Prepare for a new wave of French buyers

The recent crisis in the European econmoy that has sent Euro holders reeling has brought a rise in interest in local property purchase.  In France a recent Israeli apartment expo brought a record attendance of more than 5000. Reasons for the record attendance not only reflect fears of a failing euro and lost values there, but rising anit-semitism after the recent shootings in a French day school.

Many fairgoers are young couples looking to make aliyah and seeking upscale areas where they can attain a similar standad to France, such as Hadera and other coastal cities less expensive than Tel Aviv.  Older attendees looked at Netanya and Jerusalem to be closer to their religious communities and friends already living here.

The intifada years of 2000-2004 were not only marked by recession, unemployment and business losses, but a significant drop in the real estate market.  In the years following, 2005-2010 as the country entered into greater stability due to increased intelligence and security measures, the property market entered the boom that doubled values almost overnight for those who did buy in the earlier half  of the decade.

During the intifada many agents exagerrated the role of the French buyer who enjoyed strong property value in France and saw local real estate as a bargain.  There came a significant influx of French buyers into the local property market. French fears of future anti-semitism caused buyers to invest in a pied-a-terre here that would be an investment of assurance.

Many of the French property owners did not make aliyah, however, but became landlords or simply came to visit leaving their apartments here empty. In the ensuing years a percentage saw that France seemd economically more opportune along with rise in their Israel property values so some even sold their holdings here for profit.

The results of this recent fair attendance and poling there showed that there is a shift in attitude with buyers looking more seriously at making Israel their home.

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