Israel’s property sector is continuously evolving and many investors are seeing the potential of purchasing in up and coming areas such as Ashkelon.
If you are considering investing in a property, especially as a foreigner, there are a few things that you should probably be aware of before you begin the buying process.
- If you happen to living in a country such as the United States, you should be aware of the fact that Israeli properties are viewed a little differently to those in the States. For example, features such as hardwood floors or open plan kitchens might often be seen as luxuries in Israel while these features might be quite common in homes elsewhere in the world.
- If you’re bringing in money from your home country, it’s wise to pay attention to the exchange rate as some contracts contain a price that’s been based on the exchange rate hitting a certain level.
- Look out for potential price increases if you are investing in a property that’s still under construction as prices are linked to the consumer price index.
- Keep in mind that Israel boasts a strong negotiation culture so almost every price can be negotiated. This is something that usually catches a lot of foreigners off-guard.
- Checking the land registry is part of the buying process in Israel and this is something that you or your lawyer will need to do yourself.
While there are several differences between buying a property in Israel and the United States, it is one investment you won’t regret making.
If you would like some help with the process of purchasing a property in Ashkelon, feel free to email Motti directly here.