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One of the neighborhoods that will benefit the most from the connection to the light rail is Jaffa - one of the southernmost neighborhoods in Tel Aviv, bordering Bat Yam. You can purchase an apartment in a pre-sale stage in a boutique building in Jaffa. The future Tel-Aviv light-rail will have a stop 600m from the project –allowing easy access to other locations in Tel-Aviv and adjacent cities.
How will prices be affected by the improved accessibility and what will life in the networked city look like?
Research was conducted on the effect of property prices in new buildings that are located a short walk from the stations and according to the formulas that exist in Israel and around the world. From studies conducted in North America on the effect of metro and light rail systems on residential properties, it was found that properties that are within walking distance of the train station, up to about 500 meters, have a higher value than more remote properties. The increase in prices ranges from 3% to 40%. Even when environmental hazards created by the train were taken into account, overall the value of the apartments increased.
Already today we see that along the axis of the light rail – with an emphasis on the red line, which is currently in advanced stages of construction, the price of the properties embodies the improvement created as a result of the transportation project. One of the neighborhoods that will benefit the most from the connection to the light rail is Jaffa – one of the southernmost neighborhoods in Tel Aviv, bordering Bat Yam.
The neighborhood covers about 300 dunams and has about 6,500 residents. This is an old neighborhood, characterized by old construction, and it is in need of deep and extensive urban renewal. 85% of the buildings were built between1950 and 1970, and about 55% of the apartments are 55 square meters to 70 square meters. The red line of the light rail will pass through this neighborhood, with a stop on Jerusalem Boulevard. This change significantly promotes urban renewal processes, thanks to the expected connection to the Tel Aviv city center and employment areas through the light rail.
“This is one of the last neighborhoods in Tel Aviv where the prices are affordable and a huge difference from the municipal average. Urban renewal, along with the connection to the light rail, will drive up prices.. ” says Roy Schneider, who markets projects in the area.
The time to invest in JAFFA is now! You can purchase an apartment in a pre-sale stage in a boutique building with only fifteen apartments in Jaffa. The future Tel-Aviv light-rail will have a stop 600m from the project –allowing easy access to other locations in Tel-Aviv and adjacent cities.
The project is located on the main Yefet street, a short walking distance to Aliya beach (and the Peres Center of Peace) and just about 1.5KM to the Jaffa port and the flea market. A three floors building comprised of 15 apartments and 3 ground floor retail stores.
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