Michal Margalit Author
The chain will invest NIS 55 million in the expansion.
New Hamashbir Lazarchan Ltd. (TASE:MSZB) plans to open 11 new department stores at a total investment of NIS 55 million. The chain currently has 26 stores nationwide. The aggregate space of the new stores will be 22,000 square meters.
The stores will open at the Star Center in Ashdod, owned by Financial Levers Ltd. (TASE:LVR); new malls in Bat Yam and in Nahariya, both owned by Azorim Investment, Development and Construction Ltd. (TASE: AZRM); the Azrieli Mall in Modi'in, owned by Azrieli Group; the G Mall in Kfar Saba, owned by Gazit-Globe Ltd. (TASE: GLOB), a new mall in Kiryat Ono, the Emek Center in Afula, and a stand-alone branch in Netivot.
New Hamashbir will also expand its stores in Herzliya and in the Rehovot Mall.
Published by Globes [online] Copyrights, Israel business news
Friday, January 25, 2008
Watch out, Tel Aviv!
"Last year I received an excellent offer for our three-room apartment in Tel Aviv, which my wife and I wanted to sell," says Nir, who works near Nes Tziona. "With the money from the sale, we bought a spacious five-room apartment in Nes Tziona."
Breaking up's not hard to do
She has received threats. But that doesn't deter her at all: At least this resident of one of Tel Aviv's southern neighborhoods is firm about not wanting her area to turn into a den of singles running riot. She wants her neighborhood to be a warm, family-oriented, wholesome kind of place with an intimate ambience. That's why she complains to municipal authorities about developers who illegally divide apartments up into ever-smaller units suitable only for bachelors and rabbits. It is the developers who have threatened her, she says. She isn't the only one who objects to the trend, which has become quite a hit among smaller real-estate developers in the country. It's also done wonders for the housing market, but the phenomenon of compact living space has its downside.
Wednesday, January 23, 2008
GTC in fourth China real estate project
The company and its partners will build a €95 million mixed residential and commercial project in Changzhou.
Global Trade Centre Real Estate NV (TASE:GTC) subsidiary GTC Real Estate China Ltd. and two partners have won a tender to buy a lot in the central Chinese city of Changzhou. This is GTC's fourth project in China; it is also operating in Chengdu, Shenyang, and xian.
GTC China and Lucky Hope Ltd. each own 45% of the project and a Hong Kong-based partner owns the other 10%. The companies bought the 104,000-square meter lot for €18.4 million. They plan to build a 290,000-square meter mixed residential and commercial project on the site at an estimated cost of €95 million. Construction is due to begin in 2009 and take three years.
Changzhou, in Jiagnsu Province, has 3.5 million residents.
GTC Real Estate fell 5.5% on the TASE today. It is a subsidiary of Kardan NV (TASE: KRNV;AEX:KARD).
Published by Globes [online] copyrights, Israel business news
Global Trade Centre Real Estate NV (TASE:GTC) subsidiary GTC Real Estate China Ltd. and two partners have won a tender to buy a lot in the central Chinese city of Changzhou. This is GTC's fourth project in China; it is also operating in Chengdu, Shenyang, and xian.
GTC China and Lucky Hope Ltd. each own 45% of the project and a Hong Kong-based partner owns the other 10%. The companies bought the 104,000-square meter lot for €18.4 million. They plan to build a 290,000-square meter mixed residential and commercial project on the site at an estimated cost of €95 million. Construction is due to begin in 2009 and take three years.
Changzhou, in Jiagnsu Province, has 3.5 million residents.
GTC Real Estate fell 5.5% on the TASE today. It is a subsidiary of Kardan NV (TASE: KRNV;AEX:KARD).
Published by Globes [online] copyrights, Israel business news
Africa-Israel buys Yachin lot for NIS 86m
Michal Margalit 20 Jan 08 12:50
The lot is zoned for a 50,000-square meter commercial and office building, which can be doubled in size.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Properties Ltd. (TASE: AFPR) has bought the Yachin lot in Petah Tikva for NIS 86 million.
