Buy Apartments in the Galilee, Israel

private home in safed, israel

private home in safed, israel

Prime Minister Binyamin Netanyahu was in the Galilee (Galil) yesterday to lay out his vision and future funding for developing the north of Israel, in the Galil. The Prime Minister wants to see the north develop like the south, where there has been a huge building rush of houses and businesses. Along with all of that great development, there has been a corresponding increase in the price of homes.

At present, one can still buy apartments or homes in Israel, in the north, for very reasonable prices. And, even though government ministries and the Bank of Israel predict a slowing down of the real estate market in Israel, an infusion of residential and commercial development in the north will automatically increase property values and heat of the home sales market. Now is a good time to buy real estate in Israel, in the north, especially in places such as Tzfat, Tiberias, Migdal, Yavne’el and the moshavim surrounding the Kineret.

Prime Minister Netanyahu promised government investment in building a future in the Galilee, meaning jobs, training, and housing, with a focus on strengthening entrepreneurship. He also spoke about the relocation of industries to the north, which will bring immediate employment opportunities. Netanyahu said that the government also intends to build civil infrastructure, increase and enhance medical facilities in the Galil and engage in a campaign to bring new residents to the cities of the Galilee. All in all, it sounds very good.

 

Hot Property to Buy in Safed, Israel

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For all you searchers of property in Safed (Tzfat) Israel, here is a property you do not want to miss! Extremely affordable, perfect location, views, and currently rented, meaning you would have income right away until you are ready to move in yourself. Here are some brief details: 4 rooms (3 bedrooms) 2 bathrooms, one with a tub!, 7th floor (but one elevator entrance is on 3rd floor giving you a very easy climb on Shabbat and Yom Tov), just off the midrachov and close to everything you need and want to do in this Holy City of Tzfat. If you are looking to buy property in Safed, Israel, you need look no further. Be in touch right away at galilproperties@gmail.com to learn more, see more photos, and arrange for a viewing. Asking price is only 790,000 NIS.

Government Cracking Down on Landlords

israel-irsOwn or Planning to Buy Investment Property in Israel?

Make sure you report!

Medinat Israel is getting serious about apartment owners who do not report rental income. Today in Jerusalem, a 36-year old yeshiva student was indicted for failure to report 1.36M in rental income from five units that he owns and rents out. He was charged with fraud under income tax and real estate laws. The report does not state if he is a dual citizen. Bottom line…Israel is the best real estate investment market in the world. But the days of black money may be coming to a close. Be careful.

Affordable Real Estate in Israel

Affordable Real Estate Can be Found in Northern Israel

Everyone is watching their budget these days and Israel real estate buyers are no exception. If you skim the real estate listings, it might seem that the idea of buying property in Israel is just a dream. And, in fact, if you concentrate your search to the center of Israel, it just may be that this is the sad truth.

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Come north to the beautiful, wide open spaces of northern Israel. Here you can still find affordable property in Israel. The north offers city living, town living, or country living. You can buy an apartment, townhouse, or private villa, land or a farm. If you are thinking about investing in the Israel real estate market, northern Israel is the best place to plant your investment money. As little as 280,000 shekels can get your foot inside the Israel real estate investment door. The return will be much better because your purchase price will be much lower.

20160629_130903Prices in the north are rising, just like they are all over Israel. Yet, for affordable housing in Israel, the north is still your first choice. Prices range from 500,000 to over 1M shekels, depends upon size, location, views, and whether furnished or not. On our “Hot Properties” page you can find something to suit your budget and taste. Visit us often, sign up for email alerts, and let us help you find your affordable real estate in Israel.

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Ready to Buy Property in Israel?

Israel real estate prices continue to rise

According to the most recent report out of the Israeli Ministry of Construction and Housing, the price of a home in Israel continues to be more expensive. The report, issued last month, states that the average price of a home in 2015 was 6.2% higher than in 2014. Second-hand home prices rose more than new homes, averaging 7.1% more in 2015 over 2014, with new homes showing an increase of 1.1%. The average price for a new home in 2015 was NIS 1.628 million.

telavivnightTel Aviv continues to lead the country in terms of housing prices. The average price for a second-hand, 3 bedroom apartment in Tel Aviv in 2015 was NIS 3.37 million. According to Globes, the most affordable place in Israel for homebuyers is Tiberias, where according to the data they used, the average price for a second-hand, three bedroom apartment was NIS 761,700 in 2015.

Globes also reports that the best return on your investment is in Tiberias, with an average return of 4.3% on rental apartments. Rents are much lower in Tveria, making it an attractive city for renters, compared with an average rent of NIS 6,840 for a three bedroom apartment in Tel Aviv.

