Unreported World

Gaza's Property Ladder (2013x3)

Air date: Apr 26, 2013

In war-torn Gaza, 'Location, Location, Location' means finding an apartment in one of the highly sought-after areas that are usually not shelled or hit by missiles. Reporter Seyi Rhodes and producer Daniel Bogado examine what must be one of the world's most unlikely property booms. They meet Essam Mortja, an estate agent and property developer who says his property business is booming. He shows them some of the glitzy properties he's helped sell at prices of up to US $3 million. Property prices for luxury villas and apartments in elite areas like El Remal are on par with London and New York. The area is right by the sea and has stunning views, but there's one other reason why the prices are so high. It's where the UN building is located, which means Israeli planes are less likely to bomb the area. Israel did bomb the UN HQ in 2009 but it caused an outcry - and property prices show that Gazans think it is unlikely to happen again. Essam explains how the conflict with Israel has been a driving force behind this incredible real estate boom. Israel's blockade against Hamas means that movement of people and goods are restricted. Two million Palestinians are trapped in this 25-mile strip of land, making it one of the world's most crowded places. Prices go up in any place with low supply and high demand. But also, every time there's conflict, Israel destroys some homes, which worsens the housing shortage and drives prices up even further. Gaza's property boom has made many real estate agents and property speculators like Essam extremely wealthy. Rising property prices have sparked a building frenzy in Gaza. The Israeli blockade restricts building materials as Israel says Hamas uses them to build military bunkers. But Gaza's entrepreneurs are smuggling building materials through tunnels from Egypt. According to some estimates, 90% of all buildings being built in Gaza are constructed with materials brought through tunnels. The Unreported T