Real estate in Israel.
The social status of people leaving for Israel to permanent residence has changed significantly in recent years, and their preferences for buying real estate have also changed. Overwhelming the country in the nineties the wave of immigration to Israel led to a strong growth of the local housing market. Throughout the country there are many not only new houses, like mushrooms after the rain, but also entire housing settlements. Now, many intermediaries and contractors, who in the past were engaged in construction, are the main leaders in the real estate market in Israel.
In recent years, the number of people leaving for Israel has significantly decreased. However, the predictions made by experts tell us that the general economic crisis, together with increasing anti-Semitism, could lead in the coming years to an increase in the number of people wishing to leave. According to the data provided by the Jewish Agency (EA & # 8212; this is an organization dealing with immigration to Israel), in 2008, fifteen thousand people left for Israel. According to EA experts, in the near future the number of immigrants will increase significantly. Most likely, it will be about eighteen thousand people. It is clear that any person who moves to another country for permanent residence, will need some accommodation.
As can be seen from the statistics published by the Jewish Agency, most immigrants who have gone to Israel buy or rent their own apartment, while the rest prefer to live in special centers created for immigrants, where they can learn Hebrew well and get acquainted with the customs and traditions of the country.
Consider the main factors that affect the number and social composition of immigrants coming to the country, and, accordingly, the real estate market in Israel. First of all, it is universal accessibility of health care in the state. As experts say, in the near future about seven thousand immigrants from countries of the former union, four thousand people from European countries and four thousand from North African countries should come to Israel. If compared with the recent past, the main difference is that a significant number of immigrants are residents of the rich countries of the west, and this fact will naturally influence the choice of the property they will acquire, as well as where they will live and what means to have.
Another factor that significantly influences the real estate market is the age and personal priorities of immigrants coming to the country. A study conducted by the Association of Real Estate Appraisers in Israel showed that at present the share of the housing market claimed by immigrants and repatriates is likely to increase substantially. This will have a positive impact on the demand for residential real estate in the center of the country. The head of this association Erez Cohen said that the central regions of the country is a very important part of the Israeli housing market, even though the number of buyers and housing objects here is quite small. This is because most of the properties located in cities like Tel Aviv, Raanan, Kfar Sava, and Modiin belong to the upper price level.
In the capital and in nearby cities, the number of immigrants can reach more than fifteen percent, of the total number of home buyers. And this is understandable. People who came to Israel prefer to live in big cities in the center of the country, where there is a well-developed infrastructure. It’s easier to find a job, get a good education, or find your countrymen. Even in this difficult economic situation, many immigrants have a winning position when buying real estate in Israel, as they come to the housing market with euros, pounds or dollars, and this money has a strong position compared to the shekel, and therefore immigrants in Israel can purchase a home with a fairly high level.
In the coming year, repatriates will be sold twenty percent of all available new housing. Due to the fact that these social groups most often purchase expensive housing, the share of such purchases from the total cost of conducted transactions with residential real estate in Israel will be very high.
Another feature is peculiar to immigrants (of course, not absolutely everything, but most of them). For immigrants, unlike Israeli citizens, the budget for buying their own housing is very limited, which they do not have the right to exceed. In addition, about two-thirds of immigrants purchase real estate without first viewing them, but scrupulously study them from photographs before buying, or they trust to choose a house for reliable friends.
Now we see that the real estate market in Israel has a good future.
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