Four military campaigns in Gaza have devastated the area’s infrastructure and destroyed thousands of residential units. According to estimates, only 40 percent have been reconstructed. This created an influx of homeless individuals, but as the economic situation in the area continued to worsen, only few were able to afford properties.
The coronavirus pandemic might have halted the spike in prices on real estate in israel but recent reports suggest that the second quarter of 2021 registered a significant increase on properties, with Tel Aviv, where prices grew by 15 percent, topping the list of the most expensive Israeli cities.
A similar trend has also been registered in nine other cities examined (16 cities were studied in total), and Israeli experts are saying prices will only continue to grow in the coming years.
But less than a 100 kilometres from Tel Aviv, the Gaza Strip has been witnessing quite a different trend. There real estate prices are actually falling, with entire towers and buildings partially or completely uninhabited.
Mohammed al-Yazji, the 65-year-old owner of the Florya tower in Gaza City, says he’s one of those who invested a great deal of money in construction without getting the return he had hoped for.
Constructed in 2019, the 7-storey Florya tower, was supposed to house 16 families. It was also supposed to be home to ten shops.
Since 2019, al-Yazji has only made $250,000 in revenue. During “good months” he is making $20,000 on rentals. At other…