With global antisemitism rising in the wake of the current war in Gaza, Jewish communities are finding themselves increasingly concerned about the future of Jewish life for their children in their respective countries. According to the Anti Defamation League (ADL), Europe has seen a 300% rise in antisemitic incidents this year as opposed to last and South America soared to 700% higher numbers with Australia reporting 491% more cases than 2022. One in three people admit to not feeling safe openly displaying their Judaism in the street at this time. University campuses across North America have become a seething pot of anti-Israel sentiment and alongside it, antisemitic rhetoric has emerged that has no limits and calls for genocide.
Whilst many believe that with the end of the war will come a calmer period, an overwhelming number are exploring the prospect of a second home in Israel or making “Aliyah”, immigration. Over the last 8 weeks, Israel has experienced a sharp peak in real estate sales from foreign investors, many buying property on paper remotely.
“We have experienced an increase in demand for our projects in central Israel and the Sharon area, from foreign Jewish investors from around the globe from Australia to Brazil, UK to the USA. The dollar is strong and there is a growing consensus that an investment in a home in Israel is more than a financial investment, it is a peace of mind”, explains Menachem Gindi, one of Israel’s leading residential developers. As the Jewish Agency offices around the world find themselves inundated with calls, many question Israel’s ability to provide a solution for housing the estimated one million immigrants set to flood the country over the coming two years. “I do not see any crisis in supply at the moment”, explains Gindi.
The audience is diverse but the common denominator they all seek is quality, community and lifestyle. “For families, the element of a cosmopolitan community and quality educational institutions are also important”, said Gindi. “We understand that this may not be an ideal time to visit the projects we have on offer, so we have trained our global multilingual staff to assist the foreign buyer with every aspect of the sale, right up until they receive the key”.
Following three years of steady price rise in the Israeli market, 2022 saw a 5% dip in pricing in major cities such as Netanya and Ramat Gan. This dip alongside the weakening shekel has presented a unique opportunity for foreign investors as well. “Today we can provide them with a 5 room sea-view apartment on a high floor with luxury facilities at their fingertips starting at just under one million US dollars. That is a very attractive price point for a foreign investor”, explained Gindi.
“We sold 17 apartments in Ramat Efal in under 5 days,” explained Karen, a prominent realtor in Israel. “These were not sold to people planning on moving tomorrow but they definitely want to begin exploring the idea. “The rent is also high so they are happy to make a return on their investment in the meantime too”. Ramat Efal in central Israel, next to Savyon and Sheba Hospital is developing a whopping 520,000 square feet of residential property to go alongside lush parks and in close proximity to the light rail.
Another city experiencing this surge in demand is Givat Shmuel, just 15 minutes from tel Aviv, Givat Shmuel has proven to be the cosmopolitan melting pot of central Israel. Close to Bar Ilan University and boasting superior educational institutions, the French, American, Brazilian and British crowds are all securing property there. “Buyers from abroad seek a particular lifestyle. They do not want to compromise on that, emphasizes Gindi. “They want top notch building specifications, luxury finishings and fitness and entertainment facilities as well as synagogues and green settings within close proximity to the building”, he explained. “Our new project Samuel in Givat Shmuel was built to cater specifically to this audience”.
With this new surge of global antisemitism, comes an incredible sense of solidarity amongst world Jewry and Israel is indeed the Jewish capital, homeland and heart of the Jewish people. “We are definitely seeing that buyers are making not only a financial decision when they buy property here but clearly also an emotional one”, says Gindi. “It is a statement, an identity and our natural response is; welcome home”.
