Hard evidence that the Tel Aviv apartment rental and sales sector is rapidly expanding is illustrated by the Tel Aviv Stock Exchange (TASE) which has also risen recently, and of all sectors real estate has taken the largest and most consistent jump.
Investors both in Israel and abroad run first for the real estate sector morning sessions begin and end with Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) and Kardan NV (TASE: KRNV;AEX:KARD) becoming the two main beneficiaries. Africa-Israel climbed 4.5 percent while Kardan rose 5.3 percent.
Ocif Investment and Development, the Tel Aviv real estate and apartment property controlled by Israel businessman and billionaire Arkady Gaydamak, continues to climb. Migdal Insurance Holdings Ltd., Israel's biggest life insurer, is in talks to buy Tel Aviv rental apartments and real estate from Gaydamak for NIS 1.5 billion.
Thursday, August 28, 2008
Friday, August 22, 2008
RE/Max is the largest real-estate brokerage network in Israel
Bernard Raskin has come a long way since his childhood in Rhodesia, now Zimbabwe. He received a PhD in criminology from the University of Pennsylvania in the United States. When he came to Israel in 1983 he became a lecturer at Bar-Ilan University for seven years. Raskin might be the only criminologist who switched from a sedentary and secure university job to the dynamism of a business career in real estate. But for Raskin it came naturally.
"I started my working life in the ivory towers of the academic establishment, but from the beginning I was interested in the business world," he says.
"While at Bar-Ilan, I slowly realized the business opportunities in local real estate and decided that if I was going to go into business, real estate was my best option. At those times there were no global real-estate brokerage firms in Israel, and I realized that representing a large, well-known global brokerage could be successful. That is the reason I approached RE/Max.
"I started my working life in the ivory towers of the academic establishment, but from the beginning I was interested in the business world," he says.
"While at Bar-Ilan, I slowly realized the business opportunities in local real estate and decided that if I was going to go into business, real estate was my best option. At those times there were no global real-estate brokerage firms in Israel, and I realized that representing a large, well-known global brokerage could be successful. That is the reason I approached RE/Max.
Friday, August 15, 2008
Sharpest real estate drops in Haifa
"The Israeli residential market has been unchanged in recent years, except in greater Tel Aviv and Jerusalem, where there has been a sharp rise in demand and prices," says Union Bank in a survey on the housing market. The bank says that the average apartment price has fallen 7% since April 2006. The average apartment price fell by 2% in the north, 7% in the Sharon region, and that the sharpest decline was in Haifa - 22.5%.
In contrast, the average apartment rose by 10% in the south in the past two years, by 6% in Jerusalem, 3.4% in Tel Aviv, and 3.3% in the central region.
In contrast, the average apartment rose by 10% in the south in the past two years, by 6% in Jerusalem, 3.4% in Tel Aviv, and 3.3% in the central region.
Sunday, August 03, 2008
Migdal Insurance in talks to buy TA real estate from Gaydamak
Ocif Investment and Development, the property company controlled by Israeli businessman Arkady Gaydamak, climbed for a fifth day, increasing NIS 1.21, or 2.5%, to 48.93. Migdal Insurance Holdings Ltd., Israel's biggest life insurer, is in talks to buy Tel Aviv real estate from Gaydamak for NIS 1.5 billion, according to themarker.com.
Tuesday, July 15, 2008
Africa-Israel unit to trade work for fees
Sources inform ''Globes'' that Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) is in negotiations with the Hof Hacarmel Regional Council on the development of NIS 154 million 223-unit residential project and shopping center in Atlit. The project is located near the town entrance. When completed, the Savionei Atlit project will have 452 houses of 150-170 square meters each.
Africa-Israel Housing and the regional council are negotiating a contract, under which the company will build the new neighborhood's infrastructure, at an estimated cost of NIS 20 million, in exchange for an exemption on fees. Construction of the houses will cost an estimated NIS 134 million.
Africa-Israel Housing and the regional council are negotiating a contract, under which the company will build the new neighborhood's infrastructure, at an estimated cost of NIS 20 million, in exchange for an exemption on fees. Construction of the houses will cost an estimated NIS 134 million.
