NEWS > BUSINESS > ECONOMY DOESN’T STOP NEW ISRAELI HOUSING SETTLEMENTS

RECESSION DOESN’T STOP NEW ISRAELI HOUSING SETTLEMENTS

July 19 2009

Jerusalem, Israel – With the global economy starting to show signs of life many companies are becoming a little more confident in their investments. With retailers starting to bounce back and car manufacturers starting to move vehicles again the world is seeing for the first time real improvement to the dire situation that has persisted since last year. Housing too, which in many ways spawned the economic collapse in the first place, is starting to see a return to normalcy with stalled building projects restarting and new developments starting to move forward.

Such is the case in Israel where economic woes have put a halt on normally buoyant growth throughout the country. With dollars once again starting to flow throughout the Israeli economy investors are starting to gain new confidence and proceeding on previously halted projects. With new housing projects popping up all over the country none is being greeted with as much
excitement as the newest project in downtown Jerusalem. With full government support, American millionaire Irving Moskowitz is moving ahead with plans to construct a Jewish housing complex smack in the middle of Arab east Jerusalem, a project that has been on hold for nearly twenty-five years. With residents eager to fill the abandoned property with usable housing, the surging economy is finally been given sound footing.

“United Jerusalem is the capital of the Jewish people and the state of Israel. Our sovereignty over it cannot be challenged. We cannot accept the idea that Jews will not have the right to live and purchase in all parts of Jerusalem,” said Israeli Prime Minister Benjamin Netanyahu upon announcing the project. “This development will show the world that the economy of Israel is strong and growing. By proceeding on these projects we will show the region and the world the might of the Israeli spirit even in the face of major obstacles, economic or otherwise. It is the right of the Israeli people to build houses and strengthen our economy.”

The build is being opposed by a number of governments from around the world including the United States which heartily disagrees with certain aspects of the construction and design process.

“I'm not going to comment on any specific point within the negotiations. The negotiations are intense, they are ongoing, they are extremely focused and when we have something to announce we will do so,” said Secretary of State Hillary Clinton. “Let me say this though. When it comes to integrating new building into an existing neighbourhood great care has to be taken to fully assess the cosmetic differences. Basic engineering is one issue, but design is something completely different. You have to make sure that the building will fit in with its surroundings.”

Of the many issues being presented by the international community the greatest concern is believed to be the stucco exterior and the predominately Jewish nature of the proposed occupants, which many feel will disrupt the ethnic vibe of that area of the city.

“When companies look at building projects they need to take a lot of factors into account. Yes you need to worry about space and parking but you also need to be concerned about how it will affect the rest of the neighbourhood. Property values and aesthetics are important
parts of any design process especially when you are talking about adding to an existing neighbourhood, something they don’t seem to be taking into account in this
case,” said Scrape TV Middle East analyst David Gershwin. “Israelis and Palestinians generally have very different design aesthetics with one focusing on modern and the other on a more rustic look. That has been an unspoken point of conflict for many in the Middle East for decades and something that could very well boil over as this project progresses. It’s great that the economy is pushing forward but they need to keep design at the forefront in order to make sure that they aren’t wasting their good fortune.”

Prime Minister Netanyahu is reportedly looking at the blueprints personally in an effort to appease foreign interests.   

William Ashford, Business Correspondent

NEWS > BUSINESS > ECONOMY DOESN’T STOP NEW ISRAELI HOUSING SETTLEMENTS