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Discover and understand the real estate market in Israel. Our team will guide you in buying, selling, and renting property for all intentions and purposes.

Our Insights on Israel's Real Estate Market | Blog | Immo Israel

Our Insights on Israel's Real Estate Market

Purchase tax reduction in Israel: Simplify your settlement with favorable rates for new immigrants and save significantly on your first real estate purchase.

Reduction of Purchase Tax: A Boost for New Immigrants in Israel | Blog | Immo Israel

Since July 29, 2024, new Israeli legislation has been providing significant tax benefits to new immigrants (olim) on the purchase of their first property in Israel. This reform aims to lighten the financial burden on olim hadashim by significantly lowering the tax rates on their initial real estate purchase.

<table> <thead> <tr> <th>Rate</th> <th>Price Range</th> <th>Apartment Details - Example</th> <th>Example for Oleh Hadash with Calculation</th> <th>Example for Israeli with Calculation</th> <th>Links to Listings</th> </tr> </thead> <tbody> <tr> <td>0%</td> <td>Up to 1,980,000 NIS</td> <td>2.5 rooms in Bat Yam - Price 1,790,000 NIS</td> <td>1,790,000 NIS x 0% = 0 NIS</td> <td>1,790,000 NIS x 0% = 0 NIS</td> <td><a href="https://www.immoisrael.com/listings/2-5-room-apartment-sale-155-balfour-street-bat-yam" target="_blank">Bat Yam</a></td> </tr> <tr> <td>0.5%</td> <td>Between 1,980,000 and 6,000,000 NIS</td> <td>5 rooms in Netanya - Price 2,980,000 NIS</td> <td>(2,980,000 - 1,980,000) NIS x 0.5% = 5,000 NIS</td> <td>(2,980,000 - 1,919,155) NIS x 0% + (2,276,360 - 1,919,155) NIS x 3.5% + (2,980,000 - 2,276,360) NIS x 5% = 47,684 NIS</td> <td><a href="https://www.immoisrael.com/listings/5-room-apartment-sale-harav-yosef-rivlin-street-netanya" target="_blank">Netanya</a></td> </tr> <tr> <td>8%</td> <td>Between 6,000,000 and 20,000,000 NIS</td> <td>4.5 rooms in Tel Aviv - Price 9,750,000 NIS</td> <td>(9,750,000 - 6,000,000) NIS x 8% = 300,000 NIS</td> <td>(1,919,155 - 1,980,000) x 0% + (2,276,360 - 1,919,155) x 3.5% + (5,872,725 - 2,276,360) x 5% + (9,750,000 - 5,872,725) x 8% = 502,502 NIS</td> <td><a href="https://www.immoisrael.com/listings/luxury-4-5-room-apartment-sale-9-shaul-avigur-street-tel-aviv-yafo-2" target="_blank">Tel Aviv</a></td> </tr> </tbody> </table>

Tax benefits are only applicable if the property is used as a primary residence. Investment properties do not qualify for these reductions. Moreover, properties valued over 20,000,000 NIS do not benefit from these reduced rates. The Israeli Tax Authority has also strengthened proof requirements that the property is being used as the primary residence to prevent misuse.

This aid, approved by the Knesset's Finance Committee, will take effect on August 15. It applies to new immigrants who have immigrated within the last seven years and have not yet purchased housing. This measure primarily aims to support newly arrived young couples, taking into account price differences from their home countries. At its peak, this assistance could reach approximately 175,000 shekels for olim.

The Israeli government is committed to facilitating the integration of new immigrants. This tax reduction sends a strong signal encouraging Jews worldwide to settle in Israel. Finance Minister Bezalel Smotrich emphasized that the State of Israel is fully committed to supporting new immigrants by making their settlement easier. The Minister of Immigration and Integration, Ofir Sofer, noted that this measure assists newcomers in adapting and encourages those considering making their Aliyah.

The reform of the purchase tax for new immigrants marks a significant advancement in the integration of olim into Israeli society. By making property purchases more financially accessible, this legislation promotes Aliyah and the development of new communities in Israel. Purchasing property in Israel is now more accessible than ever for new immigrants.

Discover our real estate offerings on our search page. Our platform offers a vast selection of properties tailored to all budgets and needs, directly in English. Use our filters to quickly find the apartment or house of your dreams.

Reduction of Purchase Tax: A Boost for New Immigrants in Israel

Monthly real estate statistics: prices, sales, and trends. Key insights for better understanding. Explore our dedicated category for real estate data in Israel.

Statistics | Blog Topic | Immo Israel

Read comprehensive guides to the Israeli real estate market, written by the experts at Immo Israel, and make your house hunt as easy as possible!

Guides | Blog Topic | Immo Israel

Read the articles on Immo Israel and find out everything you need to know about real estate in Israel as an Oleh Hadash making Aliyah!

Aliyah | Blog Topic | Immo Israel

Discover the most prestigious Israeli properties and meet industry experts at the Luxury Real Estate Fair in Paris, early July 2024, with Immo Israel.

