Tel Aviv-Yafo is the second-largest city in Israel after Jerusalem, and the financial and cultural center of the country. This vibrant city is the most important to the Israeli economy and houses the Tel Aviv Stock Exchange, international investment firms, and technology companies. Tel Aviv-Yafo is the most expensive among Israel's big cities, and the demand for housing in its municipal area is consistently high. In the third quarter of 2022, the
amounted to over 4.1 million Israeli shekels (approximately 1.16 million U.S. dollars). That was an increase of five percent compared to the beginning of the same year. In addition, the
was higher than any other type of residency, and it reached 110,000 in 2020.
The significance of high-tech
High-tech is a prominent industry in the economy of Tel Aviv-Yafo. The city is a tech hub for Israeli and international companies, including startups and scaleups. In 2021, the
number of startups in the city totaled 1,363, a rise of over 25 percent compared to four years prior. A vital technology industry is the cybersecurity sector. In 2021, the
number of startup exits in the cyber field in the Tel Aviv region reached 23, more than any other tech field. Furthermore, due to technological diversity, multinational corporations such as Google and Facebook have a significant presence in the city. In 2021, investment entities accounted for 43 percent of the
multinational companies in the Tel Aviv District, making this type of firm the most common.
An important tourism hotspot
Tel Aviv-Yafo is a major tourist destination in Israel. The city attracts tourists worldwide due to its beautiful beaches, energetic nightlife, and thriving culinary scene. This Middle Eastern city hosts annual pride events every year in June, making it a popular LGBTQA+ tourism location. Following the coronavirus (COVID-19) outbreak at the beginning of 2020, the tourism industry experienced two difficult years. However, a moderate recovery has begun. In 2021, Tel Aviv constituted the
district with the highest number of tourist hotels in Israel, with 111 hotels in its municipal area. In September 2022, the hotels in the city
accumulated revenue of 43.3 million U.S. dollars, a significant increase compared to the first month of that year.
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