TEL AVIV — Walk south along the Tel Aviv shoreline these days, and you’ll hear the reverberations of a constant low thwacking. It’s not the sound of dozens of scantily clad locals playing matkot (beach paddle ball) on the sand, although they’re there every day. It’s the sound of construction on high-rises, condos and luxury hotels — all sprouting up, in towering variations of steel and stone and glass, along a half-mile stretch of beach.

So many new buildings have been erected along this strip, and at such high prices, that real estate agents are calling it the Golden Kilometer.

A decade ago, this sliver of land was the city’s only undeveloped patch open to the sea. Running from the landmark Opera Tower, a 23-story beachfront monolith that has seen better days, down to Banana Beach, a laid-back sunbathing patch with a volleyball court and beachfront bar, it was blighted by construction sites, empty lots and low-slung buildings. Today, local agents estimate that the value of real estate transactions on this stretch reached more than $1 billion in the past decade.

There’s the Royal Beach Residences at Hayarkon 19, where a four-bedroom apartment was recently on the market for about $8 million. There’s Herbert Samuel 48, a multifamily townhouse by the architect Ilan Pivko, consisting of three duplexes and one triplex, topped with an infinity pool and offered at $45 million. There’s 10 Herbert Samuel, where a 19th-floor apartment with panoramic sea views was recently sold for $20 million. And there’s the David Promenade Residences, a 28-story tower that is still being built, where apartments on lower floors run from $3 million to $12.25 million, and duplex penthouses are being offered for as much as $46.7 million.