Thursday, July 10, 2008
NIS 1.8b price tag for Africa-Israel malls
Azrieli Group is buying five malls from Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) for NIS 1.8 billion. "Globes" earlier estimated the price tag at NIS 2 billion. The malls, held through Africa-Israel Properties Ltd. (TASE: AFPR) are the Ramat Aviv Mall in Tel Aviv, the Savionim Mall in Yehud, the Lev Talpiot Mall in Jerusalem, the Bama Center in Ganei Tikva, and the City Center Mall in Haifa. Africa-Israel's stakes in the properties range from 40% to 100%.
Africa-Israel Properties added that the parties were still considering alternative structures for the deal.
Africa-Israel Properties added that the parties were still considering alternative structures for the deal.
Friday, July 04, 2008
Tel Aviv suffers from real estate, tech weakness
Late in the trading day, the Tel Aviv Stock Exchange's benchmark TA-25 Index was down 1.41% at 1082.40, and the TA-100 Index shed 1.57% to 984.64.
The Tel-Tech Index of 15 top technology issues lost 3.43% to 220.20, and the Real Estate 15 Index gave up 2.3% to 444.07.
On Thursday, the TA-25 finished 2.17% down. The tumble followed woes on Wall Street Thursday and Friday, when the Dow Jones Industrial Average fell almost 4%, briefly nudging into bear-market territory on record oil prices and a slumping financial sector.
The Tel-Tech Index of 15 top technology issues lost 3.43% to 220.20, and the Real Estate 15 Index gave up 2.3% to 444.07.
On Thursday, the TA-25 finished 2.17% down. The tumble followed woes on Wall Street Thursday and Friday, when the Dow Jones Industrial Average fell almost 4%, briefly nudging into bear-market territory on record oil prices and a slumping financial sector.
Wednesday, July 02, 2008
Africa Israel says it can service debt without asset sales
Africa Israel Investments Ltd., diamond billionaire Lev Leviev's real estate holding company, has no need to divest assets to pay down debt after selling shares last week, Chief Executive Officer Izzy Cohen said.
The property company would only sell Israeli real estate if a disposal yielded better returns than holding on to the assets, Cohen, said at a press conference in Tel Aviv on Sunday.
"Africa Israel is servicing its debt, and there's no particular reason to sell assets to service it," said Cohen, who took over as CEO two weeks ago.
The property company would only sell Israeli real estate if a disposal yielded better returns than holding on to the assets, Cohen, said at a press conference in Tel Aviv on Sunday.
"Africa Israel is servicing its debt, and there's no particular reason to sell assets to service it," said Cohen, who took over as CEO two weeks ago.
Thursday, June 26, 2008
Local real estate beginning to feel the crunch of commodity prices
Large hikes in world commodity prices, especially oil, will begin to have a negative effect on local real estate prices, said Erez Cohen, the chairman of the Real Estate Appraisers Association of Israel.
The rise in commodity prices is having a very negative effect on the world's economy. The dramatic price rises in oil, foods and metals have made life more expensive and has resulted in inflationary pressures all over the world.
In the first quarter of 2008 the annual inflation rate in the US was 4.2 percent, in the UK 3.3%, in the Euro area a record 3.9% and in Israel 5.4%. Inflation is above target in most countries of the world, widely attributed to the rise in the price of basic commodities.
The rise in commodity prices is having a very negative effect on the world's economy. The dramatic price rises in oil, foods and metals have made life more expensive and has resulted in inflationary pressures all over the world.
In the first quarter of 2008 the annual inflation rate in the US was 4.2 percent, in the UK 3.3%, in the Euro area a record 3.9% and in Israel 5.4%. Inflation is above target in most countries of the world, widely attributed to the rise in the price of basic commodities.
Sunday, June 22, 2008
Africa Israel in early talks to sell properties
Shares in Africa Israel Investments were down 2.6 percent at 1256 GMT, compared with a decline of 0.6 percent in the broader market. Shares in Africa Israel Properties were up 0.2 percent.
The Globes financial newspaper had reported that Africa Israel was in talks to sell all of its shopping malls in Israel to the Azrieli Group for 1.7 billion shekels ($506 million).
The Azrieli Group, controlled by Canadian businessman and real estate developer David Azrieli, owns several shopping centres in Israel.
The Globes financial newspaper had reported that Africa Israel was in talks to sell all of its shopping malls in Israel to the Azrieli Group for 1.7 billion shekels ($506 million).
The Azrieli Group, controlled by Canadian businessman and real estate developer David Azrieli, owns several shopping centres in Israel.
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