Why Invest In Real Estate Eilat? Anyone who wants to invest in real estate, asks himself where it will be more profitable to invest their capital. Is it better for him to buy an apartment in Jerusalem, Haifa, Tel Aviv, Herzliya or Eilat? A single-valued answer to this question does not exist, since everything depends on the personal preferences and goals of the client. Here, in this article, you can find answers to all relevant questions about why investing in Eilat real estate is profitable?
Why Invest In Real Estate Eilat?
Today in Eilat there are about 50 000 inhabitants and more than 100 hotels of different levels receive guests from all over the world all year round. the international airport is located 18 km north from Eilat. Eilat is a world center for diving tourism on the shores of the Red Sea, as well as an ideal place for lovers of kite surfing, sap surfing, windsurfing and just those who want to relax on the beach and contemplate the truly beautiful landscapes. The city is surrounded by mountains and desert, is environmentally friendly and is also exempt from all additional taxes, making it the city of Duty Free. A developed entertainment structure will allow everyone to find a pleasant pastime. Availability of educational centers from a nursery to a university and quiet residential areas are ideal for families. A variety of properties from inexpensive apartments to the most luxurious villas, from land for building to entire commercial centers- in this sunny and warm city you will find everything you need.
But nevertheless, those who enjoy the highest demand – these are apartments from two to four rooms, their price in Eilat ranges from 500,000 to 2,000,000 shekels. These apartments are located in all areas of the city. The profit from renting these apartments can bring a good and stable income of 3,000 shekels and higher. The demand is constant, with the developed tourism industry of Eilat it takes a lot of workers who come from all over the country and need a rented accommodation.
Plus a large number of tourists wishing to rent apartments daily or monthly – this type of apartment rental will bring you between 50% to 200% more profit depending on the season. So for example a short-term renting of a large luxury apartment or villa in a prestigious area can yield an income of 30,000 shekels a month. It’s like starting your own small hotel business.
Eilat is constantly rising in real estate prices
In Eilat there was a sharp rise in housing prices in the last decade, according to surveys and updated data in the real estate market in Israel. For example, a three-room apartment purchased at the end of 2013 for 380 thousand shekels was sold at the end of 2014 for 470 thousand shekels. In the new Shachmon neighborhood there was a higher increase. For example, a five-room apartment in the 6th district in the Shachmon neighborhood, which was purchased directly from the contractor in 2009 for NIS 1.1 million and was occupied in 2013, was sold in 2015 for NIS 1.5 million, an increase of more than 30 percent.