aviv penthouse over looking the Mediterranean sea. The 420 m2 penthouse is located on the 6th floor. It is a single-story penthouse with many luxurious residential amenities including a 24-hour security guard, swimming pool, residential spa and a private parking.

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Luxurious, large penthouse apartment in Tel Aviv, approximately 330 m2 on top floor of new Park Zameret luxury residential tower in center of Tel Aviv.

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This new, modern residential building in the Bauhaus spirit designed by one of Israel’s master architects, in line with the Vibrant Tel Aviv experience.

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