Investors – should you be considering Tel Aviv?

28 August 2020 | Investment

A leading Israeli residential developer has officially entered the construction phase for ‘its most exciting project to date’, known as Port Tel Aviv.

Located 50 metres from the Mediterranean seafront, the project from Hagag Group features 40 exclusive luxury apartments along with a five-star hotel.

Housed within a ‘new architectural icon’ inspired by the Cubist art of Pablo Picasso and Georges Braque, and designed by leading architecture firm, Ilan Pivko Architects, the ten-storey property is situated in the heart of the Namal Tel Aviv Port, in the city’s highly coveted Old North neighbourhood.

Port Tel Aviv says it is set to deliver new benchmarks for quality and value in the Israeli real estate market and will be delivered in Q4 2022. It officially broke ground at the end of July.

Its five-star boutique hotel will take over the first two floors of the development and will offer 44 room and suite accommodations.

Meanwhile, the top seven floors feature 40 luxurious apartments with one to four-bedroom layouts, two mini-penthouses with private pools, and two exclusive five-bedroom penthouses with private rooftop decks and swimming pools.

The development is modernist-inspired, with the aim of perfectly fusing art and architecture, ‘and evokes the striking design housed within’.

Investors – should you be considering Tel Aviv?

Every floor of Port Tel Aviv includes wrap-around recessed private terraces with mosaic-like façades that offer ‘brise soleil’ protection, which reduces heat gain within the building by deflecting sunlight.

Living spaces are designed to maximise the Mediterranean light with bright open interiors, luxurious floors and high ceilings that facilitate unobstructed floor-to-ceiling views.

The development’s location places residents in the centre of the Namal Port district in the desirable Old North neighbourhood. Viewed as one of Tel Aviv’s most dynamic areas, the neighbourhood fuses leisure and convenience with access to the city’s beaches, recreation areas, parks, renowned restaurants, farmers’ markets, fashion boutiques and Tel Aviv’s ‘unparalleled nightlife scene’.

According to Hagag Group, North Tel Aviv is quickly becoming the city’s most developed and in-demand location, making the residences at Port Tel Aviv some of the most valuable and exclusive offerings within the market.

Tel Aviv has had a proud reputation for delivering ‘architecturally beautiful’ and important contemporary buildings, being home to the world-renowned Bauhaus architecture of the 1930s. Thousands of these stark buildings are clustered together in the White City architectural area.

Port Tel Aviv is aiming to build on this architectural heritage, with the development set to become a landmark for Israeli architecture, bringing Cubist design to the Tel Aviv coastline.

The brainchild of Ilan Pivko, one of Israel’s leading architects, both the apartments and five-star hotel at Port Tel Aviv provide ‘an entirely unique use of light and shade’, drawing inspiration from pioneers of the Cubist design movement, including Picasso and Braque.

The double-height ground floor lobby at Port Tel Aviv will provide an ever-changing collection of artworks and exclusive pieces by contemporary Israeli artists, while the ground floor of the building will feature a dedicated concierge team and private lift access for private residents.

What’s more, residents of Port Tel Aviv will have access to luxurious hotel amenities on the lobby level and the first two floors. This is set to include spacious lounge areas, a spectacular restaurant and cocktail bar spanning the entire depth of the building, and a second lounge/cocktail bar and cinema/conference centre, complete with business meeting rooms and VIP private dining rooms.

All the apartments face the sea and benefit from bright, open interiors, high ceilings and floor-to-ceiling glazing on all levels. To pay homage to Tel Aviv’s status as a thriving hub for tech companies and start-ups, all apartments will also be fitted with state-of-the-art technology.

Services on offer are set to include 24-hour room service, personalised fitness programs, express laundry and baggage unpacking, private yacht tours, a private chef, helicopter rides for business and pleasure and beauty treatments.

Lee Ziv, vice president of sales and marketing at Port Tel Aviv, said: “Port Tel Aviv will become Tel Aviv’s icon, not only for its idyllic location — but for its stunning and innovative design. The project is located within Tel Aviv’s renowned port, just 50 metres from the shoreline. The building is environmentally conscious, features a modernist architectural design and state-of-the-art amenities and concierge services.”

He added: “Each apartment features the finest design details and Mediterranean Sea views and both penthouses have private swimming pools and sun decks. Port Tel Aviv is a world-class building where a five-star hotel and luxury apartments are intertwined with the vibrant lifestyle of the most attractive city in the Middle East. In addition to local domestic buyers from Israel, this prestigious development is likely to attract buyers from London, Paris, Moscow, New York, Miami and Los Angeles.”

Originally founded in 1936, the Tel Aviv Port first opened in February 1938 and ceased its status as an active port in October 1965. In 2009, the port was re-opened after undergoing a complete restoration and transformation project.

Nowadays, the port provides a hub of entertainment and culture ‘while retaining its seafront charm and authenticity’, with a classic board-walk style promenade and curving structures.

Prices for the private apartments at the development begin from $2 million (£1.8 million) for an 829 square-foot-apartment. Asking prices for the penthouse apartments start from $10 million (£9.7 million). Port Tel Aviv’s hotel partner will be announced at a later date.

Hagag Group was founded in 2005 by brothers Ido and Itzhak Hagag, and is considered to be one of the four top real-estate groups in Israel in terms of development, scale and profitability.

As of now, the Hagag Group is currently developing 40 projects consisting of 3,000 residential units, new-build neighbourhoods and large-scale towers in the most premium locations across Israel.

You can find out more about Tel Aviv, famed for its nightlife, beaches, creative culture and Bauhaus architecture, from this Lonely Planet guide here. The latest government travel advice for Israel, which has well-documented issues aside from Covid-19, can be found here.

This post has originally been featured in Property Investor Today.