Home to the Israeli Elites
Discover Herzliya's Real Estate
Herzliya is an upscale city. It is popular for housing the elites of the Israeli society including industrialists, and ambassadors within its coastline neighborhood, Herzilya Pituach. It is also home to numerous embassies, company headquarters, etc.
Culture, History, and Business
The city was named in honor of Theodor Herzl. The city was first established as a farming community in 1924. It was initially an area made up of 101 houses and 35 cowsheds. Its residents consisted of veterans and new immigrants. The city of Herzliya obtained its city status in 1960 with a population of 25,000 residents.
The economy of Israel is ever thriving and has become a norm for its residents. Over the last ten years, the country’s gross domestic product has grown at a rate of between 3% and 3.5% annually. The standard of living and likewise the wages both household and individual are equally rising while the nation is witnessing its lowest unemployment rate in decades.
Reports from the Central Bureau of Statistics, Israel suggests that Herzliya residents are one of the wealthiest individuals in the country. Between 2003 and 2005, the average salary per month was ILS 8,211, which was almost ILS 1,500 above the average of the nation’s top 15 biggest cities. The current average monthly salary after tax in the city is ILS 14,000.
Real Estate Appeal
Herzliya is mostly a residential area with not so many tourists flocking it. It is situated on the central coast of Israel along the Mediterranean Sea.
It is accentuated with a series of beautiful beaches, excellent restaurants, and fabulous residences and lively night clubs.
Herzliya Pituach is one of the most luxurious neighborhoods in Israel. The city has a high demand for real estate as everyone wants a taste of its luxurious atmosphere.
It is very desirable because of its magnificent villas, homes along with its nearness to Tel Aviv, which is the technology and business hub.
Rental yields at the city center are at a rate of 3.98% while outside the city center is 4.43%. The cost of renting a one-bedroom in the city center and outside the city is €1,151.24 and €905.17, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is €1,318.21 and €1,221.54, respectively. The cost of an apartment in the city center is €5,272.85 per sq. meter while outside the city center cost €3,954.64 per sq. meter. For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.
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