LEG owns 93,000 rental apartments in North Rhine-Westphalia.
Brack Capital Real Estate Ltd., owned by Shimon Weintraub, is one of three finalists in the tender to buy the property portfolio of Germany's Landesentwicklungsgesellschaft NRW GmbH (LEG), owned by the State of North Rhine-Westphalia. If Brack Capital wins the tender, it will have to pay €3.4 billion for the portfolio of 93,000 rental apartments in the state.
North Rhine-Westphalia is Germany's wealthiest state, with 18 million residents, and accounts for 22% of Germany's total GDP. It includes the Ruhr and West Germany's former capital, Bonn. The state government has decided to privatize assets, including LEG, the state government's public housing arm.
Tuesday, February 12, 2008
Apartment demand down, Tel Aviv rents still rocket
Geocartography: Apartment demand will be 15% lower in February compared with the end of 2007.
Demand for apartments has slowed for the second consecutive month, even as developers report a good year for sales. Geocartography Knowledge Ltd. predicts that apartment demand in the Jewish sector will be 15% lower in February compared with the end of 2007.
The primary reason for the decline is seasonal: fewer homes are sold during winter than during the extended summer season. The decline follows steady growth in demand throughout 2007.
Geocartography adds that the average asking price for an apartment is $192,000, and that 8% of homebuyers are prepared to pay more than $300,000.
Regarding rental apartments, according to Madas, the largest increase in February, compared with January, was an 8% increase for a three-room apartment in north Tel Aviv to an average of NIS 4,636 per month. The average rent for a two-room apartment in Beersheva rose by 7%, the average rent for a three-room apartment in Haifa and the Krayot rose by 6%, and the average rent for a three-room apartment in Ramat Gan and Givatayim rose by 4%.
On the other hand, the average rent for a two-room apartment in Jerusalem fell by 11%, and the average rent for a three-room apartment in the city fell by 6% in January, compared with December.
Published by Globes [online], Israel business news on February 4, 2008
Demand for apartments has slowed for the second consecutive month, even as developers report a good year for sales. Geocartography Knowledge Ltd. predicts that apartment demand in the Jewish sector will be 15% lower in February compared with the end of 2007.
The primary reason for the decline is seasonal: fewer homes are sold during winter than during the extended summer season. The decline follows steady growth in demand throughout 2007.
Geocartography adds that the average asking price for an apartment is $192,000, and that 8% of homebuyers are prepared to pay more than $300,000.
Regarding rental apartments, according to Madas, the largest increase in February, compared with January, was an 8% increase for a three-room apartment in north Tel Aviv to an average of NIS 4,636 per month. The average rent for a two-room apartment in Beersheva rose by 7%, the average rent for a three-room apartment in Haifa and the Krayot rose by 6%, and the average rent for a three-room apartment in Ramat Gan and Givatayim rose by 4%.
On the other hand, the average rent for a two-room apartment in Jerusalem fell by 11%, and the average rent for a three-room apartment in the city fell by 6% in January, compared with December.
Published by Globes [online], Israel business news on February 4, 2008
Gaydamak sells Moscow land to Ocif
The Israeli tycoon owns 66% of the real estate company.
A general shareholders meeting of Ocif Investments and Development Ltd. (TASE: OCIF) today approved the purchase of land in Moscow owned by the company's controlling shareholder Arkadi Gaydamak for $100 million. The 219-acre lot is owned by OOO StroyLider, a private company wholly owned by Gaydamak.
StroyLider paid $25 million for the land in April 2007; Gaydamak is making a 300% return on investment in less than a year. The lot is located in the Leninsky district in a Moscow suburb on the road to Kiev. The lot is zoned for a 250,000-square meter logistics center, 40,000-square meter office bloc, and a 270-room hotel.
A general shareholders meeting of Ocif Investments and Development Ltd. (TASE: OCIF) today approved the purchase of land in Moscow owned by the company's controlling shareholder Arkadi Gaydamak for $100 million. The 219-acre lot is owned by OOO StroyLider, a private company wholly owned by Gaydamak.
StroyLider paid $25 million for the land in April 2007; Gaydamak is making a 300% return on investment in less than a year. The lot is located in the Leninsky district in a Moscow suburb on the road to Kiev. The lot is zoned for a 250,000-square meter logistics center, 40,000-square meter office bloc, and a 270-room hotel.
Jerusalem apartments approach Tel Aviv prices
The average price of apartments in Tel Aviv is NIS 15,000 per square meter, according to an analysis of data for the past four months by AMG Financial Models Ltd. Tel Aviv apartments are 250% more expensive than in Rishon LeZion.
AMG says that Jerusalem is Israel's second most expensive city for apartments at NIS 11,000 per square meter, followed by Ramat Gan at NIS 9,500. In contrast, the average price per square meter for an apartment in Modi'in is NIS 8,000 (based on an apartment of 115 square meters).
To the article
AMG says that Jerusalem is Israel's second most expensive city for apartments at NIS 11,000 per square meter, followed by Ramat Gan at NIS 9,500. In contrast, the average price per square meter for an apartment in Modi'in is NIS 8,000 (based on an apartment of 115 square meters).
To the article
Apartments sold and rented in Israel
Second-hand apartments sold
Tel Aviv and central region
Tel Aviv: An 80-sq.m. four-room apartment in the Neeman Towers on Michael Neeman St. was sold for $800,000. A 50-sq.m. two-and-half-room apartment with building rights on Einstein St., Ramat Aviv, was sold for NIS 1.14 million (AMG).
