Full Interview Transcript:
- Please tell us about yourself.
My name is Yuval Schultz and I am the Director of Sales and Marketing at Asden Israel. I was born in Israel and grew up in Alon Shvut (Gush Etzion) to American parents who made Aliyah from Lawrence and Margate. After my service in the IDF as a combat medic, my wife Noa and I moved to the States for 6 months which turned into 23 years… After owning a real estate brokerage in Manhattan (for much longer than planned), I was introduced to Asden where I’ve had the pleasure of calling my home since June of 2020. Today we live in Modiin with our 4 children.
- How are you and your family handling these past few months?
Baruch hashem we are all ok. Like everyone, trying to understand these very challenging times for Israel and quite frankly for Jews world-wide is a complex task. On a personal level I am very grateful that my boys were able to serve during the war defending Israel and come back safe in body and mind. At the national level it is a one-day-at-a-time rollercoaster ride which we’d all wish was just a bad dream. “Ela sheb’chol dor vador, om’dim aleinu l’chaloteinu…”, never felt so real.
Yet, with all that said, the collective spirit in Israel is optimistic, determined and confident that we will prevail and come out of this stronger and hopefully more unified. I think we took too much for granted and the painful wake-up call of Oct. 7th will continue to be present in all our minds for a good few decades ahead.
- How do you think the real estate market will be impacted by the war?
I think the war will have a similar effect on the real estate market as it will have on Israel as a whole.
The real estate market went into an immediate hold pattern as did many other sectors which aren’t imminently critical for survival. People are understandably not making any unnecessary changes or major decisions. As we transition into the next phases of “Post October 7th Israel” I think there will be a tremendous drive and hunger for growth in many segments of Israel’s economy. It’s what Jews do after being knocked down.
I think that the need to fight back which we are all feeling and seeing manifested in so many ways by everyone impacted by the attack (in Israel and from abroad) is going to continue to be a driving force for a very long time. We want to rebuild, fortify, grow and assert our presence in our land which was attacked as a form of healing. I am confident that we will see a spike in so many graphs; from birth rates to youth drafting into fighting units to new neighborhoods and communities that will be built and projects that will be executed. Look at the awesome project “Next October” which was started by former minister of Science and Technology Izhar Shay, who lost his son on October 7th, as an example of how I believe the nation will steer its energy after the war.
There will be many lessons to learn from this war but one thing is already abundantly clear to everyone who’s paying attention and that is that we are a nation of fighters. If you believe in Israel’s future, its success and longevity, then the belief and confidence in Israel’s real estate is a given.
- Fair enough. So let me ask more specifically, is now a good time to buy?
Yes, no and it depends. Buying in Israel is often confused as a “real estate” move. I would suggest that for most Jews living outside of Israel, who buy real estate in Israel, the motivation is rarely a pure real estate investment question. The reasons are more than the timing of the market, perceived return on investment and so on. When the time is right for you, the time is right.
In my opinion, similar to the impact Covid had on people, where the lockdown and fear acted as a catalyst that pushed them into action, I think we will see a similar effect after the war.
As for timing, I think that right now there is a lot of pent up demand that is waiting for normal life to resume. The shortage in supply that was a big factor before the war hasn’t changed and with the expected increase of demand from Jews worldwide it is more than reasonable to predict that there will continue to be a strong increase in demand for new apartments once the war is over.
- Are there specific areas in Israel or market segments that will be impacted differently by the war?
Putting aside the obvious impact on areas that are currently under imminent-physical threat, analyzing the impact of a monumental event of historical proportions is much easier to do from a five, ten or twenty five year perspective. Trying to predict the near future while we’re still in the midst of the event makes it that much taller of a task. It is also important not to forget the basic non-war related market forces like where prices were before the war, interest rates, current supply, planned near and long term developments of comparable apartments and the overall demand for the specific project type. The more unique the product, the location and the appeal it has to a specific group of buyers the greater the demand will be and remain.
- Tell me a little bit about Asden and what is unique about it?
I would describe us as an Israel based Anglo company that understands the local market and is committed to doing things right while developing projects we are proud of. We manage to navigate doing business in Israel, which we all recognize can be challenging, without compromising our integrity and with a genuine and constant strive for excellence. At the risk of sounding cliché, we actually care.
- Do you develop projects all over Israel?
Yes, although we are very selective in how we choose the projects we decide to bid for and execute. We are based in Jerusalem and for many Asden has become synonymous with luxury in Jerusalem because of our two most recently completed projects; Park Eight in Baka and The Mesila in the German Colony, but to us it isn’t only about high-end or luxury. It is more about the quality of the projects, the positive impact that we hope to leave on the neighborhood and the long-term ownership experience for our buyers. There has to be something special about a project for us to want to get behind it and invest ourselves in it.
We have about 10 different projects we are currently working on in various stages of development all over the country. We have a few boutique projects in Old Katamon and The German Colony in Jerusalem which are in advanced development stages (these are expected to hit the market in the next 6 to 12 months) as well as a few much larger Jerusalem projects that are going through a rezoning process and will therefore be further out in the future. We are also working on projects all over the country which are in early stages of development.
- Which project/s are you most excited about?
Well, that’s a much more fun question than Israel real estate war talk and is like shooting fish in a barrel for me because we are just now starting the early marketing of our first beachfront project, VIDA, which is located on the beach in Hadera (which is about 7 minutes South of caesarea or 15 minutes North of Netanya). It is a project that is VERY easy to get excited about. Clients often jokingly ask me if we have any beachfront apartments in Jerusalem. Unfortunately that’s a challenge we haven’t been able to crack yet but this new project is simply mesmerizing. Positioned only 200 meters from the water, with all apartments facing the beauty of the open Mediterranean sea, it is located literally a frisbee-throw away from one of the most beautiful beaches and nature reserves in Israel.
- Sounds amazing. Can you share any more specific details about the project?
Sure. VIDA will be a luxury project consisting of two meticulously designed towers, a joint lobby with 24HR DRMN, swimming pool, gym, 2 saunas, private shul, Sukkah terrace, event room, business lounge and more.
What’s also nice about this project is that we’ve been able to create a nice range of apartment sizes; from one to four bedrooms so hopefully anyone interested can choose the right balance of size and price. I’ve had the pleasure of working alongside the architects on every detail of this fascinating project. It is incredible to see the huge team of experts who work behind the scenes overcoming every challenge in designing a project of this size and complexity. I see myself as the ambassador who gets to share the culmination of all that effort and seeing people’s excitement over the opportunity of owning an apartment in Israel, in this type of extraordinary project is very rewarding.
- How can people find out more about VIDA?
We will be traveling to the North East in early March and are scheduling meetings in advance with small groups of friends and family who may want to buy in the same project. We are striving to create a project where you can enjoy time with family, friends and familiar faces. More information can also be found at VidaTowers.com
