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
US HUD Secretary Marcia Fudge (Getty, iStock)
HUD secretary declares Miami “epicenter” of housing crisis
HUD secretary declares Miami “epicenter” of housing crisis
Rental Market, Rents, Zumper, National, Mortgage Rates, Housing Market, Home Prices
First signs of rent frenzy ending
First signs of rent frenzy ending
(iStock, Illustration by Kevin Cifuentes for The Real Deal)
U.S. home price growth slows for first time in five months
U.S. home price growth slows for first time in five months
Douglas Elliman's Frances Katzen (Douglas Elliman, iStock)
“Paralysis” hits Manhattan home buyers
“Paralysis” hits Manhattan home buyers
A photo illustration of home-flipping (iStock)
Home-flipping hits 22-year high, but profits narrow
Home-flipping hits 22-year high, but profits narrow
(iStock/Photo Illustration by Steven Dilakian for The Real Deal)
In just a year, renting has become far cheaper than owning
In just a year, renting has become far cheaper than owning
(iStock/Illustration by The Real Deal)
Miami leads nation in rent hikes — again
Miami leads nation in rent hikes — again
An illustration of sad homebuyers (iStock)
Housing affordability drops to 15-year low: Zillow
Housing affordability drops to 15-year low: Zillow
arrow_forward_ios

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

Loading...