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Mechir LeMishtaken: What does it mean for Foreign Buyers?
Considering the high cost of housing in Israel and the difficulty for many people – mostly young couples – to buy a home, Israel’s Finance Minister Moshe Kahlon, together with the Ministry of Construction & Housing, introduced the “Mechir Lemishtaken” (Buyer’s Price) scheme in 2016, to generate affordable housing and to slow down the escalation... Read more
Increase in property taxes on unoccupied apartments in Israel
The Municipality of Tel Aviv announced that it is increasing the property taxes (“arnona“) of approximately 1,400 “ghost apartments” to 220.78 NIS per square meter. Property taxes are between 50 and 85 NIS 85 per square meter for apartments in Tel Aviv up to 140 square meters (depending on the area in the city). On average, this... Read more
Demand for new homes in Israel remains high
Sales of new homes in Israel increased by 17.3% in January 2016 compared to December 2015. In January 2016, 4360 new homes in Israel were sold, of which approximately 68% were for purchased by buyers for residential purposes and the remaining 32% were bought for other purposes including investment, purchasing groups, rental programs, etc. Thus indicates preliminary... Read more
Mechir Lemishtaken — good news for first-time home buyers in Israel
In light of the high cost of housing in Israel and the near impossibility for many people – mostly young couples – to buy their own homes, Israel’s Finance Minister Moshe Kahlon, together with the Ministry of Construction & Housing, has introduced a new formula for the affordable housing program “Mechir Lemishtaken” (Buyer’s Price). Within... Read more