Israel - Haredim Invest Billions in Israeli Real Estate But Are Extremely Secretive About It
Israel - A growing group of haredi businessmen, mostly from the US and Britain but also some locals, have become a force to be reckoned with in the Israeli commercial real estate market, investing NIS 4 billion in the last two years alone.
The investment data is part of a survey conducted by financial reporters for Hamodia, a haredi daily controlled by the Ger hassidic sect.
“Twenty or 30 years ago, the haredi business community was concentrated primarily in diamonds,” said the editor who preferred to remain anonymous. “But there was a big slump in the diamond industry, and slowly haredim began moving into real estate. In the past eight years or so, haredi involvement in real estate has intensified.”
Far from the stereotype of the haredi male who sits all day in the study hall learning Torah, these businessmen are savvy and seem to be making much money.
Major residential projects financed by haredi businessmen have gone up in the Jerusalem area, such as the one financed by Satmar hassidim that will be built on the site of the old Edison Movie Theater or the nearly completed huge residential project in the Romema neighborhood.
But according to the editor of the haredi business magazine, haredim are extremely secretive about the deals: “There is a very strong belief that God’s blessing is on things that are hidden away from the public eye.”
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