It’s funny how sometimes you don’t equate certain places as having a luxury real estate market. It may be because you have a negative connotation from the press or it may not be a country you know much about; however, virtually every country has a luxury real estate market. Obviously cost comparisons can and do differ from luxury market to luxury market; however they exist all over the world.
And guess what, Israel, as a first world country that is part of the world not only has a luxury real estate market but a thriving luxury real estate market. It may not spring to mind as a country with a luxury real estate market but it does.
From luxury apartments Tel Aviv to luxury apartments in Jerusalem and from mansions in Caesaria to enormous compounds in Savyon, Israel’s luxury real estate market should be a given in most people’s minds and not a surprise.
There are a number of reasons why there is a luxury real estate market in Israel. For starters, money talks. The success of Jewish businessmen is known in every corner of the world and with Israel being the Jewish homeland, there is no shortage of Jewish businessmen with the ways and means to indulge in luxury real estate. Add to this the fact that Israel is a tiny country smaller than New Jersey, and you get some of idea of the demand-supply equation.
To add fuel to the fire, even if a Jew doesn’t live in Israel, they still consider it their second home and may look to purchase a home there. Many of these “foreign” buyers are financially comfortable and also seeking a foothold in the Israeli luxury real estate market.
The Israel luxury real estate market is concentrated in Tel Aviv with the rule of thumb being that the closer you are to the beach, the higher the price. This is pretty much a worldwide real estate given. Then within an approximate half hour drive north of Tel Aviv the suburbs of Herzliya, Kfar Shmaryahu, Arsuf, Michmoret, and Kochav Yair stand out as premium destinations. A bit further north is Caesaria, home to Prime Minister Bibi Netanyahu and the odd oligarch. Pockets of Jerusalem close to historical sites such as the Western Wall are considered prime real estate as is the city of Savyon to the west of Tel Aviv.
There is no shortage of luxury real estate in Israel; if only the prices were not so high…