COVID-19 has brought the world's Jews closer to Israel. In the past, most overseas clients interested in Israeli real estate came from France, London, or the U.S.; lately, however, interest has been growing in other countries, such as Panama, Mexico, Argentina, and South America in general.
Follow Israel Hayom on Facebook and Twitter
Today, about 500,000 Jews live in South America, with the largest community – about 300,000 – concentrated in Argentina. Most of the Argentinian Jewish community is traditional. Reports of the Ministry of Aliyah and Integration and of various Knesset committees forecast an influx of about 250,000 immigrants in the next three to five years. From the beginning of 2020, Jewish Agency headquarters received about 160,000 inquiries about immigration to Israel, and about 41,000 new aliyah files were opened for Jewish families from all over the world.
South American Jews are generally well off, and many are successful business owners. In recent years, with leftist leanings on the continent growing stronger, the business environment has become less stable. The coronavirus pandemic has made things worse, increasing economic uncertainty.
South America's Jews have been following Israel's inspiring vaccination drive with admiration. They take pride in Israel's position as the first country in the world to vaccinate most of its citizens and reopen its economy, encouraging trust in its economic stability. They also realize the business potential of the new peace accords with Arab countries and look to the shekel's growth compared to the world's leading currencies; at the same time, they are concerned by the rising anti-Semitism in their own countries. All these factors contribute to a growing wave of Zionist feeling.
Buying an apartment in Jerusalem
Aviv and Leny, the groups building the Foreign Ministry Quarter in Jerusalem, report growing demand for apartments on the part of South American clients. Erez Beharier, CEO of Leny Group: "Lately we've received inquiries from many families, usually through a contact well acquainted with the community who assists them in the purchase process, providing consultation on legal, financial, and planning issues. Their motivation is to realize the dream of a home in Jerusalem. They also understand that buying an apartment in the city is a solid investment, particularly in light of the economic and political situation in South American countries."
Beharier reports that from the beginning of this year, four apartments in the project were purchased by Jews from Mexico; the company is also conducting negotiations on five more apartments with clients from Mexico, Panama, and Argentina.
A businesswoman from one of the best-known families in Mexico, who already investments in Israel, recently bought two apartments for her two sons, whom she would like to see living in Israel.
Aliyah, vacation, or investment
Promise Solutions manages and accompanies real estate purchases in Israel for overseas clients. According to Shimon Yehuda Cohen, the company's Partner CEO, "We're seeing a growing trend in Jewish communities in Latin America. More and more families, particularly from South America and Panama, have been contacting us to assist them in purchasing an apartment in Israel, whether for immigration or for vacationing purposes. In addition, we've been seeing businesspeople choosing to move capital into real estate investments in Israel. They see Israel as a safe and stable investment environment. The yearning for a home in the Land of Israel has always been a heartfelt sentiment among the Jews of the Diaspora."
Aviv and Leny anticipated the trend and moved to Jerusalem ahead of time. The two developers cumulatively share decades in the construction sector, building major projects around the world, including in Israel's center.
Aviv Group CEO Dafna Harlev explains the initiative behind the project: "We have a great deal of knowledge and experience acquired over the years in building some of the most important luxury residences and office buildings in Israel, as developers and contractors. Many projects led by the company, such as the Moshe Aviv Tower in Ramat Gan, the Lieber Tower in Neve Tzedek, Assuta Hospital in Ramat HaHayal, Aviv on Levontin, and others, have been highly successful, with the apartment owners enjoying a significant increase in value. We're bringing to Jerusalem the company's extensive experience and expertise, offering the Jerusalem public a top-quality project."
The most beautiful city in the world
The Foreign Ministry Quarter is located near the new entrance to Jerusalem, in what was previously the Foreign Ministry Compound, on one of the city's last available plots of land. The project currently being built will provide housing to new workers expected to move to the area and look for jobs near the compound; parents who work in the center of the country and wish to live in the area in the city most accessible for commuters; and Jerusalemites from veteran neighborhoods, such as Ramot, who wish to move to new, modern apartments in a prime location.
The new quarter, built on about 11 dunams, will include 5 residential buildings with 6 to 8 stories surrounding an elegant, 3-dunam inner courtyard. It will offer 266 apartments with 3, 4, or 5 rooms, ranging in size between 80 and 154 sq.m., as well as garden apartments and penthouses with large balconies overlooking Jerusalem's impressive skyline.
The location affords easy access to all the main routes – Highway 1 to Tel Aviv and Ben Gurion Airport, and Begin Highway, which cuts through the city. The central bus station, Jerusalem railway station, and two light rail lines are close by.
When planning the project, emphasis was laid on creating a residential experience characteristic of Jerusalem, yet providing an alternative to aging neighborhoods such as Rehavia, Wolfson, and Ramot. The compound is within walking distance of all of Jerusalem's favorite venues – Sacher Park, the colorful Mahane Yehuda market, and the picturesque Nachla'ot neighborhood, featuring an open view of the most beautiful city in the world.
Subscribe to Israel Hayom's daily newsletter and never miss our top stories!
Jerusalem is gradually fulfilling its real estate potential. More and more investors are realizing the attractiveness of investing in the city, whether for Zionist, real estate, or financial reasons. Past investments are already bearing fruit. The Foreign Ministry Compound provides a window of opportunity for families seeking to live in Jerusalem, as well as for investors from Israel and from abroad.
This article might include sponsored and commercial content/marketing information. Israel Hayom is not responsible for its nature or its credibility. The publication of such content or information shall not be considered a recommendation and/or an offer by Israel Hayom to purchase and/or use the services or products mentioned in this article.
