More Americans are buying homes in Tel Aviv

“The market used to be dominated by buyers from the U.K. and France, but Americans now equal them,” one broker said

National Weekend Edition /
Mar.March 21, 2021 12:00 PM
By some counts, applications from Americans to move to Tel Aviv more than doubled year-over-year in 2020. (Getty)

By some counts, applications from Americans to move to Tel Aviv more than doubled year-over-year in 2020. (Getty)

The pandemic has sent some Americans with the means searching for bigger homes and more space.

But some are also looking abroad, and an increasing number of Americans are buying homes in Tel Aviv, Israel’s Mediterranean metropolis.

Nefesh B’Nefesh, an organization that helps people relocating from the U.S. and the U.K., found that applications from American citizens to Tel Aviv were up 126 percent last year compared to 2019, according to the Wall Street Journal.

“Two years ago, I’d have one or two inquiries a month [from U.S. citizens], now it’s around 20,” said Matthew Bortnick, a director at Beauchamp Estates’ Tel Aviv office. “The market used to be dominated by buyers from the U.K. and France, but Americans now equal them.”

Tel Aviv is Israel’s most expensive residential market and home to some of the country’s priciest properties. An American couple closed the priciest sale of last year when they bought a condo for the equivalent of $25.2 million.

The city is just behind Paris in terms of average transaction costs at $1,084 per square foot, according to a Deloitte’s 2020 property index. Bortnick said a standard two-bedroom unit in central Tel Aviv typically sells for $1 million.

The Israeli government reported that 16,000 people from 85 countries arrived in Israel last year as of October. Improved relations between Israel and the United Arab Emirates is driving some demand from Middle East countries as well.

[WSJ] — Dennis Lynch 


Related Articles

arrow_forward_ios
1209 Dekalb Avenue in Brooklyn. (iStock, Kutnicki Bernstein Architects)
Industry suffers setback in 421a class action suit
Industry suffers setback in 421a class action suit
An index tracking applications for mortgages to purchase homes decreased 5 percent. (iStock)
Frenzy ending? Mortgage requests fall 5%
Frenzy ending? Mortgage requests fall 5%
(iStock/Illustration by Kevin Rebong for The Real Deal)
March madness: Homes sold faster than ever last month
March madness: Homes sold faster than ever last month
February were 10.4 percent higher than last year. (iStock)
Home price growth hits 15-year high
Home price growth hits 15-year high
(iStock/Illustration by Kevin Rebong for The Real Deal)
Foreclosures and evictions could be halted for rest of 2021
Foreclosures and evictions could be halted for rest of 2021
The four-bedroom home in Silver Spring, Maryland (Photos via Realtor)
Overheated? DC-area fixer-upper gets 88 offers — 76 all-cash
Overheated? DC-area fixer-upper gets 88 offers — 76 all-cash
FEMA overhauled the National Flood Insurance Program, which will result in savings or stable premiums for most homeowners. (iStock)
FEMA flood-insurance overhaul goes easy on homeowners
FEMA flood-insurance overhaul goes easy on homeowners
Overall, mortgage credit availability is at its lowest level since 2014. (iStock)
Mortgage lenders play hard-to-get
Mortgage lenders play hard-to-get
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...