In tiny Israel, everything seems to be writ large. We have one of the highest numbers of symphony orchestras per capita, the greatest number of hi-tech start-ups in absolute terms and an effervescent property market.
In Israel's 21,000 square kilometers, between 100,000 and 120,000 homes change hands yearly. Most of the apartments that are bought are second-hand sales and about one-third are in newly constructed buildings.
Israeli building companies invest approximately NIS 36 billion in construction, two-thirds of which is in the residential market. In fact, the construction industry contributes over 12% of the gross national product and employs several hundred thousand workers. To grasp how big an industry it is (in Israeli terms) one needs merely to look at the number of professional and semi-professionals directly involved: between 5,000 and 8,000 real estate agents; approximately 8,000 architects and about 9,000 registered building contractors.
Friday, April 11, 2008
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