Blog Tag: Urban Renewal
The housing shortage in Israel and the issue of urban renewal are constantly on the public agenda. This past year, there have been many discussions about the actions that must be taken to initiate and carry out urban renewal projects.
If you are interested in purchasing an apartment from a contractor through a TAMA 38 project, you should know that the process is completely different from purchasing a new apartment from a contractor or the purchase of a secondhand apartment.
The “Pinui-Binui” transaction is a common name for combination transactions, in which existing residential neighborhoods are vacated in favor of the reconstruction of a new neighborhood in the same complex. At the same time, existing tenants trade in their old apartments for new ones in a modern neighborhood with new and developed environmental infrastructure.
The Israeli government resolved to approve and implement a national outline plan, known as TAMA 38, to reinforce buildings from the risk of earthquakes. To which buildings does the plan apply and what should one know before signing a contractual agreement with the contractor?