Foreigners purchase Israeli property at record

While Israelis are investing in income-producing real estate overseas, foreign investors have continued to purchase luxury properties in Israel. Foreign investment in Israeli residential properties and income-producing properties totaled $683 million in January-May 2007, the Bank of Israel reported today. Of this, $209 million worth of property was purchased in May alone. This represents an annual investment of rate of a record $1.64 billion, compared with $1.44 billion in 2006 and $1.22 billion in 2005.