Israel's Official Promotes Gaza Strip as Prime Property Opportunity, Challenging Global Backlash

The nation's far-right Treasury Chief Bezalel Smotrich has suggested that the Gaza Strip could become a "real estate goldmine" and mentioned that he is holding negotiations with the US regarding the allocation of the territory after the conflict—a proposal that has earlier been denounced globally.

Speaking at an gathering in Tel Aviv, he noted that "an economic proposal is on President Trump's table".

"We've finished the demolition phase... Now we need to rebuild," he remarked.

In February, Donald Trump floated plans for the US to take "a long-term stake position" over Gaza, describing it as a potential "luxury destination of the Middle East".

Such a plan would entail the forced removal of Palestinians in the territory and would contravene global norms.

The US and Israel have asserted that the process would involve "voluntary" relocation. Inquiries for response on Smotrich's statements have been made to the US State Department.

Trump's idea—which was widely rejected by Palestinians, Arab states, and the broader global community—later appeared to have been shelved by the White House, with Trump describing it in July as "an concept that was really embraced by a lot of people, but also some people didn't like it".

However, sources suggested earlier this month that a iteration of the idea was again under discussion, and would include Gaza being transformed into a protectorate run by the US for at least a decade while it is built into a tourism destination and high-tech industrial center.

Israel's military campaign in Gaza, which has involved widespread air strikes and building destruction, has resulted in extensive destruction to the territory.

The United Nations (UN) assesses that 92% of housing units have been affected, 91% of schools will require complete rebuilding or major repairs to be completely functional again, and 86% of cropland is damaged.

The UN estimated in February that the restoration of the territory would require $53.2 billion (£46.1bn) over the next decade.

"Israel spent a lot of money for this war," said Smotrich. "So we need to divide how we make a percentage on the land marketing later".

Smotrich, head of Israel's Religious Zionist party, is an ultranationalist who has been sanctioned by the UK and other nations over multiple incitements of violence against Palestinians.

He has control over planning in the West Bank and has consistently pushed annexationist policies.

In late August, he unveiled a proposal for the incorporation of approximately 80% of the region.

He stated the proposal would involve "extending Israeli authority" to approximately 82% of the West Bank, noting that this was in line with the notion of "most land with minimum Arabs".

Israel has established about 160 communities accommodating 700,000 Jews since it occupied the West Bank and East Jerusalem—land Palestinians claim, along with Gaza, for a envisioned future state—during the 1967 Middle East war. An approximate 3.3 million Palestinians live near them.

The communities are unlawful under global regulations.

Israel launched its war in Gaza in retaliation to the Hamas-led attack on southern Israel on 7 October 2023, in which about 1,200 people were killed and 251 others were held hostage.

No fewer than 65,062 people have been killed in Israeli operations since then, almost half of them females and children, according to Gaza's health ministry.

This week, a UN commission of inquiry determined that Israel had carried out atrocities against Palestinians in Gaza—an claim the Israeli government strongly denied.