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Israel Housing Industry Launches Campaign to Attract Jews and Others Abroad to Buy Homes in Israel

Israel’s housing industry, in its worst slump since the 1966/67 recession, is mounting a campaign to attract Jews and others abroad to buy homes in Israel.

About 25 of the country’s largest construction companies will open joint sales offices, the first in New York City in March, 1985 and later, one in London. At the offices, potential buyers of apartments and houses will be shown videotapes of the kinds of homes offered along with computerized printouts with full details of size, location and stages of construction.

The builders are also offering a “fly-and-buy” package in which persons who come to Israel and purchase homes will be reimbursed for their air fare. The package is not only an inducement but a practical necessity for prospective buyers in the U.S. where strict laws govern the sale of overseas properties. These laws make the closing of deals impossible at a New York office.

The Israeli builders’ estimated prices range from $40,000 for a three-room apartment to $250,000 for a two-story house offered for sale abroad. The builders said they have already interested members of the Conference of Presidents of Major American Jewish Organizations in the project.

B’nai B’rith has agreed to sponsor a 200-unit complex for its members in the Jerusalem area, they said. The five-acre site will include a swimming pool, social club and other facilities.