The call came from Europe, not with a timeline but with urgency. A Jewish family wanted to understand what “home” could mean in the present, and while the timing may still be uncertain, the direction is unmistakable. Antisemitism, especially across Europe, increasingly shapes these conversations, alongside longing. “There are entire communities planning to come together,” explains Ester Ben David, CEO and founder of Zionist Investments. “Sometimes 40 or even 500 families come at once, together. People seek safety, but more than that they want a home. These communities are arriving with a vision, and our role is to take that vision and, with sensitivity and determination, turn it into an operational plan.” For Ben David, these are no longer abstract market signals. They are decisions unfolding in real time.
By the time Ben David says the word “land,” it no longer sounds like real estate. It sounds like inheritance. “I don’t close deals,” she says, almost apologetically. “I provide value, and people are willing to pay for value.” Ben David sits somewhere between banker and believer, strategist and storyteller. In another context, her resume might read like a conventional success narrative: senior roles in banking, years as an IDF officer, rapid professional ascent.
Ben David’s sensitivity to ownership is personal. She grew up in public housing, in a family that never owned a home. After her father was severely injured in a car accident, financial instability deepened. “In Israel,” she says, “not owning property isn’t just economic, it’s psychological.” Rather than framing this as trauma, Ben David describes it as structure. “It taught me how systems exclude people,” she says. “And how they can include them.”
The outstretched hand
Ben David frequently references the image of an outstretched hand, the perfect embodiment of her story’s moral core. She recalls, “Someone extended a hand to me,” and that moment changed her life. That support came through the Israeli education system at the Boyer School in Jerusalem, an elite high school for gifted students.
Despite facing instability at home, she was identified as a promising candidate and was accepted. This was more than a school transfer; it expanded her horizons. She explains, “It was the first time someone looked past my circumstances,” implying that her past did not define her future potential. Her journey then led her to the IDF, where she became an officer and served in leadership roles, including within the Home Front Command. There, she managed reserve-force budgets and collaborated with civilian communities during emergencies.
Since its founding, Zionist Investments has advised on dozens of transactions for Israeli and international clients, with a growing focus on development zones. Interest has increased, particularly among North American and European investors seeking long-term holdings rather than short-term flips.
Ben David says the experience was formative not only in discipline but also in worldview. “In the Home Front Command, nothing is abstract,” she says. “Budgets are people. Logistics are lives. You understand very quickly that systems matter.” That sensitivity to systems would later reappear in her real estate work.
After leaving the army, Ben David entered banking, specializing in financing and mortgages. She advanced quickly, eventually holding senior management positions in marketing and business development. Her work included building budgets, leading cross-organizational projects, and coordinating among branches, regions, and headquarters. “I was constantly translating between vision and execution,” she says. “Between numbers and people. I genuinely believe that every business success starts with a mental foundation.”
When discussing her company, she favors the language of responsibility rather than transactions. “When I meet a client or employee, I ask myself, ‘What is my mission toward this person?” she explains. “What value can I offer?” Her worldview may seem surprisingly earnest, but Ben David maintains it is also pragmatic. “Leading with value,” she affirms, “builds partnership, and partnership fosters commitment.”
The triangle of land, capital, and meaning
Ben David describes her approach to Israeli real estate as a “sacred triangle,” blending economics with ideology and pragmatism with belief. “There’s the economic opportunity,” she explains, “the real estate potential enabling that opportunity, and the Zionist-social value. In Israel, these elements are inseparable.”
Ben David notes that this timing is deliberate, as Israel’s planning landscape shifts due to war, demographic pressures, and depleting land reserves. “There is no more land,” she states plainly, “the population keeps growing, so development must expand outward.” Areas once considered peripheral are being reshaped. Infrastructure follows population, which in turn follows opportunity. However, she emphasizes that this economic perspective captures only part of the picture.
“The point at which the Israeli market finds itself today is an exceptional moment for investors and developers. The state is moving toward expanding building rights to address demographic growth. For example, one of my investors purchased a three-story building in the heart of Tel Aviv two months ago, which is slated to be transformed into an innovative eight-story building with commercial space on the ground floor.”
In addition, says Ben David, construction has slowed due to the war, while interest rates are declining. All these factors combined create a unique window of opportunity for investor-developers.
Historically, prices in Israel have been on an upward trajectory since the state’s founding. Looking ahead, the shortage of land and housing, combined with Israeli consumer behavior and ongoing demand, is unlikely to change this trend. Therefore, for investors and developers seeking to grow their capital, this is an excellent opportunity to enter the market after a crisis, just before the next upswing.
Zionist Investments goes beyond connecting buyers and sellers. It develops long-term strategies, especially for international investors, through a comprehensive approach involving appraisers, lawyers, tax advisers, and architects. Ben David explains, “Two buildings can look identical,” but if one is near a future light rail and the other isn’t, that difference matters greatly. She emphasizes that analysis must precede asset selection. Clients often come with fixed ideas but end up with a different plan after thorough evaluation. “People say, ‘I want this,’” she notes. “But during the process, we often discover they actually need something else.” Amid all this, Ben David never fails to assert her most valuable asset – her team, of whom she speaks with an ever-present smile. “I wouldn’t be able to go anywhere or make any of my dreams come true without them,” she says. “They are my rock.”
Given the complexity of their work, it becomes clear just how valuable this teamwork is, as it focuses not only on local customers, each with their own needs and requests, but also on foreign buyers – Jews from Europe, North America, and other regions. Their motivations vary, but they share a common desire for connection beyond financial return. “Some investors seek profits,” she says, “but they also seek identity and belonging.” She mentions clients who purchase agricultural estates not solely for profit but as symbolic anchors. One investor aimed to create a retreat for reservists returning from service, at no cost. “These are people who could make far more money elsewhere,” she states, “but they choose to invest here.” Others see property as a first step toward aliyah.
Since Oct. 7, communication with international clients has changed. What was once a hypothetical link to Israel has now become immediate and real. Increasing antisemitism in Europe and North America has sped up decisions that had been delayed for years. “People aren’t just asking where to invest,” Ben David notes. “They’re asking where they feel they belong.” For many, investing in Israel now serves as a political statement, a way to support the country materially while reaffirming their identity during a time of division.
While the timing may be uncertain, the direction is unmistakable. Antisemitism, especially in Europe, influences this, along with longing, and at some point, professional language fades completely. “This is my mission,” she states simply. “To connect Jews to Israel.” She recalls helping an American woman with a purchase; after six months, the buyer realized she couldn’t afford the commission. Ben David waived over half her fee: “I said to myself, ‘If this money is meant to come, it will.’” For Ben David, this isn’t charity but a covenant. “This country is built on mutual responsibility,” she says.
When asked what kind of Israel she hopes these investments will help build, her response is quick: “A stronger Israel.” She recognizes the challenges but believes that the core equation remains intact, mentioning one of her team members, an employee who immigrated alone from the US. “She once told me, ‘I miss feeling like I have a family,’” Ben David recalls. “And I told her: ‘I’m your family.’”
Zionist Investments isn’t limited to private homes; it also manages commercial properties, such as shopping centers and employment hubs. “A mall isn’t just a mall,” says Ben David. “It’s jobs. It’s stability. It affects everyday life.” Ben David smiles briefly. “I love this work,” she says, “because I know where I came from.”
Next month, Ben David will meet with investors and community leaders at the Jerusalem Post Miami Conference, continuing conversations that, for many, extend beyond real estate into questions of belonging and responsibility. Real estate, in her telling, is not the point. It is an instrument. The fact is continuity – of land, of responsibility, of belief.
This article was written in cooperation with Zionist Investments.