The 20-dunam (five-acre) lot is occupied by the disused Yachin factory and is zoned for a 50,000-square meter 24-storey commercial and office building. The site has building rights to double the space to 100,000 square meters.
Published by Globes [online] copyrights, Israel business news
The lot is zoned for a 50,000-square meter commercial and office building, which can be doubled in size.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Properties Ltd. (TASE: AFPR) has bought the Yachin lot in Petah Tikva for NIS 86 million.
The 20-dunam (five-acre) lot is occupied by the disused Yachin factory and is zoned for a 50,000-square meter 24-storey commercial and office building. The site has building rights to double the space to 100,000 square meters.
Published by Globes [online] copyrights, Israel business news
Apartments sold and rented
Ariel Rosenberg 20 Jan 08 14:45
Second-hand apartments sold
Tel Aviv and central region
Hod Hasharon: A 135-sq.m. five-room garden apartment on Ha'Odem St. was sold for $416,000. A 97-sq.m. renovated three-and-a-half-room apartment on Hage'ula St. was sold for NIS 810,000. A 130-sq.m. five-room rooftop apartment on Habanim St. was sold for $283,000. A 200-sq.m. penthouse on Ssaknai St. was sold for $485,000 (Re/MAX).
Modi'in: A 150-sq.m. five-room garden apartment on Nahal Tzofar St. was sold for NIS 1.28 million. A 125-sq.m. four-room apartment on Hativat Hatzanhanim St. was sold for NIS 950,000 (AMG).
Pardess Hanna-Karkur: A 160-sq.m. five-room duplex on Lemon St. was sold for $136,700. A 200-sq.m. six-room house on a 500-sq.m. lot Tlalim St. was sold for NIS 1.37 million (Anglo-Saxon).
Jerusalem and environs
Jerusalem: A 70-sq.m. three-room apartment in need of renovation on Brenner St., Talbiyeh, was sold for $380,000 (Ambassador). A 110-sq.m. four-room apartment in an Arab-style house on Hamagid St., German Colony, was sold for $590,000. A 163-sq.m. five-room penthouse on Leib Yaffe St., Arnona, was sold for $680,000 (Anglo-Saxon). A two-room apartment on Gordon St., Kiryat Hayovel, was sold for $152,000. A three-room apartment on Harav Fenijel, Neve Yaakov, was sold for $115,000 (Bank of Jerusalem). A 160-sq.m. six-room garden apartment on Hahayal St., French Hill, was sold for $305,000. A renovated 68-sq.m. three-room apartment on Golei Kenya St., French Hill, was sold for $210,000 (Re/MAX).
Haifa and the north
Haifa: A 75-sq.m. three-room apartment in need of renovation on Disraeli St., Ahuza, was sold for $165,000. A renovated 160-sq.m. six-and-a-half-room penthouse on Sinai St., Ahuza, was sold for $450,000. A 100-sq.m. four-room apartment on Yigal Allon St., Ramat Alon, was sold for $145,000 (Reshef Residential Properties).
Rentals
Tel Aviv and central region
Tel Aviv: A two-room apartment on Hakishon St. was leased for $650 a month. A two-room apartment on Ben Yehuda St. was leased for NIS 3,500 a month. A two-room apartment on on Ben Ezra St. was leased for $950 a month.
Haifa and the north
Haifa: A three-room apartment on Weizmann St. was leased for NIS 3,300 a month (Madas).
Published by Globes [online] copyrights, Israel business news
Second-hand apartments sold
Tel Aviv and central region
Hod Hasharon: A 135-sq.m. five-room garden apartment on Ha'Odem St. was sold for $416,000. A 97-sq.m. renovated three-and-a-half-room apartment on Hage'ula St. was sold for NIS 810,000. A 130-sq.m. five-room rooftop apartment on Habanim St. was sold for $283,000. A 200-sq.m. penthouse on Ssaknai St. was sold for $485,000 (Re/MAX).
