In a freewheeling chat about the changing phase of real estate Michael Cohen, CEO of Israel-real.com, has expressed his hopes and predictions for changes in buyer behavior to the media outlet. Here are some excerpts of the interview.
Why should a potential buyer invest in Israel’s real estate?
According to Michael, the real estate scene in Israel is making waves in the international market. He said Israel is one of the destinations which brings out real value for money, whether people are going in for fun or investing. It is a place that won’t disappoint the investor. Since it is an excellent hub for tourism, there is a renewed interest in foreigners willing to settle down in Israel for work or otherwise. There is a demand for all kinds of real estate apartments. And they aren’t that costly to buy at present, and potential buyers can get them at a reasonable price. If they think of renting it out, it won’t be a good idea, but buying and holding on to it would be a good investment option. Buying and selling real estate has become easier as potential buyers/sellers have a real-estate estimation algorithm helping make decisions.
How has the buying process evolved, and why it’s easier now?
Michael attributed the change to various global factors, even anti-semantic feelings, which make those staying abroad come and have a home in Israel. However, he reiterates that the world is a global village. It has helped the buyers to buy property remotely by hiring a lawyer or authorizing someone in Israel on their behalf who has to be notarized at the Israeli embassy or consulate. The representative must be qualified to decipher the regional documents, usually in Hebrew. The documents need to be duly signed, consisting of a caveat registration application at the land registry, bill of sales, and a declaration to state all facts presented are authentic, which is helpful for tax purposes. Using israel-real.com, the buyer or seller can get up-to-date data and the real-estate estimation for the place to decide.
What buyers look for
The buyers can opt to stay or invest. That depends on the buyer. Real estate prices may fluctuate but always bounce back, as land isn’t a renewable source and will definitely have an asking price. Michael presented several reasons why people opted for an apartment or house in Israel, especially those who are from outside of the country look for
- Hygiene and world-class amenities
- Has good economic development
- A defined status
Investing in real estate for long-term investment is a promising idea. It would be a decision a potential buyer wouldn’t regret taking. They need to seek a reputed developer and check whether it fits their budget, whether the locality is right, and whether commuting to other places should be easier. Security and other things need to work out as per the requirement and amenities before the buyer takes the plunge of getting a place. With the help of real-estate estimation, both potential buyers and sellers can meet and work out a negotiation.
How real-estate works in Israel
Michael noted that the lease period in Israel is typically 49 to 99 years. Every other country has a different period. Many people would find it difficult to get a good place for themselves, as it is one of the most economical countries in the world. Potential buyers can rely on a good bank and get a loan to fund their dream. The real-estate estimation provided isn’t just information collected from the web, which may not be authentic. Reliable information is passed to the buyer or seller while technicalities are analyzed and then provided to the user of the information.
There is a procedure that will have to be followed if the buyer gets the loan from the bank. Having a local bank account can help. A foreign resident account that requires the buyer’s valid passport, photo ID, etc., will be required to complete the process. They would have to pay stamp duties, with the additional ones along with the mortgage stamp duty, property tax, miscellaneous fees, and the property cost.
Michael Cohen concluded by saying that his site Israel-real.com is where you can get all the help you get, as they can also make use of real-estate estimation and make the best choices when buying or selling real estate in Israel.