Surge in French Migration to Israel Expected to Impact Housing Market

If French Jewry responds to Prime Minister Binyamin Netanyahu’s call to emigrate to Israel, the impact on the housing market in Israel could be substantial.

Increased immigration from France in the past year has already been felt in Yerushalayim, Tel Aviv, Netanya and Ashdod; Hadera, Ashkelon and Afula are next in line according to industry sources.

Eldar Real Estate Marketing CEO Ronny Cohen told Globes that “Our forecast is that tens of thousands of Jews will seek to immigrate to Israel and create demand for thousands of new apartments,” concentrated in the NIS 1.5-2 million price range.

“Anti-Semitism has changed the demand of foreign residents. If foreign residents, mainly French, bought only in Yerushalayim, Tel Aviv, Netanya and Ashdod, now the trend is extending to other locations because foreign residents are no longer buying an apartment as an investment, but as a home to live in,” real estate contractor Yossi Avrahami said.

“We see more and more foreign residents, mainly French, buying apartments in Hadera,” said Shaike Nafha, whose VP Effi Capital is active in that northern coastal city. “Most are looking to be close to the sea and their families in Israel. In the past most of these foreign residents bought in Netanya and Tel Aviv but with real estate prices rising in these cities, people looking for apartments close to the seafront at more inexpensive prices have found them in Hadera. An apartment in the city is 50% of the price of a similar apartment with a sea view in Netanya.”

This article appeared in print on page 8 of the January 12th, 2015 edition of Hamodia.