Modi'in: A 150-sq.m. five-room garden apartment on Nahal Tzofar St. was sold for NIS 1.28 million. A 125-sq.m. four-room apartment on Hativat Hatzanhanim St. was sold for NIS 950,000 (AMG).
Pardess Hanna-Karkur: A 160-sq.m. five-room duplex on Lemon St. was sold for $136,700. A 200-sq.m. six-room house on a 500-sq.m. lot Tlalim St. was sold for NIS 1.37 million (Anglo-Saxon).
Jerusalem and environs
Jerusalem: A 70-sq.m. three-room apartment in need of renovation on Brenner St., Talbiyeh, was sold for $380,000 (Ambassador). A 110-sq.m. four-room apartment in an Arab-style house on Hamagid St., German Colony, was sold for $590,000. A 163-sq.m. five-room penthouse on Leib Yaffe St., Arnona, was sold for $680,000 (Anglo-Saxon). A two-room apartment on Gordon St., Kiryat Hayovel, was sold for $152,000. A three-room apartment on Harav Fenijel, Neve Yaakov, was sold for $115,000 (Bank of Jerusalem). A 160-sq.m. six-room garden apartment on Hahayal St., French Hill, was sold for $305,000. A renovated 68-sq.m. three-room apartment on Golei Kenya St., French Hill, was sold for $210,000 (Re/MAX).
Haifa and the north
Haifa: A 75-sq.m. three-room apartment in need of renovation on Disraeli St., Ahuza, was sold for $165,000. A renovated 160-sq.m. six-and-a-half-room penthouse on Sinai St., Ahuza, was sold for $450,000. A 100-sq.m. four-room apartment on Yigal Allon St., Ramat Alon, was sold for $145,000 (Reshef Residential Properties).
Rentals
Tel Aviv and central region
Tel Aviv: A two-room apartment on Hakishon St. was leased for $650 a month. A two-room apartment on Ben Yehuda St. was leased for NIS 3,500 a month. A two-room apartment on on Ben Ezra St. was leased for $950 a month.
Haifa and the north
Haifa: A three-room apartment on Weizmann St. was leased for NIS 3,300 a month (Madas).
Published by Globes [online] copyrights, Israel business news
The question returns: rent or buy?
Ariel Rosenberg 20 Jan 08 14:51
The gap between property prices and rentals in Israel makes the eternal dilemma all the more pressing. So it better to buy or rent? "Globes" does the sums.
It's the cardinal question about Israeli real estate: buy or rent? In recent months, more and more people, especially those setting up home for the first time and young couples, feel that rising rentals coupled with easy mortgage terms have created a situation where monthly mortgage payments together the requisite equity have made buying an apartment more worthwhile. But is this really the case? It depends whom you ask and, no less importantly, where you make your inquiries.
The gap between property prices and rentals in Israel makes the eternal dilemma all the more pressing. So it better to buy or rent? "Globes" does the sums.
It's the cardinal question about Israeli real estate: buy or rent? In recent months, more and more people, especially those setting up home for the first time and young couples, feel that rising rentals coupled with easy mortgage terms have created a situation where monthly mortgage payments together the requisite equity have made buying an apartment more worthwhile. But is this really the case? It depends whom you ask and, no less importantly, where you make your inquiries.
Apartment purchase tax threshold raised to NIS 925,000
The purchase tax brackets have actually been lowered for second homes.
Hadas Magen 21 Jan 08 15:47
The new threshold on the purchase tax on apartments has been raised to NIS 925,000 from NIS 850,000. The other purchase tax brackets are unchanged from the previous adjustment: 3.5% on apartments costing up to NIS 1.3 million, and 5% on apartments costing more than this.
The purchase tax brackets have actually been lowered for second homes: 3.5% on apartments costing up to NIS 772,000, down from NIS 787,000; and 5% on apartments costing more than NIS 772,000.
