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7 Israelis on Forbes' list of richest Mideast billionaires
2007-10-02 18:19:00
Forbes named Israeli s 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.
More About: Forbes , List , Billionaires , Israelis

Low dollar shakes up real estate market
2007-09-30 14:20:00
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.
More About: Estate , Real Estate , Real Estate Market , Market , Dollar

Property sales in Tel Aviv drop 16%
2007-09-27 10:43:00
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.
More About: Property , Sales , Drop , Prop

Hapoalim tops Leumi as largest real estate lender
2007-09-25 01:17:00
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.
More About: Estate , Real Estate , Tops , Real , Largest

Israel SEO Internet Marketing To Specialize In Real Estate
2007-09-22 04:28:00
"Since 1995, Leyden Israel SEO Internet marketing has served many industries including public relations, advertising, hi-tech, Jewish non-profit, venture capital, b2b, jobs, employment, Israel governmental public affairs, consumer business, foods, tourism and travel, foreign markets, banks, commerce, telecommunications, special events, start-ups, investment, computers, Internet, education, medical, legal, health care, textiles, automotive, celebrities, entertainment, crisis communications, reputation management and real estate," said Joel Leyden, CEO of Leyden Communications (Israel).
More About: Marketing , Estate , Real Estate

Hapoalim sees mortgage crisis weighing on Africa-Israel
2007-09-18 12:11:00
"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."
More About: Mortgage , Crisis , Sees

Seaside Revelation in Tel Aviv
2007-09-15 00:21:00
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.
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Israel luxury housing prices skyrocket
2007-09-12 02:25:00
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."
More About: Luxury , Housing , Prices

Berggruen in talks to buy Ha'argaz lot in Tel Aviv
2007-09-10 03:55:00
Jewish American billionaire Nicholas Berg gruen 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.

Israeli delegation to India Real Estate Summit
2007-09-07 04:08:00
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 India n 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.
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Israel's Elad raises 555 million shekels in bonds
2007-09-04 23:21:00
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.
More About: Bonds , Million

Former Israeli finance minister Hirchson stole millions
2007-09-02 23:52:00
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.
More About: Finance , Millions , Fina , Israeli

Profit at Electra Real Estate rises
2007-09-01 01:32:00
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).
More About: Estate , Real Estate , Profit , Real , Electra

Boaz Yona, CEO of collapsed Heftsiba was arrested Thursday
2007-08-31 09:27:00
Yona fled the country three weeks ago, hours before news of the collapse of his real estate development company reached the public and investors. An international arrest warrant was issued two weeks ago, when sufficient evidence to indict him for embezzlement and fraud had been collected. An independent audit of Heftsiba found NIS 70 million had been transferred to private companies in the group since March and may have been moved to overseas accounts. The report also found that Yona had dealings with entities on the grey market.
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Tel Aviv Real Estate Index down 1.11%
2007-08-30 01:27:00
In the real estate sector, Africa Israel lost 0.5%, Elbit Imaging went up by 1.16%, due to its second quarter reports, and Gazit Globe dropped 1.78%.
More About: Estate , Real Estate , Real , Index , Tel Aviv

Delek Real Estate quarterly revenue triples
2007-08-28 03:11:00
Delek Belron International published its financial report last week. Delek Real Estate posted NIS 1.12 billion revenue for the second quarter, triple the NIS 342.5 million posted for the corresponding quarter of 2006. However, net profit fell 35% to NIS 91.5 million because of the valuation of properties for the IPO of Delek Global in April.The increase in Delek Real Estate ’s revenue was partly the result of the consolidation of Roadchef in the UK with properties acquired early in the second quarter. Cash flow from current operations totaled NIS 156 million during the first half of 2007, of which NIS 113 million was during the second quarter.
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Dark side of Jewish dream
2007-08-26 23:27:00
Last month Israel's parliament overwhelmingly endorsed the first stage of a bill which would formally allow the JNF to continue its established practice of barring non-Jews from leasing land and housing held in its name - 13 per cent of the area of Israel, much of it now prime real estate. The Knesset bill has led to renewed accusations both in Israel and abroad that the JNF denies Israel's 20 per cent Arab minority access to what is in practice state land. Under the headline "A Racist Jewish State" an editorial in the center-left Israeli newspaper Haaretz wrote that "the Jewish National Fund's land policy counters the interests of the state and cannot discriminate by law against the minority living in Israel.
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Ultra Orthodox are seeking West Bank real estate
2007-08-26 02:37:00
MODIIN ILLIT, West Bank — This ultra-religious city became the largest Jewish settlement in the West Bank this year, but visitors are hard-pressed to find the orange solidarity ribbons that became standard dress among settlers since Israel's uprooting of the Gaza settlements two years ago. The ultra-Orthodox and mainline settlers are both strictly religious but have different reasons for colonizing the West Bank.
More About: Estate , Real Estate , Ultra , Real

Property and Building looks to future growth
2007-08-24 23:52:00
IDB Holding Corp. Ltd.subsidiary Property and Building Ltd. today published its financial report for the second quarter of 2007. The company posted a net profit of NIS 40 million, up 81% on the corresponding quarter of 2006. Revenue was unchanged at NIS 229 million, but rental income and storage services revenue rose 9% to NIS 102 million.The company owned 1.6 million sq.m. of property worldwide at the end of June, and had 230,000 sq.m. of income-producing space under construction or planned in Israel.
More About: Future , Growth , Grow

Israel Police issue int'l warrant for arrest of Heftsiba CEO Yona
2007-08-23 23:07:00
Yona fled Israel two weeks ago, mere hours before the public learned that the real estate group he led, Heftsiba, was crumbling. The police suspect that fraud and embezzlement were involved, by company officials and possibly by officials at banks that lent money for Heftsiba projects as well. The banks deny any such criminal behavior on their part. The international warrant means that all countries that have extradition treaties with Israel would be obligated to return him if he is caught on their territory, as long as he isn't a citizen of the particular country.
More About: Arrest , Police , Poli , Issue

