No, not really, but there is a controversy regarding this issue, and prior to 2005 the answer would have been yes.
The Jewish National Fund (JNF) is a fundraising body. As such, much of funds are earmarked with racism to specifically benefit Jews. The Israel Land Administration (ILA) is tasked with allocating JNF lands. Recently, the ILA was denied the ability to resist allocations on the basisis of Jewishness. That said, it seems as if the ILA must contribute the same size land to the JNF anytime that it allocates JNF land to Arabs. This seems to ensure that no ethnicity no matter how financially strong could ever purchase anything but a minority of the land in Israel.
It may sound awkward to say "JNF land", but technically it is privately held managed by the ILA. Further, no land managed by the ILA is sold, only managed and leased.