What’s Happening in Tel Aviv?

TelAvivIsrael’s major metropolis is undergoing major transformations, making the city more accessible and enjoyable, but this will likely drive up real estate prices throughout the area. If you are thinking of investing in Tel Aviv, don’t wait!!

Construction of Tel Aviv’s new light rail network began in 2009, and in August 2015 they began digging out ten underground stations in the city center, which will connect with the surrounding cities of Petach Tikva, Bnei Brak, Ramat Gan, Jaffa and Bat Yam. Once completed, this 22-kilometer Red Line will link 33 stations. Experts predict that property prices will rise quickly around each of them as the railway nears completion, slated for 2020. After the Red Line, seven further rail lines will be built, connecting every part of the “Mercaz” – Israel’s most heavily populated central region. In addition, the direct fast rail link between Tel Aviv and Jerusalem is slated for completion in 2017, bringing the two cities closer than ever.

To help ease the inevitable congestion during construction of the railway lines, plans are in place to open park-and-ride hubs in Rishon LeTzion, Netanya, Herzliya and Kiryat Shaul. The Israeli Transport Ministry is also cutting public transport fares to encourage drivers to leave their cars at home.

At the same time, planning is underway to construct a roof over Tel Aviv’s Ayalon highway to create an open public area above the road and railway tracks. The area, covering 60 acres, will be designed for leisure pursuits, with bicycle and footpaths paths, green spaces, cafes, and shops. This creative solution is designed to address the shortage of public land in the city center and to improve the environment by reducing air and noise pollution from the highway and railway.

Tel Aviv is already known as Israel’s favourite leisure and food destination, with a wide choice of bars and restaurants of every flavour. The latest addition to the city scene is the new Sarona indoor culinary market, covering 8,700 square metres. Located in the former German Templar settlement near the Kirya and Azrieli Towers, the market includes 89 restaurants, food stands and bakeries, a farmers’ market selling fresh fruits and vegetables, plus stores specializing in sweets, spices, cheese, fish, meat, wine, and cooking utensils. It is designed to appeal both to visitors and local people looking to enjoy a meal or snack in the centre of Tel Aviv, and also to those looking to buy ingredients for cooking at home.

“Exciting things are happening in the Tel Aviv metropolis”, says Shaun Isaacson, CEO of Creative Estates Israel. “We are urging foreign investors to get in fast before the inevitable rise in urban property prices that typically accompanies major infrastructure investment and improved leisure facilities.”