Coverage is from the Mizrahi-Tefahot Real Estate Conference on financial opportunities for foreign residents and olim that was held in collaboration with The Jerusalem Post.
Dror Feldman, deputy head of the Retail Division of Mizrahi-Tefahot Bank, addressed attendees at the bank’s conference on business and financial opportunities for foreign residents and new olim held at the Sera Events Hall in Emek Ha’ela and discussed the growing interest of foreign residents in Israeli real estate.
Feldman said there was a 50% increase in property purchases by foreign residents in 2023 compared to 2022, which was driven by increased antisemitism globally and a post-war surge in immigration interest, particularly from the US, France, and Canada. He said Jerusalem is the most in-demand city among foreign purchasers, with increased interest in Modi’in and Givat Shmuel.
Other economic factors
Other factors accelerating demand from foreign residents include the weaker Israeli shekel, which makes properties less expensive for foreign buyers, lower interest rates compared to other countries, and the stability of real estate in Israel.
Feldman noted that some challenges that can slow down foreign investment in Israel include the higher purchase taxes that foreign residents pay on real estate, government cuts to immigration and absorption challenges, bureaucratic challenges, and regulatory limits, such as the 50% cap on financing for foreign buyers.
He added that Mizrahi-Tefahot has 32 branches that provide comprehensive business and mortgage services, with a complement of 80 bankers who assist foreign residents.
Coverage is from the Mizrahi-Tefahot Real Estate Conference on financial opportunities for foreign residents and olim that was held in collaboration with The Jerusalem Post.