Harel Financial Services and Investment firm made the statement this week that Tel Aviv apartment costs are 45% too high. Tel Aviv is now ranking 11th in the list ofcities with the most expensive real estate. London tops the list at a cost of approximately $17,000 per square meter. Tel aviv average cost per square meter is $7,700.
Harel’s reasoning for its feeling that Tel Aviv real estate is over-inflated is part of the greater picture of real estate in Israel, citing government owned land as a majority ownership, the high costs of building and infrastructure that is substandard to European, American and Asian competitors that are in the top 50.