Real estate market collapses

According to the survey, 2008 saw 91,500 apartment purchases, down 6% compared to 2007, and new apartment acquisitions were down 14% in 2008. Only 19,000 new apartments were purchased last year, or 21% of the entire market.

The average figures for 2008 seem reasonable, but focusing on the market performance of the last quarter of the year when the major real estate crisis in the U.S. began to unfold reveals that nearly all parameters point to a real collapse. That quarter saw just 15,100 transactions, down 43% compared to the fourth quarter of the year before, and the lowest quarterly figures since the economic recession of 2002.

Real estate experts: An overview of the Israeli market

Israel Property founders Jonny Baker and Jonny Gaon - two native English-speakers - established their business with the simple concept of making the process of purchasing real estate in Israel easier for the overseas buyer. As more foreign residents and non-Hebrew speakers purchase and rent property in Israel, the practical issues involved in finding the right property can be daunting. Israel Property facilitates the often frustrating and time-consuming process of dealing with multiple agents in a foreign country and provides guidance from A to Z.

Land reform? Tread carefully

Almost all of the land in Israel - 93 percent - is either the property of the state, the Jewish National Fund, or the 1950s-era Development Authority for abandoned Arab property. Whatever the case, the Israel Land Administration (ILA) is the government agency responsible for managing all land in the public domain. Ownership of real estate in Israel typically means leasing rights from the ILA for 49 or 98 years.

One of Prime Minister Binyamin Netanyahu's campaign promises was to reform the ILA in order to bring down exorbitant real-estate prices and reduce housing costs. Besides making homes more affordable, reform seeks to spur a building boom, creating jobs and generating economic growth.

The premier has long advocated "slaying the ILA dragon," simplifying procedures and attracting overseas investors. The idea is to break up the ILA monopoly, transfer leased lands to private ownership, decentralize and give more say to local planning commissions. This intended outcome would mean more efficient land management and a citizenry better served.

Israeli gender equality ranked 53 of 115

The index used data from the Organization for Economic Co-operation and Development's Gender, Institutions and Development database.

The study, which included five components measuring women's access to credit, real and non-real estate property, inheritances and social rights, found that women in Israel do not benefit from equal rights.

Regarding inheritances and social rights, Israeli women scored relatively high marks, but the overall ranking was lowered by the results for the other three components.

Diaspora Jews' Israel real estate purchases plummeted in 2008

The global economic crisis has badly hurt property sales to foreign residents. State Revenues Authority data shows that in the fourth quarter of 2008, there was a 40% decline in the number of sales compared to the third quarter - and a 60% decline in comparison with the fourth quarter of 2007.

Much has been written and said about the "invasion" of Diaspora Jews in Israel, but so far few official figures have been released concerning the exact number of real-estate deals they struck or the prices they paid. Apartment purchases by foreign residents accounted for 5% of the overall sales in the country, but have been concentrated in a few specific areas, so their impact has been significant.