When buying a home in Israel, one of the first items to consider is the direction of exposures (kivunei avir). As with most issues in Israel, everyone has a strong opinion about which exposures are preferable. But before we talk about opinions, let’s look at some facts: The sun rises in the east and sets in the west. Presuming there is nothing blocking your window, you will get morning sun in the east and afternoon sun in the west….
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Buying a second-hand home in Israel: What will our attorney do during the negotiation process?
Posted on 07. Feb, 2010 by buyitinisrael.
When purchasing a second-hand home in Israel, it is customary for the purchaser’s attorney to conduct negotiations with the vendor’s attorney by discussion, exchange of correspondence, and drafts of the contract of sale which reflect each party’s concept of how the transaction should be structured. The following is a selection of some of the more critical issues that a purchaser’s attorney will address during the process of a second-hand transaction:
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Which cities in Israel had the highest number of new apartments sales in 2009?
Posted on 05. Feb, 2010 by buyitinisrael.
In 2009 the total number of sales of new housing units in public construction across Israel rose by 27.3% to a total of 3,803 compared with 2,987 units in the previous year, according to data by the Israeli Housing Ministry which was analyzed by the Israel Association of Contractors and Builders. The asssociation said that last year’s data pointed to a recovery in the Israel real estate market, which was attributed to a number of factors including an increase in demand for apartments across Israel as well as a rise in property prices.
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When buying a home in Israel, in order to obtain a loan from a local bank, a potential borrower needs to show the bank that they have the capacity to repay the loan from their current income. Israeli banks almost always require income verification even if the percentage of financing is relatively low. As a general rule the banks in Israel require monthly income to be three times the monthly mortgage payments.
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Coined in England sometime during the late 19th Century, the term “safe as houses” means that something is perfectly safe. Some of the variants refer to physical safety, whereas others are used in the context of ‘a sure bet’. To use another idiom, ‘there are no sure things’, but the Israeli property market is the closest thing to one…
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Apartment prices in Israel fell by 0.8% in December following a 5.7% slump in November, the Finance Ministry reported last week as part of its monthly report examining the state of the economy. According to the report, the price reduction was accompanied by a 2.1% increase in the number of purchased apartments, particularly second-hand flats, compared to November.
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Contractors are continuing to take close interest in Petah Tikva: Three different real estate companies are planning two large projects, which would include a total of 1,110 new homes.
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Is this the end of an era of cheap mortgages in Israel?
Posted on 02. Feb, 2010 by Buy-It In Israel Staff.
Interest on mortgages in Israel is set to become more expensive despite the Bank of Israel’s decision to leave interest rates for February unchanged and signs of a moderation in the country’s consumer price index (Madad). Over the last couple of months, the prime rate rose by 0.75%, as the Bank of Israel started to raise interest rates after keeping them at a record low of 0.5%, while at the same time, the consumer price index surged.
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Overseas buyers of property in Israel: What to expect from your property management company
Posted on 31. Jan, 2010 by buyitinisrael.
For many foreign resident buyers of Israel real estate, a pivotal part in their investment decision is the question of who will look after the property in Israel once purchased. The easiest and most convenient solution is to employ a professional property manager to take care of all matters pertaining to the rental and/or maintenance of the property.
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In four hours, the developer Shapir Engineering sold 180 apartments in an Or Yehuda project during an open house at the site on Friday. The apartments in the Orion Complex development, worth a total of NIS 180 million, were sold at discounts of up to 13%. The remainder of the apartments in the project will be sold at list price.
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Ra’anana advances affordable housing projects for young couples
Posted on 28. Jan, 2010 by Buy-It In Israel Staff.
Ra’anana Mayor Nahum Hofree is advancing plans to promote municipal construction projecs for affordable housing tailored to the needs of young couples in the city. Property prices in Ra’anana have skyrocketed in recent years as a result of high demand by an affluent population often consisting of foreign resident buyers and high-tech people against an ever shrinking supply of available housing. This situation has made it almost impossible for young couples wanting to buy their first apartment in order to stay in or move to Ra’anana.