At the same time, a Globes Azimuth Advertising Survey reveals that more Israelis are looking to purchase a home and they are prepared to pay the the increased prices. This latest survey was conducted in January, 2016, covering the second half of 2015. The survey indicates a rise of approximately 45% in the proportion of Israelis house hunting. For instance, in the previous survey, 7.2% of respondents said they were considering a home purchase compared to 8.2% in the new survey. 8.2 percent responded that they were actively searching for a home compared to only 3.6 percent in the previous survey. More competition for housing means higher prices, so this is good news for sellers. At the same time though, the number of buyers seeking small apartments, such as one or two bedrooms, declined, indicating a general drop-off in investment purchases due to the higher purchase tax on investors. The evidence of this can be seen more clearly in the center, where investors were grabbing up these smaller apartments for vacation rentals. The survey also indicated that Israelis were willing to deal with the increasing home prices rather than sit out waiting for government reform policies that promise to bring prices down. In other words, confidence in government policies that will make housing more affordable is waning as Israelis face the consequences of reality.

5-bigIf you are looking to buy property in Israel, for living or investment, the best place is in northern Israel, especially in Tiberias, Katzrin, Tzfat and the many moshavim in the Galil. We offer our services to help you find the perfect home or land to help you fulfill your dreams. Please visit our Hot Properties page for samples of what is available in this beautiful area. But keep in mind, not everything is listed on the page. This is why we refer to ourselves as property finders. Tell us what you need, and we will find it for you! and help you save money too! To find out more about us, please visit our About page and then be in touch. We look forward to meeting you.

Ready to Make a Real Estate Investment in Israel?

 

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ONLY 650,000 NIS

This is a very affordable home in the Holy City of Tveria, located within a very easy walk to the city’s main shopping streets, the outdoor market (shuk), and downtown commercial center. The apartment is located in a neighborhood filled with synagogues, a mikveh, kollel, and several other places for learning day and night. Outside of the neighborhood, one can easily walk to Chabad House, two other historical synagogues on the waterfront, and the Karlin synagogue. Surrounding the neighborhood are the gorgeous hills of southern Tveria, where you can hike along trails and explore ancient caves, or hang out with the horses and cattle.

The apartment itself is a steal. Listed at only 650,000 NIS, this gem is on the second floor, 120 sq meters, 2 bedrooms, two balconies, kitchen, one bathroom with shower and a second bathroom with sink and toilet. You will love the view of the Kineret from the balconies. The property is in good condition, ready to move in or rent out. It would be a very good investment, as rental properties in this neighborhood are hard to find. Visit our Hot Properties in Tiberias page for more photos. ONLY 650,000 NIS

Contact us at galilproperties@gmail.com

Buying Property in Israel From Abroad

5-bigBuying Property in Israel from Abroad

We receive many inquiries from overseas buyers, especially those of you planning your Aliyah. Sometimes the purchase is for investment. Everyone is interested to know “what is the process for buying property in Israel when you live overseas.” While it is certainly preferable to come to Israel personally to view properties and sign the purchase contract yourself, one can conclude a purchase of property from abroad. Below is a brief discussion of the basic elements of buying your home in Israel or making an investment in Israel real estate when you are not in the country. As always, we refer you to proper legal counsel for the most current changes in Israeli real estate law, and of course, to prepare the purchase contract.

  1. Real Estate Agent: Do your research and find a reputable real estate agent who covers the geographical area where you are interested in buying your home in Israel. The agent should be someone well experienced with the market and who has the technical skills to provide you with high resolution photographs and video of the potential properties. Your real estate agent is your advocate for negotiating the best price so that you find the home or investment you want within the parameters of your purchasing budget. Once a potential pool of properties is narrowed down, try to make a quick trip to Israel to take a look in person. You can return home and complete the process from there.
  2. Lawyer: All real estate contracts must be written by an Israeli lawyer, in Hebrew. Your lawyer is your point of contact for the contract, for investigating the legality of the property, for ensuring that all of your needs are met in the sales contract and for hiring an engineer to examine the property to be certain there are no structural problems. You must give to your attorney a Power of Attorney. This Power of Attorney must be sealed with an Apostille by the Israeli consulate. This process can take some time, so you should make an appointment with the consulate as soon as you first begin proceedings with the lawyer, even before you receive the Power of Attorney from him or her. Once the lawyer has the Power of Attorney, he or she can sign the contract for you, as well as become responsible for transferring all legal ownership documents to your name. Your lawyer is your advocate to protect your legal rights throughout the purchasing process.
  3. Cash purchase: If you are paying by cash, all monies for the purchase of the property must be placed into an escrow account until the seller demonstrates that all taxes and bills on the property are clear. Your lawyer will set up an escrow account for this purpose. You wire the money to your lawyer, it is placed in the escrow account, and the lawyer will disburse the funds according to the schedule defined in the contract. Also from this account, the lawyer will pay the various taxes owed on the transaction, land registry fees and the real estate commission.
  4. Mortgage: If you need a mortgage for the purchase, there are several mortgage brokers who can assist you with locating the most favorable loan package possible. The mortgage broker will walk you through the process, tell you what documents are needed, negotiate the best rates and present to your lawyer the mortgage documents for signature.
  5. Transferring associated accounts and receiving keys: Either your real estate agent (if you have provided a management agreement or power of attorney) or your lawyer can take care of transferring your name to all the associated accounts, such as city tax office, utilities, etc and accept on your behalf the keys to your new home or investment, to be held until you finally come home to Israel.

for more information, please contact galilproperties@gmail.com