In recent months, the Israeli real estate market has experienced a notable increase in acquisitions by foreign residents, particularly in cities like Beit Shemesh and Jerusalem. This trend is primarily driven by a heightened desire to connect with the Jewish state and concerns over rising global antisemitism.
According to data from the Ministry of Finance, in September 2024, foreign residents acquired 254 apartments in Israel, marking a 119% increase compared to the same period the previous year. This represents the highest level since July 2022.
This dynamic is fueled by Jewish buyers eager to strengthen their connection to Israel and secure a potential refuge amid growing tensions in their home countries. For instance, Marc and Yael Azran, residents of Maryland, recently purchased an apartment in Beit Shemesh, expressing their desire to be part of the destiny of the Jewish people in Israel.
Potential buyers should consider several practical aspects. Additional costs, such as purchase tax, attorney fees, and currency conversion fees, can add up to about 12% of the property’s price. Moreover, Israeli banks typically offer financing of up to 50% of the property’s value for foreign buyers.
In terms of location, cities like Jerusalem and Beit Shemesh remain popular choices. However, peripheral areas with more affordable prices also present interesting opportunities.
To ensure a secure transaction, it is highly recommended to work with skilled professionals, such as real estate attorneys and mortgage brokers, who can help navigate the process effectively.
In conclusion, despite certain challenges, the Israeli real estate market offers attractive opportunities for foreign buyers looking to invest or establish residence in Israel. Careful planning and a thorough understanding of the market are essential to making the most of these opportunities.
