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Israel - Haredim Invest Billions in Israeli Real Estate But Are Extremely Secretive About It

Published on: July 1, 2008 06:53 PM
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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.”

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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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Read Comments (6)  —  Post Yours »

1

 Jul 01, 2008 at 07:42 PM Anonymous Says:

There was an article in the Israeli (chiloni) Haaretz newspaper a couple of months ago, about a Mr. Abraham Leser from NY who is investing heavily in Israeli real estate.

2

 Jul 02, 2008 at 12:08 AM Anonymous Says:

Which Satmar Group Is financing the Edison Theater Project ?? Is this the Satmar run by the Older Brother Grand Rabbi Aaron Teitelbaum ??

3

 Jul 02, 2008 at 05:18 AM Anonymous Says:

Yes, The Edison Theater Project is financed by Grand Rabbi Aaron's faction in Jerusalem,

4

 Jul 02, 2008 at 07:06 AM Anonymous Says:

Baruch Hashem the Jewish state is growing. Lots of $ being invested. Baruch Hashem.

5

 Jul 02, 2008 at 08:30 AM Anonymous Says:

Satmar is de facto supporting Zionism.

Baruch Hashem.

6

 Jul 02, 2008 at 01:54 PM Moishe Mulva Says:

These are savvy huh?....savvy can be defined as bordering on Geneivah.....Maybe the Spinka are putting alot of $$ in Real Estate?

7

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