Israeli real estate continues to appeal to foreign-born Jews, who have bought even more private homes over the last six months. Specifically, a 7% – 8% increase has been found, with most of those apartments purchased by French and Belgian Jews.
Real estate company Frenchie Real Estate, which specializes in accommodating the needs of foreign residents, has found that over the past two years, foreign Jews have bought some 2, 000 housing units in Israel. 28% are French, 18% are from the US, 16% are Canadian, 11% from England, 10% are from Italy, 6% from Scandinavia (Sweden and Denmark), 5% from Belgium and 3% from Australia.
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The data further found that the coastal city of Netanya is the most popular among French Jews, followed by Tel Aviv, Ashdod and Bat Yam. The average budget for such a purchase by a French national is 3.5 – 5.5 million shekels. A balcony is considered a must-have, preferably one with a view of the sea, and they also look to be relatively close to the local French community.
Americans, on the other hand, prefer living in Jerusalem, followed by Tel Aviv and Herzliya Pituah. Their average budget ranges between 3 – 6.5 million shekels. 85% of the real estate purchased by US foreigners was bought with the intention living in it. Americans, it would seem, prefer larger apartments and houses. The current condition of the property is less important to them, as they tend to gut it before renovating it in an American style.
Canadian Jews prefer Tel Aviv to any other Israeli city, followed by Herzliya, Ramat Hasharon and Ra’anana. Comparatively, a Canadian’s budget is large, measuring anywhere from 4.5 million to 25 million shekels, with 95% of the apartments they purchase intended for residential purposes. They prefer to maintain their roots by living near an Anglo-Saxon community. Out of the various real estate options in Israel, they tend to either live in luxury high-rises overlooking the surrounding area, or in houses located in quiet neighborhoods.
English Jews also have a penchant for Tel Aviv, particularly the upscale Neveh Tzedek neighborhood or the northern part of the city. In second place is Jerusalem and Ramat Hasharon. On average, Brits spend 3 – 5 million NIS, with 75% of their apartments bought as living residences. They prefer to live by the sea, the theater and the bustling city center. They also put considerable effort into learning about the area and their would-be neighbors before deciding on an apartment.
Italians usually go for a 2 – 3 room apartment, preferably in Tel Aviv, spend between 1.9 – 2.5 million NIS and use it almost exclusively as a residence. Many of them are young new immigrants from Rome who tend to gravitate toward the entertainment hot spots.
Scandinavian Jews are more inclined to purchase apartments in North Tel Aviv, Herzliya or Ramat Hasharon. They, too, buy real estate to live in rather than to rent out, usually in a quiet area.
Belgian Jews have shown a preference for Tel Aviv, followed by Ra’anana, Herzliya and Netanya. 90% of the apartments they have bought in the last six months were for living, since many of them are planning on relocating to Israel in light of the rising anti-Semitism in Europe.
Australians mainly focus on real estate in the Ramat Gan-Givatayim area, as well as Tel Aviv, Herzliya Pituah and Eilat. The Aussies coming to Israel are mostly young Sidney residents looking to live in Israel.
