Done Deal: Hidden gem in Tel Aviv

A new column: Real estate experts give their thoughts and opinions on local property deals around the country.

Apartment in Tel Aviv 311 (photo credit: Courtesy)
Apartment in Tel Aviv 311
(photo credit: Courtesy)
Avi Sasi is the CEO of Housing T.L.V Ltd.
Basic details:
The three room, 70 square meter apartment located on Ha'ari Street in Tel Aviv has an elevator and parking space. It is defined as a preserved property according to new regulation standards.It was sold by Housing TLV Ltd for NIS 1.8 million.
The apartment is located in the heart of Tel Aviv, just a two minute walk from the beach and within close proximity of  King George and Nahalat Binyamin Streets as well as the Yemenite Quarter. The area is very desirable for young people who fill the streets day and night due to the vibrant cafe culture and popular shops. The apartment itself is on a small, quiet one way street.
Many buyers from abroad showed interest in the apartment due to its central location. All these factors mean that it can be rented in a short time while receiving a high return.
Business Analysis:
The apartment is in good condition in a relatively new building, just 15 years old, that was built under strict standards to withstand earthquakes. The price per square meter is NIS 26,000, while other apartments in this desirable area go for NIS 28,000 per sqm.
If the owners should decide to rent it, they will receive a monthly rent of NIS 7,000 representing a relatively high interest of 4.5 percent on the investment, another indication of the attractive price.
The deal was closed within two days. The buyers from abroad made a quick decision that helped them get a lower price and an attractive deal that they will benefit from in the near future.
Bottom line:
This is an excellent deal for the buyers, in my opinion, getting an apartment they could move into instantly. They could also decide to rent without additional expenses, which is a huge advantage.
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