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Decreases in real estate prices? "A sharp jump in demand for apartments for Jewish-Russians" - Voila! Real Estate

2022-08-08T09:31:58.404Z


The Israeli real estate market is preparing to absorb the Russian Jews who are expected to flee the country. Elder Marketing: "a jump of hundreds of percent in the number of inquiries from Israeli families of Russian Jews"


Decreases in real estate prices? "A sharp jump in demand for apartments for Jewish-Russians"

The Israeli real estate market is preparing to absorb the Russian Jews who are expected to flee the country. Elder Marketing: "a jump of hundreds of percent in the number of inquiries from Israeli families of Russian Jews who are considering purchasing apartments for them"

David Rosenthal

08/08/2022

Monday, August 8, 2022, 12:10 p.m

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On video: The Jewish Agency's legal team at a hearing in a court in Russia (Photo: Reuters)

In the shadow of dealing with the cost of living and the rise in real estate prices, should the Israeli market be prepared to receive tens of thousands of Russian Jews who are currently considering immigrating to Israel against the background of the Russia-Ukraine



war ?

The Jews and the economic sanctions imposed on the state will make life difficult. The Alder Real Estate Marketing Company reports a sharp jump in the interest of Russian Jews in purchasing apartments in Israel, and even allocated special resources to this in order to prepare for the jump in demand that has already begun and is expected to continue upon their arrival in Israel.

According to estimates by the Ministry of Immigration and Absorption, there are hundreds of thousands of Jews who currently live in Russia and have the potential to immigrate to Israel.



Roni Cohen, CEO of Elder Marketing, which markets about 90 projects nationwide, explains: "The damage to diplomatic relations between Israel and Russia, the threat of closing the activities of the Jewish Agency in the country, and the fear of global isolation bring many Jews living in Russia to consider leaving the country immediately and immigrating to Israel.

In recent weeks, we have received a flood of inquiries from Israeli families of Russian Jews who live in Israel, and who are looking to purchase an apartment for their relatives who will immigrate to Israel - this is a 250% jump in the number of inquiries.

The interest was in apartments in different areas of Israel - in the periphery in cities like the Kiryat and also in the high demand areas in the center of the country.

The type of apartments they are looking for also varies between the various applicants - from apartments at prices of up to NIS 2 million to larger and more expensive apartments for the more affluent Jews."



Before Putin's threat to close the Jewish Agency in his country, the agency's offices received a large number of applications and requests for immigration visas from Jews from Russia, and it began preparing for their removal from the country and their absorption in Israel.

These are residents who are afraid to stay in Russia due to the worsening of the war and the worsening of the sanctions from the West.

One crisis too many?

The offices of the Jewish Agency in Moscow (Photo: Reuters)

Roni Cohen (Photo: Elder Marketing)

Yigal Chodner, CEO of Netibi Hakama, which specializes in managing licensing and statutory procedures and hails from the city of Kyiv in Ukraine: "I have no doubt that if the situation in Russia continues as it is now and even worsens, there will be a massive wave of Russian Jews immigrating to Israel - tens of thousands for sure and maybe even hundreds thousands

Already today the situation in Russia is unbearable, it is not possible to live in the country nor can you trust the authorities.

Jews there can neither receive money nor transfer money because they have been cut off from the international settlement system, and especially those who live there are afraid of a general army recruitment by Putin if a state of emergency is declared there.

Those who can have already fled from there and the rest are expected to flee soon."


Chodner adds that "the State of Israel must prepare immediately and comprehensively for the wave of immigration that will come. It must prepare to provide the immigrants with housing solutions, but at the same time also for education, medicine, employment, and more - at the moment the state is not prepared for this at all. It must simplify and facilitate Every step required for the absorption of this population, to allow maximum flexibility in granting permits, and in the interpretation of plans and laws. Abandoned buildings in the cities must be qualified, converted into residences or other uses that will be required, buildings must be built with easy construction and expedited procedures, hundreds of thousands of square meters of office buildings must be converted For residences, to house the immigrants in moshavim or kibbutzim - and do it now and then take care of the bureaucracy."



According to Eran Levy, CEO of Altneuland, "If the predictions do come true and there is a large wave of immigration from Russia, there is a need to produce a large amount of housing units in a very short time.

Already today, the Israeli real estate market lacks more than 100,000 apartments, and the gaps only increase every year. The state must look at this as a national event, change its thinking and understand that we are in an emergency situation in the real estate market, and switch to the approach that characterized the wave of immigration from Russia in the 1990s Eric Sharon produced hundreds of thousands of apartments in a flash.

It is no longer a cliché, it is the order of the hour."



We note that in recent months more than 50,000 Jews from Ukraine who fled the fighting have arrived in Israel, and they have also led to a sharp increase in the demand for apartments in Israel. Some of them have already had time to leave Israel, but most of them remain and need apartments. If Russia Continue with the winds of war, it is possible that many Jews from other countries in the region that are under threat of Russian takeover will also want to flee and immigrate to Israel - countries like Kazakhstan, Moldova, Belarus and more.

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Source: walla

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