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Israel Real Estate Practices

Overview

Israel has a technologically advanced market economy with substantial government participation. Despite limited natural resources, Israel has intensively developed its agricultural and industrial sectors over the past 20 years. In 2004, rising business and consumer confidence as well as higher demands for exports boosted the Gross Domestic Product by 2.7%.

Real Estate Practices

Acquisition costs consist of a real estate broker's commission (usually 2%) and an attorney's fee (usually 1%) on top of which is added a value added tax (VAT). The purchase tax is progressive and is calculated by dividing the purchase price of the dwelling into three levels with each level being assessed a different rate of tax.

Property and ownership information is formally recorded at the District Land Registry and is a public record.

Mortgages are available on immovable property, typically require two co-signers, and usually equal 50% of the value of the property. Mortgages are offered by commercial financial institutions as well as the government. The government has senior priority on foreclosures of property.

The closing process, which takes approximately six months, consists of incremental payments of the purchase price, capital gains and other taxes. Upon final payment, the buyer receives a deed also know as Netzach Tavo which means "generations to come". Transfer and registration of settled land is achieved under the Torrens System, the land title system, which provides a certified, accurate land record.

Welcome to Binyamina, ISR

The town of Binyamina is situated in the Haifa District of Israel, south of the capital city of Haifa and north of Netanya. Binyamina was founded in 1922 and named after Baron Edmond Benjamin James de Rothschild (1845-1934)—a prominent French philanthropist who fought for Jewish national and human rights. Just a short distance from the Mediterranean Coast, the town is located in one of Israel’s popular tourist areas, well known for its tranquil scenery and calming sea breezes. Possibly more than anything else, Binyamina is acknowledged worldwide for its quality wines and locally harvested honey. Binyamina’s feature winery is Binyamina Wine Cellars, located in the heart of the village in a building that was constructed by Rothschild in 1925 to be used as a perfume factory. Binyamina Wines produces approximately two million bottles a year under its three main labels, and has won numerous local and international awards. To increase the area’s wine traffic even more, the town has plans to construct a 150-acre wine park between Binyamina and Zichron Ya’akov in the future.

With a growing population of around 7,000 people, Binyamina is becoming an increasingly popular residential location for those who work in nearby urban areas. Due to improved transportation and a brand new train station, residents can enjoy short commutes to Tel Aviv (35 minutes) and Haifa (20 minutes) on the Israel Railways coastal line. The high tech parks in Yokneam and Caesaria are also within a 10-25 minute commute. For those who want to relocate to charming Binyamina, the real estate market has a wide selection of homes for sale and rent. Properties for sale in Binyamina include beautiful villas and cottages, as well as luxury Mediterranean estates. Binyamina real estate also includes many lots for custom homebuilding in Binyamina, as well as vacation homes in Binyamina for the seasonal visitor. No matter what you are looking for, the Binyamina real estate market has what you need to start your life in this beautiful area of Israel. Come and see for yourself why so many love to call Binyamina their home.

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Anglo-Saxon, Jerusalem
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