At its origin, Neve Tzedek was created as a place for immigrant overflow coming into Jaffa from around the world. The first settlers formed a rich, cultural society that was extremely popular up until around the 1960’s, when residents decided to leave the area behind, and move to the more modern, livelier northern area of Tel Aviv. Neve Tzedek feel into disrepair and was nearly condemned and torn down, until it was declared a historical area, and saved from destruction.
It was at this point, in the early 1980s, that residents of Tel Aviv became disillusioned with the fast paced life in Tel Aviv and yearned for something a bit quieter. Some of the more affluent residents of Tel Aviv began moving back to Neve Tzedek, repairing and restoring the older buildings and reestablishing Neve Tzedek as a strong neighborhood. This new influx paved the path for a new phenomenon of old is new again. More and more young couples and families began moving back towards the neighborhood, looking for an area that offers a balance of the work and play lifestyle. Quieter than the loud and crowded streets of Tel Aviv, yet more bustling than suburbia, Neve Tzedek offered this new generation a luxurious combination of everything.
This movement back towards Neve Tzedek, as well as the restructuring of the town, along with the establishment of many fabulous restaurants, cultural centers, museums and attractions, as well as its proximity to the sea have attracted a resurgence in wealthy residents moving back into Neve Tzedek and the city center.
Much of the building, which includes luxury residential high-rises, and upscale buildings, has attracted many high-end Anglo buyers, driving up the price of property in Neve Tzedek, and making it one of the most attractive and sought after places to be. Olim from North America, the UK, France and Russia, as well as South Africa and other parts of Europe have been flocking to Neve Tzedek, seeking upscale living arrangements comparable to what they experienced in their country of origin. According to research on olim entering the country, it is one of the most popular destinations for settlement.
With this recent influx of wealthy residents, Neve Tzedek has become known as a luxury neighborhood, sought after by the wealthy and up and comers who are looking for luxury and quiet, while still having easy access to the city and all it has to offer.