The Israeli “Miami Beach”
Discover Nahariya's Real Estate
Nahariya is Israel’s northernmost coastal city. The Ga’aton Boulevard is Nahariya’s pride, it is separated by the Ga’aton River, which during summer dries, and all that is left is a small stream that runs into the Mediterranean Sea.
Culture, History, and Business
A vibrant little city, Nahariya is a testament to the seaside residents that go up to the sunny Mediterranean shoreline. This little miss perfect is graced by renowned white sandstone grottos, restaurants, bars, hotels, and seafront bars.
It is often likened to Miami beach in Florida. This is due to the striking similarities between Nahariya’s Ga’aton Boulevard and the south beach’s Lincoln avenue.
The most significant similarity being the endless subtropical settings and the hot Mediterranean sun which strikes the white houses, roofed with traditional terra-cotta tiles, the residents and tourists flock through the streets shaded by shop awnings and café the multitudes of palm trees.
The strength in Nahariya’s labor market has provided excellent support to other areas of its economy, including real estate as well as consumer spending. Tourism also drove economic growth in 2019. Unemployment in the region is low, with the unemployment rate not exceeding 3% since Q1 2017.
Real Estate Appeal
The Nahariya real estate market is a highly competitive one. However, Nahariya has fewer homes available in its market than last year (2018). Also, home prices continue to appreciate due to increasing demand, which is excellent news for investors. It must be noted that Investing in the city’s real estate somewhat coincides with the overall national scenario due to the amount of inventory available as the exact shortage of inventory prevails in other parts of the country. This shortage has driven up property prices. However, higher rates in the city do not mean that Nahariya property investors should look elsewhere. Instead, they must utilize a different strategy.
Nahariya property investors are likely to value the benefits of the present market over buying and holding properties. As already highlighted, prices are mostly high, so getting cheap deals in the region may be harder. However, utilizing a buy and hold technique may offset the high expenses. But this does not mean that purchasing a rental property will be more affordable. Instead, it will offer a better avenue to make a profit. More specifically, since rents are high in this region, it will allow smart investors to earn a nice ROI in the interim. That said, it is possible to take care of high acquisition costs with a few months or years of earned income.
Undoubtedly, Nahariya has a lot to offer any investor. Read our succeeding articles to find out why you should invest in Nahariya as well as the hottest neighborhoods.
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