Lockdown Mk II delivers $25 m in real estate sales for Beauchamp Estates Tel Aviv
Much of the word has now been living under varying degrees of lockdown, at varying times, for over a year. China and Sri Lanka were the first to introduce restrictions in late January 2020, with localised lockdowns in China and recommended restrictions in Sri Lanka. Quickly after many other Asian countries introduced local recommended restrictions, but relatively few moved into full national lockdown.
Europe in contrast, saw the majority of countries introducing restrictions in March, with Italy being the first to do so in late February with a localised lockdown, and by late March the vast majority of Europe was under full lockdown: Israel entered into full lockdown on 11th March and the UK on 23rd March. South America saw a similar pattern to Europe, with a number of member countries moving straight into national lockdowns with no precursory local restrictions, while North America was still only with regional lockdowns.
By April 1st 2020 over 100 countries worldwide had instituted either a full or partial lockdown, affecting billions of people. It was as if the world had been placed on pause, or had it?
The first wave of lockdowns was un-nerving and after the novelty of being home for a week or so had begun to wear off the enormity of the situation started to reveal itself. However, human beings are nothing if not resilient and ultimately adaptable, as we all started to adjust to the new ‘normal’ and look for means by which life could continue, even the process of buying a new property and moving home.
‘Zoom’ is no longer just the onomatopoeic word meaning to drive or travel at speed, face coverings are no longer just for the ultra anxious, home offices are now for many ‘the’ office and dining tables have become classrooms.
Rather than lockdown halting people’s future plans regarding property, it became the catalyst for them, providing time and, via the internet, the means by which to explore. There may have been an initial downturn in Lockdown Mk I, but real estate has reaped the benefits of adapting and Lockdown Mk II has seen property sales flourish, both in the UK and Israel.
Beauchamp Estates' international network of offices includes Tel Aviv and London, we have seen increased levels of activity and interest, not just from within respective domestic markets in Tel Aviv and London, but also overseas, with our Tel Aviv office successfully concluding over $25 million in property sales in the last five months (Lockdown Mk II).
AS WELL AS OTHER GLOBAL LOCATIONS
“We have seen an increase in enquiries in the last six months for property in Israel, particularly in the Old North of Tel Aviv and Herzliya, where in the last five months we have closed on eight deals, at an average of over $3.5 million each.”
“Three of these latest deals were with residents, five were with international buyers and all were done remotely. Buyer nationalities were British, French, South African and Gibraltarian.”
“Some of the interest has been from applicants new to the market, while others have been deliberating for a number of years already: the latest gains made by the pound, now 10% up against the shekel, is strengthening many potential buyers’ resolve to purchase in the coming months as the future beyond the Summer looks much less certain in terms of currency.”
“The fact that Israel’s skies remain closed, except to nationals returning home, has not deterred continued international interest in Israel’s property market, with many buyers looking beyond the immediate circumstances to a time, hopefully not too far ahead, when the effects of the Coronavirus can be readily managed and contained.”
Israel and the UK both went into a national lockdown within two weeks of each other and currently lead the world in terms of successful Coronavirus vaccinations. Israel has already re-opened (from Sunday 7th March), with requirements for social distancing and vaccination confirmation, through a green passport.
“Interest from many buyers is certainly being driven with future plans in mind, with the majority of enquiries being from those seeking a second home and for apartments, though not all for new build: Israel has such a wealth of historic properties and the unique appeal of these, particularly where renovated and finished to an international standard, is starting to attract the interest of buyers who are seeking something completely unique.”
Daniel Goldstein, Director, Beauchamp Estates Tel Aviv