Stanley Fischer : Israel's economy will not suffer dramatic impact from US
2007-08-22 23:44:00
Bank of Israel Governor Stanley Fischer said Monday that the crisis that hit the US market last week would not have a dramatic impact on Israel's economy. "At the same time, US real estate prices rose dramatically until the end of 2006 when the real estate market entered into a mini-bubble and prices started to fall in some areas in the US and so there are people who can't pay off their mortgages."
More About: Economy , Amat , Dram

Israel Real Estate Taxes You Need to Know About
2007-08-22 02:28:00
If you're involved in real estate transactions, whether buying, selling or renting, you need to know about any taxes you may be required to pay. Here's an overview of the main real estate taxes.
More About: Israel , Estate , Taxes , Real Estate , Real

Haredim deliver population boom to West Bank
2007-08-21 00:40:00
The settler population is growing twice as fast as the rest of the country every year, and the ultra-Orthodox community is responsible for approximately half its annual growth. In the last year, the settler population has grown by 5.45 percent, from 260,932 to 275,156. The growth rate in the ultra-Orthodox Beitar Ilit and Modi'in Ilit is higher than most places in Israel. Modi'in Ilit's population, some 40,000, grows annually by about 11 percent (this year it has grown by 12.5 percent). Beitar Ilit's population, some 35,000, grows annually by some 10 percent - five to six times more than Jerusalem and Tel Aviv's population growth respectively and twice as much as the growth of many other settlements.
More About: West , Bank , Boom , West Bank , Liver

The Tel Aviv real estate stocks opened its trading week positive
2007-08-20 01:32:00
The TASE had a strong start to the new trading week as expected, thanks to the u-turn on global markets at the end of last week triggered by the US Federal Reserve's board's willingness to help ease the credit crisis in the markets. The leading indices were traded in positive territory from the early hours of the morning, as real estate and second line stocks led the way with a strong upward correction. The real estate sector climbed 3.54%, Leading indices traded up: the TA-25 climbed 1.76% to 1,056.42 points, TA-100 rose 1.88% to 1,026.94 points and the Tel-Tech gained 2.87%.
More About: Stocks , Estate , Real Estate , Trading , Week

The lesson is, "buyer beware"
2007-08-18 23:28:00
The police issued an arrest warrant for Boaz Yona, Heftsiba owner and CEO, on suspicion of committing severe offenses: fraud, money laundering, breaking the securities and real estate laws and pocketing the money of people who purchased apartments. The banks also knew that the Hadera project was stuck, and they heard on the news that the purchasers were squatting in the apartments. Why didn't they rush to request a court order forbidding Yona from leaving Israel? Now it will be much harder for them to collect the large debt.
More About: Buyer , Beware , Lesson

Israel offers to invest in West Bengal
2007-08-17 23:13:00
Israel's biggest real estate company, owned by billionaire tycoon Mordechai "Monti" Zisser, has found West Bengal to be a good partner for its Indian investments.In Bangalore and Pune, EMI is building shopping malls, hotels and luxurious condominiums. Other Israeli real estate firms, like Fishman Holdings, Mivtach Shamir Holdings, Nochi Dankner and Gershon Salkind, are following suit, and investments range from $50 million to $1 billion. Roads, power plant projects, desalination plants to help India with its coming water crisis now have substantial Israeli investment.
More About: Israel , Offers , Invest , West Bengal

Israel historic properties to surge in price on betterment tax reform
2007-08-17 01:07:00
The Tax Authority has a surprise hidden in the 2008 budget. Along with cancelling sales tax and cutting purchase tax on real estate deals, the government this week approved a hike of 'historic tax' on real estate transactions. According to the decision, betterment tax levied on historical property owners will increase by 2 percent in 2009, stretching from 14 percent on transactions involving property acquired before 1948 to 26 percent on the sale of property purchased in 1960. From 2010 on, tax will increase by 1 percent annually.
More About: Israel , Reform , Historic , Price , Surge

Tel Aviv Real Estate 15 Index lost 2.52% Today
2007-08-16 01:00:00
Worries overseas sent most shares tumbling again, Africa-Israel led the decliners, shedding 2.59% on the back of the continuing weakness in its London-based subsidiary, AFI Development plc (LSE:AFID). The ongoing weakness in real estate stocks also continued to affect the Tel Aviv 75 Index, which fell 2.63% as it continued to be one of the most volatile of the market's indices, due to its substantial exposure to the real estate sector.
More About: Lost , Estate , Real Estate , Today , Real

El-Ad Properties $1.2B New Frontier Sale Closes
2007-08-15 01:00:00
A partnership of El-Ad Prop erties and Property & Building Ltd. has completed its $1.24-billion acquisition of 34.5 acres fronting the Las Vegas Strip, according to Globes, an Israel business news publication. Located across from Wynn Las Vegas, the site of the now shuttered new Frontier Hotel Casino is slated for a multibillion redevelopment. The transaction was not reflected in Clark County, NV online property records on Monday.El-Ad Properties is a private real estate developer owned by Yitzhak Tshuva. El-Ad owns among other things the Plaza Hotel in New York City.
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Africa Israel Investments
2007-08-14 00:48:00
In recent years Africa Israel has pursued a global strategy of: strengthening its international status; focusing on core activities in real estate, construction & infrastructures, energy, related industries and finance: expanding business activities and maintaining growth through innovation and entrepreneurship; developing and managing large scale projects in diverse locations worldwide; consolidating its strength and build up sustainable net income on a solid basis; Leveraging its management capabilities and capital to attain future growth.
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