Jelmoli deal's off, war's on

One of "the biggest real estate deals Israelis ever did in Europe" turns out to be something other than actually done. On July 31st the local press went wild over the deal in which Yitzhak Tshuva's real estate giant Delek Global Real Estate, teamed up with Israeli businessman Egal Ahouvi, agreed to buy a portfolio of 88 yield-generating properties from Jelmoli. Then yesterday Delek stated that the adjusted price for the portfolio didn't adequately reflect the changes in the international commercial property market, and bowed out.

Delek and Ahouvi were to pay a vast NIS 12 billion (3.4 billion Swiss francs) for the portfolio and back then Jelmoli chairman Walter Fust had the warmest of words for his Israeli colleagues.

Seven Things Your Real Estate Lawyer Should Do For You

Discover What You Need
Your lawyer should help you ask the right questions and get the answers you need. For instance, if you're buying a second-hand apartment your lawyer will need to know when you want to take possession, what kind of payment terms would be best for you, how you are financing the purchase, what items you are asking the sellers to leave in the apartment, whether you have agreed on the price, if you are planning to make structural changes to the apartment and more.

Deutsche Bank raises Africa-Israel target price

Deutsche Bank has raised its target price for Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) from NIS 370 to NIS 475 while reiterating its “Buy” recommendation for the share. The target price is 17% above today’s opening price of NIS 405.80. The share rose 1.4% in morning trading. Its market cap is NIS 20.5 billion.

Through the roof

In the past two years, rental prices in many parts of the capital have skyrocketed, with a hefty price tag attached to just about anything resembling accommodation in the holy city. Even neighborhoods that many people had considered undesirable in the past, like the Katamonim and Kiryat Hayovel, are now hot spots for renters and buyers alike - and landlords are taking notice, in some cases raising rents by as much as $200 in two years.

The rise in rental costs is linked with a variety of factors. Many people blame the fact that the real estate market in Israel is for the most part dependent on dollar prices, and that the drop in the value of the dollar has caused landlords to scramble to make up the difference by raising prices.

Real estate leads TASE to record high

The Tel Aviv Stock Exchange (TASE) closed up today. The Tel Aviv 25 Index gained 1.61% to 1,176.13 points; the Tel Aviv 100 Index added 1.67% to 1,146.48 points; while the Tel Tech Index gained 0.87% to 446.73 points. Turnover totaled NIS 2.088 billion.
No doubt if we had bet back in August, when the crisis was at its peak, that the markets would reach a new high immediately after the end of the holiday season, many people would fallen about lauhging. Today, less than two months after that crisis, the TASE, led by the much maligned real estate sector, has already reached a record high - an event which clearly illustrates the dynamism, or risk according to some, that now characterizes the markets.

Finding the right financing

Local real estate is increasingly in demand as Jews from the US, UK, France and other countries snap up property in Israel. Many of these foreigners buy some of the very high end properties on the market: apartments worth over $1,000,000 and multi-million dollar single-family homes with gardens. As a result, prices are rising steeply.
Some potential overseas real estate buyers have the necessary funds to buy property outright, while others do not. There are still others who can afford to buy property, but do not want to see their money tied to brick and mortar and prefer to invest in a business venture which will yield more than interest rates will cost. These types of buyers want mortgages, and if they have good credit records, will attain them.

For Sale: Resort land in the sea of galilee

For Sale a 25 acres private lot, overlooking the Sea of Galilee (Kineret). The property has the best and the most extensive building rights in the Galilee area. It's the only one with building rights that can be utilized for a number of hotels, motels, resorts,it is located within a beautiful nature reserve surrounded by a forest, enlightening a peaceful environment.Price: 10M $ , for more information : itimar@gmail.com

7 Israelis on Forbes' list of richest Mideast billionaires

Forbes named Israelis Yitzhak Tshuva, Lev Leviev and Shari Arison among the 20 richest billionaires in the Middle East. Business tycoons Stef Wertheimer (ranked 10th), brothers Yuli Sami Ofer (14) and Hollywood producer Arnon Milchan (20) were also included in the list, which was published by the American magazine on Friday. Arison, Bank Hapoalim's controlling shareholder, was the only woman on the list at the 11th spot. Tshuva, who bought Manhattan's Plaza Hotel in 2005 for $675 million, was ranked 13th, while diamond mogul Leviev, who paid a reported $525 million for the historic New York Times building in April, was ranked 12th.