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Hadas Magen 21 Jan 08 15:47
The new threshold on the purchase tax on apartments has been raised to NIS 925,000 from NIS 850,000. The other purchase tax brackets are unchanged from the previous adjustment: 3.5% on apartments costing up to NIS 1.3 million, and 5% on apartments costing more than this.
The purchase tax brackets have actually been lowered for second homes: 3.5% on apartments costing up to NIS 772,000, down from NIS 787,000; and 5% on apartments costing more than NIS 772,000.
Copyrights for globes.co.il
Tuesday, January 8, 2008
Real estate purchases by Americans said to be slowing
"The second intifada really brought down the market and the number of foreign buyers here dropped considerably," [David Baruch], who left his position as CEO of the Bank of Jerusalem earlier this month, told The Jerusalem Post on his last day on the job. "But then, on the other hand, over the last three years, the violence has mostly dropped off, and coupled with a rise of anti-Semitism around the world, we have seen an unprecedented run of foreigners buying up real estate across the city."
"It is really the dream of so many American Jews to be able to own a piece of property in the Holy City and the Bank of Jerusalem has helped a large percentage of them in making it a reality," he said, estimating that the bank handles approximately 40 percent of all foreign mortgages in Jerusalem. "We are more familiar to people in New York than in Herzliya and we can attribute our success to the fact that we have built our activities specifically for foreigners."
"In 2008, high demand will continue to push prices in the Jerusalem real estate market higher," Baruch said. "However, American Jews, who have been purchasing apartments across the city at a very fast rate, will buy apartments at a slower clip as the effects of this year's subprime crisis set in."
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"It is really the dream of so many American Jews to be able to own a piece of property in the Holy City and the Bank of Jerusalem has helped a large percentage of them in making it a reality," he said, estimating that the bank handles approximately 40 percent of all foreign mortgages in Jerusalem. "We are more familiar to people in New York than in Herzliya and we can attribute our success to the fact that we have built our activities specifically for foreigners."
"In 2008, high demand will continue to push prices in the Jerusalem real estate market higher," Baruch said. "However, American Jews, who have been purchasing apartments across the city at a very fast rate, will buy apartments at a slower clip as the effects of this year's subprime crisis set in."
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The garden city north of Tel Aviv
At the moment, the decision to live in Hod Hasharon is largely financial as a 100 to 120 square meter apartment in the middle- class areas of Tel Aviv can cost some $500,000 compared to approximately $320,000 in Hod Hasharon.
"The price of an average 100 sq. m. apartment in Hod Hasharon is approximately $330,000 compared to $500,000 in Tel Aviv, $400,000 in Ra'anana and $360,000 in Kfar Saba," according to Dror Limor the Re/MAX franchisee in Hod Hasharon.
"We have adapted our new projects to this demand for extra large apartments. Even three-room apartments have to be 110 sq.m., on average," says Edna Hasson deputy general manager marketing at the Prizat Hasson real estate company, which builds extensively in Hod Hasharon. "A four-room apartment of 130 to 140 sq. m. is common in our projects. The same holds true for penthouses and garden apartments. Customers demand large open spaces terraces or roofs and large gardens - 100 sq. m. of terrace or 200 sq. m. of garden are not uncommon in our building projects."
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"The price of an average 100 sq. m. apartment in Hod Hasharon is approximately $330,000 compared to $500,000 in Tel Aviv, $400,000 in Ra'anana and $360,000 in Kfar Saba," according to Dror Limor the Re/MAX franchisee in Hod Hasharon.
"We have adapted our new projects to this demand for extra large apartments. Even three-room apartments have to be 110 sq.m., on average," says Edna Hasson deputy general manager marketing at the Prizat Hasson real estate company, which builds extensively in Hod Hasharon. "A four-room apartment of 130 to 140 sq. m. is common in our projects. The same holds true for penthouses and garden apartments. Customers demand large open spaces terraces or roofs and large gardens - 100 sq. m. of terrace or 200 sq. m. of garden are not uncommon in our building projects."
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