Move aims to speed construction with imported workers, better technology and alleviate the housing shortage.
Israel real estate
The more well-to-do areas of Haifa have traditionally been near the top of Mt. Carmel, but Neot Peres has brought them down to the shoreline.
Small apartments have proliferated in recent years, and that calls for a completely different approach. The solutions are in better design and innovative furniture concepts.
As Israel’s population ages, demand for specialized housing is growing fast — faster than it is being developed: By one estimate, Israel will need 29,000 more units over the next decade. Space will be tight for those who want it.
Bank Hapoalim’s Clara Zwergel says low interest rates, inadequate supply and the peculiarities of the Israeli market will prevent a sharp drop.
Indifferent contractors, underpaid architects and indiscriminating buyers are all part of the problem, experts say. Ultimately, we’ll see higher quality only when buyers start demanding it.
Tenants, lawyers say rents are being raised, contracts written with escalator clauses.
Number of transactions has dropped sharply since purchase tax was boosted.
On Monday, Bank of Israel Governor Karnit Flug said that buying a first property may become cheaper, ‘even if it comes at the cost of higher rents.’
Karnit Flug sees economic growth gathering pace after brief slowdown, gives lukewarm backing to finance minister's plan to tax owners of multiple homes.