Tel Aviv is the most expensive city in Israel, the capital of the Israeli economy and the engine of economic growth. At the same time, the city is characterized by very few vacant areas for construction, and apart from the "big bloc" in north Tel Aviv, there are almost no empty plots left in Tel Aviv for the construction of massive projects. Therefore, a significant part of the apartment market in Tel Aviv is a market of luxury apartments. How to buy an apartment in a luxury tower in Tel Aviv? The guide of Moshe Bar Shilton.
Finding the property
When it comes to newly built apartments, the publications will already find you, do not worry. Entrepreneurs are actively looking for customers. However, it is worth checking out where the new projects under construction are at a relatively early stage, and enjoying presale prices. In the second-hand apartment market, on the other hand, sometimes the good properties do not even reach the market: often, especially in the beginning, the apartments are not advertised on sites like Yad2 and the like, and you need to know the area. Therefore, it is better to seek the help of a real estate expert for the area or an expert realtor.
It is important to understand that the property we are looking for is not necessarily a spectacular property in its beauty. The wisdom is to identify the potential of an asset that has not reached the limit of its capacity. If the apartment is in a good location (location is a critical component), but not renovated from the inside, it is often worth buying the property to renovate it, and turn it into a luxury property, assuming the property and properties (e.g. property size, balcony, etc.) allow.
The reduction of the purchase tax several months ago by the government will lead to an increase in demand for real estate, also in the luxury apartment market. The same is true of the change in the Bank of Israel's policy announced this week, which allows up to two-thirds of the mortgage in the Prime track (instead of one-third, which was customary until today). It is worth taking advantage of the prices available today, even though they are not low.
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