‘Ghost Apartments’ Spark Spirited Debate in Israel

It’s a terrifying true tale of part-time residence. Middle Eastern online publication Al-Monitor reports on the growing phenomenon of ‘ghost apartments’ in Israel. The term refers to residences owned by foreign buyers which sit vacant for the majority of the year but are occupied for brief stints, typically during the Jewish high holy days. According to the publication, Ofer Berkovitch, deputy mayor of Jerusalem, estimated that the city had as many as 11,000 of the haunted homes, and a debate is growing over the effect they are having on the real estate market. There is a theory among some Israelis that the ‘ghost apartments’ are doubly dangerous by removing from the market homes that would better serve full-time residents and raising property costs for everyone by limiting supply of available housing. Berkovitch has suggested doubling the municipal taxes on such properties as a means of curbing their popularity. Al-Monitor spoke with one such ‘ghost apartment’ owner, American Aharon Blau, who took issue with the characterization and conclusions of the anti-‘ghost’ proponents. Al-Monitor spoke with ‘ghost apartment’ owners, who took issue with this characterization, noting that the realities of the real estate market are in play. The management of property prices is difficult in any market, they argue, especially in a world-class city like Jerusalem. Furthermore, these homes, many of which are located in high-end neighborhoods, are already subject to different cost considerations vis-a-vis housing prices and supply. Additionally, their owners would likely not be affected by increased taxation. Read the full story at Al-MonitorView full listing (pictured top)