What is the budget for renovating an apartment in central Israel
Renovating an apartment in Tel Aviv represents a major opportunity to increase the value of your property, improve its comfort, or maximize its rental profitability.
But what budget should you plan for? What are the average costs in Israel, and how can you optimize your financing?
In this article, we provide a detailed cost estimate, available financing solutions, and concrete examples of successful renovations.
1. What are the main factors influencing the budget?
💡 Before setting a budget, there are several key elements to consider:
📌 Example: Renovating an 80m² apartment with a light refresh will cost between 64,000 and 120,000 ILS, while a complete high-end renovation can exceed 500,000 ILS.
2. Average prices for renovations in Tel Aviv
Cost estimate based on the scale of the work
📌Example:Renovating an 80m² apartment with a light refresh will cost between 64,000 and 120,000 ILS, while a complete high-end renovation can exceed 500,000 ILS.
| Type of renovation | Cost per m² (in ILS) | Cost per m² (in €) | Estimated budget for 60m² |
|---|---|---|---|
| Light refresh (paint, floors) |
800 – 1,500 ILS/m² | 200 – 380 €/m² | 48,000 – 90,000 ILS (12,000 – 22,800 €) |
| Intermediate renovation (floors, paint, bathroom, basic kitchen) |
2,000 – 3,500 ILS/m² | 500 – 900 €/m² | 120,000 – 210,000 ILS (30,000 – 54,000 €) |
| High-end complete renovation (new layout, luxury materials, custom-made fittings) |
4,000 – 7,500 ILS/m² | 1,000 – 1 900 €/m² | C240,000 – 450,000 ILS (60,000 – 114,000 €) |
3. What financing solutions are available for renovations in Israel?
1. Real estate bank loan
Some Israeli banks offer loans specifically for renovations. These loans can cover up to 70% of the cost of the work with competitive interest rates.
💡 Please note:
- The work generally requires detailed quotes.
- Banks favor owner-occupiers and rental investors.
📌Connection: Israel-Renovation helps you find a specialized broker to obtain the best financing.
2. Mortgage loan (Mashkenta)
If your property is already financed by a mortgage (Mashkenta), you can increase your loan to finance the renovation. This allows you to spread the payments over a long period with lower monthly payments.
3. Local aid and subsidies
Some Israeli municipalities, including Tel Aviv, Herzliya, and Netanya, offer grants for energy renovations (insulation, windows, solar panels). It is important to check the eligibility criteria before starting work.
📢 Example: An investor was able to finance 30% of his energy renovations thanks to a municipal grant in Tel Aviv.
4. Concrete examples of successful renovations
Example 1 – Rental renovation in Tel Aviv (75m², 3 rooms)
Example 2 – Conversion of a 2-room apartment into a 3-room apartment in Netanya (85m²)
Example 3 – Renovation of a luxury apartment in Herzliya (100m²)
5. Why choose Israel-Renovation for your project?
At Israel-Renovation, we offer you:
What budget should I plan for renovating an apartment in Tel Aviv?
📌 Testimonial – Daniel, investor in Israel:
“I had a limited budget to renovate my 4-room apartment in Tel Aviv. Thanks to Israel-Renovation’s advice, I optimized my project and obtained a suitable loan. Today, my apartment is rented for 30% more!”
The budget for a renovation in Israel depends on the scope of the work, the materials, and the desired level of finish. Thanks to suitable financing solutions and professional project management, it is possible to optimize costs while achieving a quality result.
🎯 Do you have a renovation project in Israel?
📩 Contact us today for a free estimate and personalized support!
