Tel Aviv homes with parking fetching premium prices

Tel Aviv homes with parking fetching premium prices
Developers are reluctant to build housing in Tel Aviv under the new regulations, which limit parking spaces.
A year after the new reduced parking regulations came into effect in Tel Aviv for new homes, prices for apartments with parking are rising at a faster pace than for apartments without parking. The new building regulation stipulates that developers can only provide one parking space for each two apartments in the city center (zones 3, 4, 5 and 6) and four parking spaces for each five apartments in the north, east and south of the city (1,2,7,8 and 9).
Real estate appraiser Erez Cohen, who has been researching the prices being asked by developers that are marketing new apartments throughout Tel Aviv, has found that since the new policy was approved, there has been a substantial rise in the prices of apartments with parking compared with before the regulation was approved, even though new apartments are not yet being built with the new regulation. Cohen said that this price rise already includes the expectation of a future shortfall in parking due to the new parking building regulations.

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