Project aims to increase number of Jews visiting Israel
צילום: איי פי
Approved: Realty project for Diaspora Jews
The 'Second Home in Israel' project is to include 124 suites to be sold at USD 185,000 each; apartments would be rented as part of the Kfar Maccabiah Hotel while owners are abroad
Israel Lands Administration recently approved the construction of an exclusive real estate project for Diaspora Jews in the Kfar Maccabiah Hotel complex in Ramat Gan.
Construction on the "Second Home in Israel" project is expected to begin in February 2006 and was designed by architect Sami Tito for Israelis and Jews living abroad.
Hotel director-general and project manager Yoram Eyal said the project will include 124 fully-furnished suites to be sold at about USD 185,000 each.
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The Kfar Maccabiah project (Illustration)
The project is valued at USD 20 million, with an expected profit for the hotel of about USD 4 million.
According to Eyal, the project differs from other leading realty ventures in Israel, in that it also includes the exemption of maintenance fees, security charges and property tax.
The owners will be able to rent out the suites during the time the owners are abroad.
During the month of November, sales representatives will be visiting Jewish communities in Los Angeles, Miami, New York and London. Israelis will also be able to offer such a deal to family members living overseas.
Attorney Amir Peled, who is involved in the project on behalf of the Maccabi World Union, said the movement views the project as an important Zionistic move that aims to increase the number of Israelis and Jews visiting Israel.
