East Tel Aviv is the up-and-coming “hot” area of Tel Aviv, where real estate investment is paying off like nowhere else in the “big city.” Where once stood only old, small houses, large developments have risen offering a quality standard of living at more affordable prices than in the more expensive parts of the metropolis.
After many years in which most of the attention was directed to the southern part of the white city—Florentine, Jaffa, Neve Sha’anan and Levinsky Market—the eastern part started receiving attention. The first neighborhoods there have already been adopted by developers and real estate investors as part of the urban renewal processes encouraged by the Tel Aviv municipality.
Now along comes Gabay Tel Aviv, a new development on Sheshet Hayamim Street in the Kfar Shalem area. The project is being created by Eli Gabay, a developer with a reputation for taking areas in need of renewal and turning them into sterling investment opportunities for those who are wise enough to get into the market at an early stage.
According to Shelly Levine, a well-known American-Israeli real estate magnate and owner of Tivuch Shelly: “This is the best investment I’ve seen in Tel Aviv for 30 years!” Levine has sold thousands of homes in Beit Shemesh, Modi’in and Jerusalem to satisfied olim families and native Israelis for the past 33 years, so she surely knows a bargain when she sees one.
The Gabay project consists of nine buildings with some 600 apartments of two, three, four and five rooms. The buildings will be surrounded by a green area and will offer occupants a community room for events, a fitness room and underground parking. Commercial development will be on the ground floor for the convenience of the residents. The finish of the apartments will be on a par with those in the most expensive parts of the city.
The most outstanding part of the deal being offered is that purchasers will only have to put 7% down at the start, with another 13% at the stage of issuance of permits and the balance—80%—only upon completion. It is an unsurpassable deal!
Among the ones who recognized the potential of the eastern neighborhoods of Tel Aviv is Eli Gabay, prime owner of the Gabay Group. The group has 3,000 housing units in various stages of planning and marketing in Tel Aviv, with 2,280 concentrated in the Kfar Shalem neighborhood.
“Many young couples who live in the center of Tel Aviv are looking for opportunity to purchase an apartment in the city, but can’t handle the high prices of the central neighborhoods, so they are trying to find the next golden opportunity like 30 years ago with Florentine,” said Eli, and added: “We give them that opportunity—a new apartment in the city with a reasonable price and with the promise of urban and cultural development, as shown in Tel Aviv’s future outline plan.”
Along with that, “Nadlan”—the main website for information regarding properties and their surroundings—points to the neighborhoods of eastern Tel Aviv (Kfar Shalem, Neve Offer) where the largest number of transactions was recorded in the city in the past year. According to the data collected by the commercial newspaper TheMarker, Kfar Shalem recorded a price increase of 18.5% between 2015 and 2018. This best demonstrates the full potential of these future projects.
So, why wait?
Exclusive sales are being handled by Tivuch Shelly. Call 050-7264376.
By Jerry Barach