Buying Properties in Israel

Although Israel is listed by embassies as a country that comes with a number of travel advisory warnings due to the delicate security situation, there may be several expats that want to purchase property in the country despite the risks involved. Expats that are interested are advised to be cautious. A lawyer is very important when wanting to purchase any property in Israel. The lawyer will process the transaction and make sure that all documents are properly prepared. This is fair for both parties and will protect their interests for the actual signing of the contract.

Payments will be made in Israel's currency, but all properties should be listed in US Dollars or Euros. Banks charge a certain amount in sending and receiving money as well as converting the money from any foreign currency to Israel's money, and this is usually included in the price of the property. Jerusalem is the main point of real estate in Israel where the price of a 70 square meter apartment is about 1 to 2 million Shekels. 

At the signing of a contract, a down payment is usually paid. There is no certain amount to be collected for the down payment, but it is normally a quarter of the whole amount. Before moving in, another payment will be made. Then the last payment will be made when the buyer has settled down in the property.

A real estate agent in Israel is of great help when it comes to giving advice on the property to buy. Real estate agents usually get a commission of 2 to 3 percent from the price of the property. Expats who are interested in purchasing property in the country are advised to exercise a high degree of caution given the risks of bombing and terrorist attacks that happen to most major properties in the country.