Someone from the center of Israel recently entered the sales office of a construction company and left owning five new apartments at a cost of NIS 2 million each. A millionaire who decided to snatch up a few properties? Guess again. This buyer was a salaried employee who earns less than NIS 7,000 wage a month. He might have come into a substantial inheritance or gotten lucky in the lottery, but the story might...
The real estate riddle: How do such a huge number of low-earners buy so many homes in Israel?
The answer lies in billions of shekels of unreported income that is driving housing prices beyond the reach of ordinary law-abiding citizens.
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this story is by
Arik Mirovsky


