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‘second Homes’ Help Israel’s Economy

January 17, 1972
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Wealthy Jews abroad are buying “second homes” or vacation residences in Israel. According to Finance Minister Pinhas Sapir this not only helps the Israeli economy but cements the ties of those Jews with the Jewish State. Sapir gave his blessings to “Israelom,” a consortium of Israel’s major housing developers who have sold $7 million worth of “second homes” during the first six months of its existence.

In a message to the closing session of the World Federation of Jewish Journalists here, Sapir referred to the plan as a new factor stimulating the growth of Israel’s economy and an infusion of new blood and investment capital through buyers and their families who will establish a residential foothold in Israel.

Uzzi Ruskin, managing director of Israelom, said the concept of a second home in Israel was becoming popular among middle and upper income families throughout the world. The firm will offer 7,000 housing units during the next two years at prices ranging from $18,000-$80,000 each.

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