Let's go back further. That land was historically Israel. Palestine was only established by the Roman empire after they removed the vast majority of the Jews. They named it Palestine after the Philistines, the ancient enemy of Israel, as an insult. There is no race of Palestinians. They are Arabs who lived in the area that was originally Israel.
While on the subject, every time there are peace negotiations, Israel offers land and they are always turned down. This war and all the wars since 1948, aren't about land: it's about eradicating a race off the face of the planet.