Israel To Turn Army Bases Into Housing Tracts

Posted by Orb Staff on August 21, 2012 No Comments
Categories : Residential Mortgage

12231_125px-flag_of_israel.svg Israel To Turn Army Bases Into Housing Tracts Israel's ongoing housing shortage is being alleviated with the help of the nation's army, which has announced plans to transfer several of its bases for private development to turn into residential housing.

According to a Bloomberg News report, the Israeli army has bases across 39% of the country. The army will work with the Israel Land Administration on the redevelopment of some of its the less-active bases, with the goal of creating 35,000 homes within five years.

Housing has been a contentious political issue in Israel, which has experienced a 21% increase in residential property prices since 2010. Last year, tens of thousands of demonstrators held rallies in Tel Aviv and other cities that criticized the government's housing policies.

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