(Courtesy of Israel Real Estate) Americans seeking to purchase property in Israel—for residence, a vacation home or even just an investment—will be pleasantly surprised by the level of sophistication and modernity in Israel today. Many are unaware of the giant leap forward that Israel has taken in recent years, making the acclimation process even easier.
The burgeoning high-tech and innovation sectors have brought in their wake affluence that has trickled down in the form of higher standards and a wider selection of commercial goods and services. Moreover, the influx of new olim from developed countries over the decades has been steadily making an impact, contributing in a positive way to the fabric of Israeli society and making Israel an even more wonderful place to live, learn, earn and raise a family.
Nevertheless, when it comes to actually buying an asset, the process can be confounding. Where do you start? There are so many factors to consider; most primarily, the oft-cited “location, location, location” mantra, which embedded within it, includes all the major issues: community, lifestyle, education and employment (and not always in that order!)
The Israeli Real Estate Event, to be held November 14 in Brooklyn, seeks to address these issues and more. The public is invited to meet some of the top experts who have gathered all under one roof for a daylong expo. Choose the lectures that interest you the most and come prepared with all your questions! Pre-registration is required. For more information and to register, visit: realestateisrael.org.
The following is a brief overview of Israeli cities, highlighting a number of real estate options that we hope will be of assistance to Anglo investors and potential olim. Needless to say, this is just the tip of the iceberg (or as Israelis say, “al ktzeh hamazleg”!)
Jerusalem
The capital of Israel and of the Jewish people has always been the No. 1 aliyah destination, thanks to its religious and historical significance. Property prices are not cheap, but the quality of life is incomparable to any other place in Israel—or in the world, for that matter.
Those familiar with Israel’s majestic and bustling capital city might doubt the possibilities for much in the way of new construction projects, when, in fact, thanks to urban renewal and other city initiatives, there are a surprising number of options all around the city.
Diverse Projects
Strongly Anglo neighborhoods, such as Ramat Eshkol and French Hill, are seeing a spike in evacuation and construction (pinui-binui) projects as well as National Outline Plan (TAMA) 38/2 demolition and rebuilding projects. Those interested in a high-end, luxury project in the heart of Geulah will be able to find units in the Schneller compound, which straddles Malchei Yisrael and Yirmiyahu streets.
One of the biggest residential real estate developers in Israel since it went public in 2006, Africa Israel has projects just about anywhere in the country. In Jerusalem, they have over 1,000 units on offer in the Kidmat Gonen project in the Katamon neighborhood. Another exciting development is Africa Israel’s purchase of land for a rental housing project in Moradot Arnona, a new neighborhood planned to the east of Arnona, an area that is extremely popular among Anglos.
Self-Contained Community
The Nof Zion New Phase Project, developed by Australian entrepreneur Kevin Bermeister and Israeli supermarket chain owner Rami Levi, is located in the southeast end of Jerusalem. Adjacent to the Armon Hanetziv Promenade, Nof Zion boasts a magnificent view of the Old City walls and Har Habayit. The project features spacious and accessorized 3-6 room apartments, some with private gardens and others with large balconies. Phase 1 already exists, comprising 7 buildings and 96 families, with a primarily young, religious demographic. The new phase will include an additional 360 units in 22 residential buildings. Also planned are a shopping center, public areas, coffee shops and two hotels, for a beautiful, self-contained community and a rich social life. The apartments are well-planned and meet high technical specs, with prices that are attractive for units of this caliber and location.
One-Stop Shop
A trusted realtor is a must when seeking to purchase a property close to home, all the more so when you’re dealing with a different language, laws and culture. Tivuch Shelly, established in 1989 by native New Yorker Shelly Levine, is one of Israel’s most established real estate agencies, with offices in Jerusalem, Modi’in and Ma’aleh Adumim.
Employing a full-service marketing approach, Tivuch Shelly services clients through all stages, finding the best location and community for them, to mortgage consulting and connecting with experienced real estate lawyers, to assisting with drafting floor plan modifications. The agency works exclusively with a select number of top-quality builders, serving as their exclusive representatives. For investors, Tivuch Shelly will take on the role of rental management.
“We don’t just sell a property and walk away,” says CEO Shelly Levine. “Our clients receive our complete dedication including finding a rental property—free of charge—while their home is under construction.”
