Summer homes usually appeal to foreign residents – whether or not Jewish – who find Israel a pleasant and comfortable place to spend their vacations. It is best to let real estate experts help you find the perfect summer home in Tel Aviv, and have legal experts guide you in the process of negotiation and purchase.
Whoever desires to buy a vacation home in Tel Aviv should look into the following investment tips. Lawyers are necessary in any such real estate transaction – especially in case the buyer is not a citizen or permanent resident in Israel. One should also be familiar with investment and home ownership laws applicable to foreign citizens. In any case, any transaction requires an inspection of documents and a check of financial feasibility, from the stage of the delivery of the proposal through to signing the contract. Legal advice should also include an inspection of financial strength and of the house, to see if it is a solid investment, to identify its owners, tenants and neighbors and to clarify the planning and building laws under which you may buy property in Israel.
The always exotic Jaffa and Florentine areas
Jaffa is a part of Tel Aviv that is always lively and always presents great opportunities to buy a summer home in an excellent location in the city. The value of properties is rising, and you can also find luxury properties located at Harova neighborhood, Andromeda Hill, near the Noga Theater or at any of the many projects centered on renovated ancient buildings. Florentine, on the other hand, has many real estate projects that continue from Jaffa along Eilat Road and Jerusalem Boulevard. Some properties in this area are also designed for boutique hotels to be opened in ancient buildings, some of them hundreds of years old, right next to brand new buildings currently being developed. In any case, the diverse variety offered by this area appeals to all tastes, and is particularly profitable for investors.
Modern towers and skyscrapers of Tel Aviv
A summer home in Tel Aviv is an excellent investment, especially in any of the high-rise towers designed by leading architects in the Rothschild. Ibn Gabirol, Hakirya, Sarona and the Wholesale (Sitonai) Market areas. Tel Aviv also boasts some similar complexes in its northern neighborhoods, where vacation homes are always a good investment. But any such investment requires a preliminary inspection by lawyers, due to the transaction's complexity. Some projects become immediate success stories – YOO Towers is one example – while others show problems as early as the transfer of possession; therefore, only experienced lawyers can provide advice on your prospective transaction and prevent you from making any serious mistake. It turns out that the process of researching the transaction and providing legal advice for your investment requires the expertise of specialists in real estate, and not merely experts on the heap of local regulations and building codes.
Classic and reliable north Tel Aviv
North Tel Aviv is an excellent area for summer homes, for anyone who prefers the prestige of the L Plan Neighborhood, Dan Neighborhood, the 'Mashtela' or the 'Big Block.' Sde Dov Airport is also no concern to investors interested in this area covering Ramat Aviv and its environs and extending to Afeka and Tzahala, including the latest real estate hit – Hadar Yossef. A summer apartment in Tel Aviv is your opportunity to invest in accordance with your taste, and therefore, if you find the northern neighborhoods more appealing – with their elegant and classic style – you will be happy to know that their value only keeps increasing.
Buildings along the beach
A summer apartment in Tel Aviv benefits from its classic location by the beach. Tel Aviv sees many such real estate projects built from the Tel Aviv Port in the north to Bat Yam's shores in the south – which maybe not be a part of Tel Aviv, but certainly has surprising luxury real estate offerings that can appeal to everyone, including foreign residents. Development projects along the beach are usually divided into hotels and residential buildings, some of which are luxury properties, whose price reflects their full value, while some are still underpriced, and offer wonderful investment opportunity.
Tel Aviv – a magnet for all visitors
The Tel Aviv beach is one area that will never lose value, mainly because Tel Aviv has long been established as a magnet for Jewish tourists from France, who love to come here to spend whole weeks over the summer, in addition to tourists who understand Tel Aviv to be one of the world's most culturally unique cities. Guidebooks, websites and tourist applications praise Tel Aviv for its unique atmosphere and many interesting sites, while the curiosity of tourists from around the world is on the rise. Visitors to the city share their experiences of Tel Aviv as a unique and interesting destination, and this is not about to change, as the city will always remain a global center of entertainment, leisure and culture.
Eli Shimony - Israeli law firm representing clients on all civil/commercial legal issues in Israel. For any questions please contact us and we will be happy to assist.
Email: [email protected], Tel: +972-52-2769773, +972-3-5507155.
The above article is a general information only and it is not intended to replace a legal advice.