New buildings in Israel
Location and climatic conditions
Israel is a country located in the Middle East off the eastern coast of the Mediterranean Sea. The capital city is Jerusalem.
The climate in general can be described as humid Mediterranean with cool rainy winters and long hot summers. In mountainous regions it can be cold and sometimes it snows.
For the attention of investors: economics, education, culture in Israel
Israel is a leader in a wide range of sectors of the economy. Computer technology, software, telecommunications, biotechnology, production of medical and fiber-optic equipment have become the hallmark of the country's business activity. Diamond processing is also of great importance to the country's budget. The country produces wood products, food products, tobacco products, precision instruments, metal and plastic products, chemicals, textiles, footwear. Natural gas fields have been discovered along the Mediterranean coast.
Agriculture relies heavily on a modern, high-tech irrigation system to compensate for the scarcity of rainwater. Agricultural producers export fruits, vegetables, flowers. Other crops valuable for the sale are cotton, wheat, barley, peanuts, sunflower seeds, grapes, olives. Much attention is paid to breeding livestock and poultry.
The United States is the most important trading partner, assisting in the development of military technologies, providing economic preferences, and providing political support. Israel works closely with Belgium, Germany, Great Britain. According to experts, international financial institutions have a high degree of confidence in the Israeli economy, give optimistic forecasts, in particular, that thanks to the excellent performance of the technology sector, a fast and effective campaign for large-scale vaccination of the population, as well as an increase in gas exports in 2021, the Israeli economy will return lost in force majeure in 2020, Israel's GDP will grow by 5%. Experts call the Israeli economy stable, powerful and diversified.
Education system is represented by 63 educational institutions, 8 of which are state universities, 35 academic colleges (20 public and 15 private), 20 teacher training colleges.
There are seven UNESCO World Heritage Sites in Israel. Modern Israeli culture is diverse and dynamic. Israeli dances - "Bat-Sheva", "Bat-Dor" are known all over the world. Israeli music reflects the influence of international culture. In 1966, Israeli writer Shmuel Yosef Agnon shared the Nobel Prize in Literature with German Jewish writer Nelly Sachs. Israel's architecture consists of many different styles and historical eras: Crusader castles, Islamic madrasahs, Byzantine churches, former Templar houses, Bauhaus-style buildings, Arab minarets, domes of the Russian Orthodox Church, and modern skyscrapers.
Why is it profitable to buy an apartment from a developer in Israel?
Real estate prices in Israel in the new buildings began to gain momentum again in 2020 after some stagnation in 2018 and 2019. This trend will continue, according to experts. The pandemic has led to an increase in housing prices in the new buildings: in the first quarter of 2020, the number of new construction projects began to decline, this trend continued throughout the year and continued in 2021. Since construction work takes a certain amount of time, this means that in the next one to two years there will be a shortage of new apartments on the market, which is likely to lead to higher prices in the future. The demographic component also contributed to the increase in the cost of housing. In Israel, with its significant population growth (not very typical for countries with a high standard of living), the number of households is growing much faster than apartments appearing on the market, and the gap between these indicators is only growing every year.
Mortgage interest rates have reached their historic lows, which could not fail to attract buyers and investors. Another factor is the decision taken in August 2020 to reduce the tax on the purchase of real estate (from 8% to 5%). All this creates high demand against the backdrop of reduced supply - a classic scenario of a stable and long-term growth in prices for residential complexes in Israel. This situation cannot be considered good news for young families, but it is beneficial for investors who have seen the trend and decided to invest in the new buildings from developers.
According to the real estate search engine GEOLN.COM, the lowest price per square meter for a turnkey apartment in a new building in Tel Aviv is 2,850 USD.
Special conditions for purchasing apartments from the developers in Israel for foreign citizens
Foreigners who have the right to repatriation under the Law of Return are able to purchase apartments in Israel. The sale of apartments from developers to foreigners can be carried out without restrictions if the residential complex is located on private land.
Purchasing an apartment in a new building in Israel is a profitable investment project, taking into account the rise in prices and the high demand for housing. At the same time, the risks are minimal, since the country's economy is stable and is on the rise, and construction is carried out with high quality, which is confirmed by customer reviews.
Off-plan property and other buildings in cities in Israel