Israel’s First Rent to Buy?

346316If Finance Minister Kahlon has his way, Israel will have its first “lease to buy” project. Working with foreign, primarily US, developers, the plan calls for an eventual construction of 10,000 apartment units that would be rented, by lottery, to couples who would pay upfront 10% of the purchase cost, and after 18 years would be owners of the property. These are new apartments, 4 bedrooms, 120 sq meters, to be built more quickly than is normal here in Israel. Financing would come from foreign banks. Here are the details of the proposed plan. Stay turned for its progress.

http://www.globes.co.il/en/article-israels-treasury-to-promote-home-lease-and-buy-plan-1001064583

 

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