Missile shockwaves: How Iran’s strike is rewriting Tel Aviv’s real estate landscape

According to a Lebanese network citing the Hebrew report, the Iranian missiles fired toward the occupied territories have continued to affect the economy—especially the real estate market in Tel Aviv and other areas—beyond their military, security, and political impact.

According to Al-Manar, the “Da Vinci Towers,” located at the intersection of Kaplan and Leonardo Da Vinci Streets in central Tel Aviv—an area hosting several military centers and headquarters—were struck by Iranian missiles. The attack caused extensive damage to the towers and partial destruction of several apartments, which are now being sold at dramatically reduced prices.

In this context, the Hebrew website Calcalist published an article titled: “Because of Iran: The Cabinet Is Selling Apartments in Tel Aviv’s Da Vinci Towers at a 57% Discount.”

The article notes that officials of the Israeli regime have reduced the price of 40 apartments in these luxury towers from 101 million shekels to 43 million shekels (roughly from $31 million to about $13 million).

This price reduction came after the cancellation of a previous tender and following the Iranian missile strike on the towers. As a result, the price of each apartment has fallen from around $800,000 to under $350,000, while comparable units on the open market had previously sold for around 5.8 million shekels.

These apartments, originally intended for public housing and priced lower than luxury units, are now being offered at deeply discounted rates.

Tal Kopel, CEO of the real estate company “Madlan” in the occupied territories, said that the main risk lies with the buyer, particularly due to the widespread uncertainty about the project’s future and the lack of information on the cost required to rebuild and make the units habitable again. This means that the final cost of purchasing these apartments could be significantly higher.

The report adds that despite being a luxury project in a prime Tel Aviv location, the war with Iran has demonstrated that it still carries considerable risk.

Kopel described this investment as an “uncalculated gamble,” noting that, in his view, it faces unknown risks that could impact both the value and safety of the investment.