Show me an example Israel Real Estate News: September 2007

Sunday, September 30, 2007

Low dollar shakes up real estate market

The new reality of the dollar's weakness against the shekel is leaving its mark on some foreign buyers, while local purchasers appear to be benefiting from the weak US currency. "Fluctuation in the shekel-dollar exchange rate is not so much a problem of buyers but of sellers," said Benny Loval, general manager of the Anglo-Saxon Jerusalem real estate agency. "Sellers hold off selling their property or they adjust prices upwards." Similarly, Alyssa Friedland, co-owner of RE/MAX Vision and RE/MAX Capital in Jerusalem, said that as a result of the continued plunge of the dollar many sellers are setting a minimum dollar-shekel exchange rate to neutralize the impact of the volatility.

Thursday, September 27, 2007

Property sales in Tel Aviv drop 16%

Real estate sales in central Israel and the greater Tel Aviv area were declining, the Central Bureau of Statistics (CBS) said Wednesday. According to CBS data, while some 9,280 new apartments in central Israel have been sold since the beginning of 2007 – a 2.8% rise in comparison with the same period last year – the overall property sales in Tel Aviv have dropped 16%. Some 27% of the apartments sold in central Israel in 2007 were located in the greater Tel Aviv area. Israel's north, south and Jerusalem districts enjoyed an overall rise of 5.5% rise in real estate sales since the beginning of the year, but the majority of sales – 39% – were still made in central Israel.

Tuesday, September 25, 2007

Hapoalim tops Leumi as largest real estate lender

Bank Hapoalim has overtaken Bank Leumi as the largest lender to real estate in the first half of the year. At the same time, banks faced increasing competition as lenders and real estate companies turned to the stock market for money, issuing bonds at better terms than the banks were offering for credit. The banks also saw a sharp drop in doubtful debts in the real estate sector. Bank Hapoalim posted a profit of NIS 119 million on real estate activity in the first half of 2007, up nearly six-fold on the NIS 20 million posted in the first half of 2006. The bank’s revenue from real estate activity rose 13% to NIS 359 million in the first half from NIS 317 million in the corresponding period.

Saturday, September 22, 2007

Israel SEO Internet Marketing To Specialize In Real Estate

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Tuesday, September 18, 2007

Hapoalim sees mortgage crisis weighing on Africa-Israel

"We believe that Africa-Israel will continue to expand in the coming years, posting larger revenue and net profit," says Bank Hapoalim. "However, one cannot ignore the recent increase in the level of risk in the company's core business - the global real estate market. Likewise, we expect the stock to experience increasing volatility, commensurate with the trading in London of AFI Development, which accounts for 60% of the group's combined asset value."

Saturday, September 15, 2007

Seaside Revelation in Tel Aviv

After almost a decade of terror fears and economic woes, Tel Aviv is quietly emerging as the Mediterranean's most unlikely capital of cool. Awash in foreign investment (and foreign travelers), the city's culinary, cultural and clubbing scenes are all reaching world-class status — only without the high-end prices.

Wednesday, September 12, 2007

Israel luxury housing prices skyrocket

Prices of luxury and super-luxury housing in Israel have not stopped climbing, rising dozens of percent over the last year, according to the "million price list" put out by the Neot Shiran company, which surveys luxury property prices. The bottom line is that luxury properties have never cost more. "The big increases in luxury real estate prices are isolated from what is happening in the regular real estate market," said Noam Dzaldov, one of the owners of Neot Shiran. "Whoever buys real estate in the luxury market does not need the help of a mortgage bank. Mostly they are people with large assets, or foreign investors, with the money needed to pay such prices. Therefore, developments such as a drop in the stock market, or changes in the shekel-dollar exchange rate, have less effect on their decisions."

Monday, September 10, 2007

Berggruen in talks to buy Ha'argaz lot in Tel Aviv

Jewish American billionaire Nicholas Berggruen of Berggruen Holdings has his eye on the former Ha'argaz factory compound in Tel Aviv. Yedioth Ahronoth newspaper reported on Sunday that the businessman, who already holds a number of assets in Israel, plans to purchase the massive lot in central Tel Aviv for the construction of office and high-tech buildings. According to the report however, sources close to the negotiations said talks were put on hold due to disputes over the price.

Friday, September 07, 2007

Israeli delegation to India Real Estate Summit

An Israeli delegation will attend the International Real Estate Summit in Mumbai on September 27-28. The Israel-Asia Chamber of Commerce organized the delegation. This is the Federation of Indian Chamber of Commerce and Industry fourth annual summit.
India’s real estate market is one of the fastest growing in the world. India’s GDP has grown by 9% a year over the past three years, second only to China.

Wednesday, September 05, 2007

Israel's Elad raises 555 million shekels in bonds

JERUSALEM,(Reuters) - Israeli real estate company Elad, owner of New York's Plaza Hotel, raised 555 million shekels ($135 million) of bonds in a private offering to institutional investors, underwriter Leader Capital Markets said on Sunday. The bonds were rated AA by Standard & Poor's Israeli partner Maalot, Elad said in a statement.
Leader led the offering along with Poalim IBI, Menorah Insurance and Psagot-Leumi & Co.

Monday, September 03, 2007

Former Israeli finance minister Hirchson stole millions

Former finance minister Avraham Hirchson should be indicted on charges of stealing millions from a workers union he headed in 2003, police said in a statement Sunday.
The statement said police have "substantial evidence" that Hirchson embezzled funds and accused him of breach of trust and money laundering. The findings of the investigations were handed over to the state prosecutor, the statement said. Prime Minister Ehud Olmert is under investigation about real estate deals and his involvement in the sale of a state-owned bank.

Saturday, September 01, 2007

Profit at Electra Real Estate rises

The company greatly increased its financing to invest in the US, Canada, Europe, and India. The company posted NIS 268.9 million revenue for the second quarter, up 60% on the NIS 167.7 million for the corresponding quarter. Revenue from rent, management fees and other items more than doubled to NIS 157 million for the second quarter from NIS 68.3 million for the corresponding quarter. The second quarter figure includes NIS 177.2 million for the revaluation of properties, mostly in Germany, Canada, and Israel, following the switch to International Financial Reporting Standards (IFRS).