By Ben Levene
What a week in Israel!
The so-called mistaken rocket attacks from Hamas and the escalation in the necessary defenses of our country. The election coming closer with Bibi Netanyahu under a stronger challenge than before. Who knows what will occur?
These events lead to people asking me what effect it will have on the market. Let’s start at the beginning. We are a strong nation and strong people. In the past, at times worse than this, the market has frozen, leading to a low volume of transactions and no rush to dispose of property quickly.
A very small percentage of sellers need to sell, whatever the political climate. These sellers mean this is a time buyers should consider entering the market.
Policies can be different. For example, a now accepted purchase tax for second-time buyers in Israel or any foreign buyer is now very much part of purchasing an apartment. Builders and developers could also be concerned about future fiscal policy. If a change to a more left-wing government is in the cards, it may open up a window of time where developers will be looking to sell quicker.
While we are unlikely to see a 10–25 percent drop in prices in the local Jerusalem market, the uncertainty means that opportunities are being created for buyers in a good position to purchase.
In other news we are just starting to plan our informative seminars on how to buy property in Israel for June. If anyone would be interested in having us come to you locally to give a presentation, please be in touch!
Ben Levene is sales director of CapitIL Real Estate Agency and is a licensed real estate agent in Israel. CapitIL is located on King David Street in Jerusalem. Email email@example.com, call 646-781-7745, or visit CapitIL.com to learn more.