Non-residents buying more Israeli apartments

Franchi CEO Marcello Incellini said he expects that foreign residents will purchase about 1,200 apartments in Israel in 2019, worth some NIS 4 billion.

By JERUSALEM POST STAFF
April 23, 2019 22:25
Non-residents buying more Israeli apartments

Israeli star architect Irma Orenstein helped design the most expensive apartment ever sold in Israel. (photo credit: Courtesy)

The number of apartments bought in Israel by nonresidents in 2019 is expected to increase by some 50% over 2018, according to a survey conducted by Franchi Real Estate. In 2018, some 800 transactions were executed for the purchase of apartments by Jewish nonresidents, at an estimated value of approximately NIS 2.8 billion.

Franchi CEO Marcello Incellini said he expects that foreign residents will purchase about 1,200 apartments in Israel in 2019, worth some NIS 4 billion.

A sample of nonresidents who purchased apartments in Israel in 2018 reportedly showed that the cities most desired by nonresidents for investment or residential use are: Tel Aviv, 41%, Jerusalem, 17%, Netanya, 5%, and Ra’anana at 5%.

A decade ago, about 80% of apartments purchased by non-residents were in Tel Aviv. Those who purchased apartments in Israel in the last few years have included foreign residents from the United States, France, England, Germany, Sweden, Norway, Belgium, Brazil, Italy, Denmark, the Netherlands and Singapore.


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