Luxury Real Estate Fair in Paris | Immo Israel

Dear visitors, we would like to inform you that due to the current situation in France, characterized by incidents of hate and antisemitism, the decision has been made to postpone the Luxury Real Estate Exhibition in Paris to ensure the safety and well-being of all our participants. We will keep you updated on the new dates as soon as possible. Thank you for your understanding.

It is with great pride that Immo Israel partners with the Third Edition of the Israeli Luxury Real Estate Fair, organized by Expodience at Le Collectionneur Hotel, Paris, on July 6th and 7th, 2024. This one-of-a-kind event provides an exceptional platform for key players in the Israeli luxury real estate market and a passionate, demanding audience from all over France and beyond.

Our partnership with the fair reflects our ongoing commitment to excellence and innovation in the Israeli luxury real estate market. As the platform of choice for many Francophones interested in real estate in Israel, Immo Israel is ideally positioned to highlight this event, ensuring maximum visibility among our audience.

Participants will have a unique opportunity to discover an impressive array of luxury properties, from the latest prestigious constructions to rare gems put up for sale by homeowners, all in an exclusive and refined atmosphere. It's a perfect occasion for visitors to immerse themselves in the world of Israeli luxury real estate, obtain expert advice, and forge valuable connections with industry professionals.

Exhibitors, in turn, will benefit from an unparalleled platform to present their products and services to a targeted audience, thereby increasing their chances of making significant transactions. The fair also promises to be a privileged place for professionals looking to expand their network and discuss current and future market trends.

As a partner, Immo Israel is delighted to play a role in the success of this major event and strongly encourages its community to participate. This collaboration is a key step in our mission to connect potential buyers with the finest properties in Israel, and we look forward to welcoming you.

For real estate agencies and entrepreneurs seeking a unique opportunity to showcase their projects and services to a targeted French-speakers audience, the Israeli Luxury Real Estate Fair in Paris is the ideal platform. By purchasing a booth, you will have the chance to highlight your most exclusive offers, connect directly with potential buyers passionate about Israeli luxury real estate, and expand your professional network. Don't miss this chance to shine on the international stage and showcase your expertise in the luxury sector.

July 6th and 7th, 2024: Le Collectionneur Hotel, Paris, France For more information, please fill out our contact form and select the subject "Luxury Real Estate Event".

Whether you're a new immigrant or investor, Immo Israel's guide to transferring funds to Israel for real estate will help you navigate the process with ease.

How to Transfer Funds to Israel | Immo Israel

Transferring funds to Israel in order to purchase real estate in Israel can be a lengthy and tedious process, due to the strict regulations imposed on international financial transactions. Banks and financial institutions are subject to close scrutiny to avoid illegal activities such as money laundering and terrorist financing. This can make the process of transferring funds complicated and time-consuming for people wishing to buy property in Israel from abroad.

Since Israel joined the Organisation for Economic Cooperation and Development (OECD) a few years ago, international bank transfers have been subject to even stricter regulations. Israeli banks must verify the identity of the customer and collect information about the transactions, such as the source of the funds and their intended use. The bank must ensure that the source of any funds transferred from abroad is legitimate and not connected to any illegal activities. In addition, before funds can be transferred, you are required to have to have a bank account in Israel in your name, which also requires certain documentation.

The documents required to make a transfer can vary between financial institutions. Israeli banks often require that documents submitted be translated into Hebrew (by a sworn translator). Commonly requested documents include your recent tax returns, pay slips, accountant documentation, etc.

If you are making Aliyah or have decided to bring your funds to Israel in cash, it is important to familiarize yourself with the relevant regulations. According to the Discount Bank website, in Israel, amounts under 100,000 shekels do not require a customs declaration, whereas amounts over 100,000 shekels must be declared. If you are making Aliyah, amounts under 1,125,000 shekels do not require a customs declaration.

Although cash deposits are possible in banks, these transactions are highly regulated from a tax perspective. Therefore, the amounts allowed are very limited and vary between financial institutions.

Transferring money online is another option you may be interested in. Online money transfer platforms offer a convenient and affordable alternative but are also subject to strict regulations and must comply with government rules and safety standards. In order to aid our customers as much as possible, Immo Israel has partnered up with a specialized online money transfer platform from abroad to Israel. By using our partner’s services in order to purchase real estate in Israel, customers benefit from a competitive exchange rate, regardless of the amount being transferred. Our partner also offers reduced transfer fees and a dedicated customer service in English to help customers abroad navigate the various regulations. This will allow you to transfer funds in a secure, simple and, most importantly, fast, manner.

For more information about our partner's platform, please fill out this contact form with your questions or details about your situation. We are always happy to help and will contact you as soon as possible.

How Can I Transfer Funds to Israel in Order to Purchase Real Estate?

Want to invest in real estate and maximize your profit potential? Read the top experts' advice here at Immo Israel.