A proclamation from a Betar Illit beis din signed by Rabbi Tzvi Braverman seeks to warn avreichim about land investment deals that are too good to be true.

The rav explains that of late, land is being sold in the city for an attractive price, indicating in the future, the land will be designated for building and its value will increase significantly. To date, many have acted on the promise they have an opportunity to purchase an apartment at a significantly reduced price.

The rav adds that after checking into the deals, he has learned that at least some of them are not what they promise to be and in some cases, divided for apartments and in reality, selling for several times their worth. Regarding most areas that they say will be allocated for building in the coming years, the rav states this is simply not reality and in all likelihood, building will not be permitted on the land. In addition, there are many expenses surrounding such a purchase such as taxes, which are not mentioned in adverts. Hence, the purchase is far more expensive than one is led to believe to be the case.

The rabbi also points out the professional opinions and adjusters reports regarding the lands in question are all but worthless since they were ordered and paid by the people marketing the land. Therefore, they do not represent the opinion of a professional third party that does not have the same conflict of interests.

The letter is signed 13 Kislev 5778.

(YWN – Israel Desk, Jerusalem)