By Hadassah Bay
With rising antisemitism, many Jews across the world are considering where they can live an open and proud Jewish Life. The result has been a surge in the number of people looking at making Aliyah or purchasing a home in Israel. “We are definitely seeing that buyers are making not only a financial decision when they buy property here, but clearly also an emotional one,” said Menachem Gindi, an Israeli residential developer. “It is a statement, an identity, and our natural response is, ‘Welcome home.’”
It is estimated that one million immigrants will come to Israel over the next two years. With a strong dollar and a weakening shekel, is now the time to buy?
According to Jerusalem-based real estate attorney Yaakov Epstein, housing prices will skyrocket in the next year or two. There are a number of factors — from interest rates, lack of construction workers and global supply issues — that are concerns.
Since Oct. 7, Israel has not allowed the entry of Palestinian construction workers to Israeli cities, leading to a crisis in the construction industry. Raul Srugo, president of the Israel Builders Association, noted that countrywide, 45% of construction sites are paralyzed, and active sites are working at just 30% capacity. And while the government has talked repeatedly about importing 50,000 to 100,000 foreign workers to cover the shortfall in construction, agriculture and services, that decision has not yet panned out.
Every month construction at a near standstill means a steadily dwindling supply of housing units. Meanwhile, the embargo from Turkey, once a chief supplier of steel and cement, forces contractors to purchase these basic building materials elsewhere, thus making construction more expensive.
“Even if you buy an apartment that won’t be ready for a few years, you’ll have locked in a price and won’t be hit by the upcoming price hike,” Epstein explained.
To help American buyers, Gideon Katz has created an annual exhibition, “The Great Israeli Real Estate Event,” to help American buyers answer questions about buying property in Israel and to showcase available properties. After strong sales at similar events on the East Coast, the Great Israeli Real Estate Event is coming to Los Angeles, on June 20 in the San Fernando Valley and June 23 in the Pico District.
At the upcoming Israeli Real Estate events in Los Angeles, participants will be able to meet in person with dozens of contractors who have projects all over Israel. Wherever you want to buy — in Jerusalem or Beit Shemesh, Netanya or Herzliya, Tel Aviv or Gush Etzion — this is the place to find out about the best Anglo neighborhoods, with apartments that suit every taste, size and budget. What’s more, contractors will be offering special deals and discounts that are available only at the event!
“Some people don’t realize just how intensive Israeli bureaucracy can be,” Epstein said, adding that his team offers the highest level of customer service at a competitive price. “We hold the hand of buyers from the minute they choose an apartment to when they get the key. You don’t even have to come to Israel at any point in the transaction.”
Maybe next year in Jerusalem comes with your own place to stay!