Reply To: Buying land in Israel

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#1876423
Ex-CTLawyer
Participant

@ZSK
You are correct that privately owned land is very hard to get a hold of unless you have a lot of money. We sold that house and land acquired by a relative in January 2020. I bought it from the relative in the 1990s. The purchaser paid us a lot of money, but wanted to own not lease land so it could be there for his children, grandchildren, etc.

I hate land leases. In 1970 my grandparents bought a condo in Florida with a 50 year land lease. They figured they were in their 80s and would not be around 50 years, so who cares. An aunt of mine has occupied it since her retirement. This year she got a notice that the land lease was up. The successors to the condo developers, now want an additional $500 month land rental and will only give two year leases. The market value has plunges. She has no investment in it as it sits in a family trust.
She is buying a new condo with no underlying land lease and the trust will sell the condo for peanuts.

I would not consider buying a home with a land lease. B”H I don’t have to.