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Sunday, March 30, 2008

Saudis buying real estate in Tel Aviv

Businessmen from the Persian Gulf - mostly Saudis and Bahrainis - are buying real estate in the Ajami neighborhood of Jaffa, which is part of the city of Tel Aviv.
Yedioth Ahronoth recently learned that Arab moguls, most likely of Saudi origin, as well as various other Palestinian entrepreneurs, have recently been purchasing great quantities of prime real-estate in the Ajami neighborhood right on Jaffa’s coastline.

The property involved is in a rare, prime location not 100 meters (328 feet) from the beach front.

The houses in question are neglected, some even scheduled for demolition, but their prime location affords them massive potential in the real estate market. In spite of growing demands for these homes, their owners, most of them impoverished, working-class individuals, refuse to sell their homes to Jewish entrepreneurs.

Now, however, they appear willing to sell these very same homes to wealthy tycoons from Arab nations who are willing to pay millions of dollars, in cash, for this prime real-estate.
Real estate prices all over the country have been soaring due to foreigners buying apartments. Meanwhile, there is a housing crunch for Israelis as many of those apartments sit empty most of the year and the government has imposed a building freeze in Judea and Samaria and - although they won't admit it - much of Jerusalem. For many years now, there has been talk of imposing a tax on absentee land owners. Clearly, now would be the time to do so.


At 5:01 AM, Blogger Peter G said...

Any bets thought that the Saudi's WILL rent to Jews? Or even sell the land via a couple of dummies to the Jews at an even huger profit?

Or will turn a huge profit very quickly, effectively screwing their co-religionists? Such as jacking up rents?

Of course they may claim to take an Islamic charity tack and use it for social control over their co-religionists who end up renting from them instead.

Hopefully people in Israel will keep track of this and publicise when the Saudis (when, not if) screw the locals over.


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