I had a very interesting conversation today with Odiel Malchi, a mortgage specialist who has worked for a number of Israeli banks. He wrote an article (linked below) on the new program to replace Mechir Lamishtaken.
The good news is that the government will give a grant of 100,000 NIS towards the purchase of an apartment to qualified buyers. The bad news, especially for Olim is that the price of the apartment is up to 700,000. Most Anglo olim prefer to live in cities with at least some other Anglos and the program is really meant to push buyers to communities outside the Merkaz, where apartment prices are more reasonable.
For someone looking to make Aliya and own their first home in Israel, there are some possibilities of smaller apartments closer to the center. In doing a search (250k-750k) on ad.co.il, we found 207 available units in Ashkelon, a beautiful city on the seaside, just a 45-minute drive to Tel Aviv.
Listing of apartments in Ashkelon that could likely be purchased for 700,000.
