The Isratransfer Corp., representing clients from abroad who wish to conduct business in Israel, handled seven real estate transactions in Jerusalem this month. The company reports that six such transactions took place with residents of New York and Los Angeles, one of whom bought three apartments in the luxury Jerusalem Estates project at the city’s former Schneller Compound – a total purchase of NIS 19 million.
Jerusalem Estates borders the predominantly ultra-Orthodox (“Haredi”) Romema neighborhood. Valimer International, Inc. purchased the land in a Lands Administration tender in 2013. The luxury apartments in the complex measure between 120-200m² each, and are being marketed to the Haredi community starting at $1 million, following a rate of NIS 35,000/m².
Isratransfer represented other clients, from Britain, who bought a luxury residence in Jerusalem’s Park 8 project, located at 66 Bethlehem Road in the Baka neighborhood. The project boasts 55 apartments across eight four-floor buildings (5-7 apartments in each building). Two-room apartments in the complex are being marketed at a starting price of NIS 2.8 million, with penthouses priced at NIS 14 million.
Isratransfer was founded 9 years ago by two immigrants from Britain. The company handles currency transfers by foreign residents, as well as currency exchanges. The company’s principle competition comes from Israeli banks, which charge commissions of up to 2.5% on such transactions, and those abroad charge up to 5%.
“Our goal as a company is to provide good currency-exchange services to English-speakers who encounter difficulties in transacting financial business with Israeli banks,” explains Daniel Eisenberg, Manager of Business Development at Isratransfer. “Last month the company was involved in 20 different real estate deals throughout the country, seven of which took place in the Jerusalem area. Most of the transactions we handled this past month fell in the range of NIS 2.5 million to NIS 10 millon, mainly in the Jerusalem, Tel Aviv, Modiin, Natanya, and Raanana areas. At the end of the day, foreign residents who want to conduct currency transfers find a real solution in our company. After all, it’s an audience that doesn’t understand Hebrew or Israeli culture at all, not to mention economic issues, contracts, and rates – that’s why we’re here.”