We recently attended one of the national housing fairs and were bombarded with helium balloon carrying uniformed young people asking us as we entered, “Are you interested in a tower in Givatayim?” We thought, why not, tower living seems to be the hottest trend in Tel Aviv real estate and the on-paper price before construction is often very attractive. By finish date based on present values it could seem that the invest on paper could pay off with an apartment in a luxury tower that is worth nearly 40% more.
It seemed like a lot of hype was involved in pushing this project which will be the tallest tower in Tel Aviv. We found it interesting enough to stop into their offices to check out time frames and prices and to our surprise with all that hype at the fair that there were almost no units left. Because of the height of the tower and the glass corners, three sides will have a sea view.
I began to look at other tower prospects to see that there is enough construction going to say that it is a definite trend. Plots of land are being purchased in Tel Aviv, existing buildings then torn down and a new mega-tower built on the site. On Rothschild Blvd. alone there are two projects heading up to the sky that were sold out almost immediately on offering on paper.
Real Estate markets around the world have placed Singapore and Tel Aviv consistently in the top ten markets. Will the present Tel Aviv skyline soon look like Singapore? The two seaside commercial cities are moving that way. I just hope enough of the beauty of the old Tel Aviv remains, while the development will redeem parts of the city that were shabby anyway and offer more housing to a fast growing metropolis.