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How to price Real Estate in Tel Aviv?
• Number of rooms including living room
• The location in the building (front or back)
• With or without elevator
• Parking (big issue is Tel Aviv)
• Upgrades in the apartment and the building
• View
As well, in central Tel Aviv, there is the concept of TAMA38: older buildings being remodeled for strengthening where typically there is the add-on of a “safe room”, a balcony, an elevator, parking (when it is possible) as well as the addition of a penthouse on two levels . All these improvements benefit the tenants at no cost to them. The developer profits from the sale of the additional floors, and these investments are relatively low risk for them.
These buildings are typically found in the best neighborhoods of Tel Aviv.
Quite a number of existing buildings could not match the requirements for the TAMA and simply got demolished and built anew. You will see lots of those new built in the very heart of Tel Aviv and even along the beach.
In addition to the TAMA program, developers are also building and selling projects, “on paper”, that will be completed typically in a 4 to 5 year time range. The selling prices are based like anywhere in the world based on “offer and demand”