Petah Tikva: A renovated 115-sq.m. four-room apartment on Degel Reuven St. was sold for NIS 741,000. A renovated 105-sq.m. four-room apartment on The Ninety Three St. was sold for NIS 870,000. A 95-sq.m. three-room apartment on Zichron Yaakov St. was sold for NIS 897,000 (Levy Yitzhak).
Beer Yaakov: A 210-sq.m. five-room house on a 243-sq.m. lot on Aviv St. was sold for NIS 1.45 million.
Jerusalem and environs
Jerusalem: A 180-sq.m. six-room penthouse on Polotzky St., Gilo, was sold to an English Jew for NIS 1.27 million (Anglo-Saxon). A four-room apartment on Bar Kochva St., French Hill, was sold for $231,000. A 67-sq.m. three-room apartment on Alfassi St., Rehavia, was sold for $460,000. A 190-sq.m. six-room apartment on Hausner St. was sold for $750,000 (Bank of Jerusalem).
Mevasseret Zion: A 140-sq.m. four-and-a-half-room house was sold for NIS 1.32 million. A 160-sq.m. five-room house on Tavor St. was sold for $400,000 (Anglo-Saxon).
Rentals
Tel Aviv and central region
Tel Aviv: A five-room apartment on Rothschild Blvd. was leased for $4,500 a month. A three-and-a-half-room apartment on Brodsky St., Ramat Aviv, was leased for $900 a month. A two-room furnished apartment on Goel St., Hativka neighborhood, was leased for NIS 2,200 a month. A three-and-a-half-room furnished apartment on Rothschild Blvd. was leased for $1,750 a month (Madas)
Haifa and the north
Haifa: A three-and-a-half-room furnished apartment on Rothschild Blvd. was leased for NIS 1,750 a month. A three-room apartment on Derech Hayam, Western Carmel, was leased for $450 a month. A 150-sq.m. five-room apartment on Stefan Weiss St., French Carmel, was leased for NIS 4,620 a month. A three-room apartment in the Meridian Hotel was leased for NIS 3,490 a month (Re/MAX).
Published by Globes [online], Israel business news - www.globes-online.com - on February 10, 2008
Tel Aviv and central region
Tel Aviv: An 80-sq.m. four-room apartment in the Neeman Towers on Michael Neeman St. was sold for $800,000. A 50-sq.m. two-and-half-room apartment with building rights on Einstein St., Ramat Aviv, was sold for NIS 1.14 million (AMG).
Petah Tikva: A renovated 115-sq.m. four-room apartment on Degel Reuven St. was sold for NIS 741,000. A renovated 105-sq.m. four-room apartment on The Ninety Three St. was sold for NIS 870,000. A 95-sq.m. three-room apartment on Zichron Yaakov St. was sold for NIS 897,000 (Levy Yitzhak).
Beer Yaakov: A 210-sq.m. five-room house on a 243-sq.m. lot on Aviv St. was sold for NIS 1.45 million.
Jerusalem and environs
Jerusalem: A 180-sq.m. six-room penthouse on Polotzky St., Gilo, was sold to an English Jew for NIS 1.27 million (Anglo-Saxon). A four-room apartment on Bar Kochva St., French Hill, was sold for $231,000. A 67-sq.m. three-room apartment on Alfassi St., Rehavia, was sold for $460,000. A 190-sq.m. six-room apartment on Hausner St. was sold for $750,000 (Bank of Jerusalem).
Mevasseret Zion: A 140-sq.m. four-and-a-half-room house was sold for NIS 1.32 million. A 160-sq.m. five-room house on Tavor St. was sold for $400,000 (Anglo-Saxon).
Rentals
Tel Aviv and central region
Tel Aviv: A five-room apartment on Rothschild Blvd. was leased for $4,500 a month. A three-and-a-half-room apartment on Brodsky St., Ramat Aviv, was leased for $900 a month. A two-room furnished apartment on Goel St., Hativka neighborhood, was leased for NIS 2,200 a month. A three-and-a-half-room furnished apartment on Rothschild Blvd. was leased for $1,750 a month (Madas)
Haifa and the north
Haifa: A three-and-a-half-room furnished apartment on Rothschild Blvd. was leased for NIS 1,750 a month. A three-room apartment on Derech Hayam, Western Carmel, was leased for $450 a month. A 150-sq.m. five-room apartment on Stefan Weiss St., French Carmel, was leased for NIS 4,620 a month. A three-room apartment in the Meridian Hotel was leased for NIS 3,490 a month (Re/MAX).
Published by Globes [online], Israel business news - www.globes-online.com - on February 10, 2008
Yahoo! picks Haifa site for development center
The company has rented 250 sq.m. at the Matam High-Tech Park.
Although the high-tech world is agog with the possibility of a merger between Yahoo! Inc. (Nasdaq: YHOO) and Microsoft Corporation (Nasdaq: MSFT) in order to jointly wage war against search engine giant Google Inc. (Nasdaq: GOOG), at the Matam High-Tech Park in Haifa, the R&D centers of all three companies will soon sit side by side.
Although the high-tech world is agog with the possibility of a merger between Yahoo! Inc. (Nasdaq: YHOO) and Microsoft Corporation (Nasdaq: MSFT) in order to jointly wage war against search engine giant Google Inc. (Nasdaq: GOOG), at the Matam High-Tech Park in Haifa, the R&D centers of all three companies will soon sit side by side.
Tel Aviv's Bitzaron and Ramat Israel Real Estate
Bitzaron and Ramat Israel were built hastily in the early 1950s to provide housing for Holocaust survivors, mostly from Hungary and Romania, and for families from Yemen. The neighborhood currently has some 5,000 inhabitants. Over the years the area was considered a distressed neighborhood and was not afforded adequate urban development. But about eight years ago the infrastructures were improved and the gentrifiers began to arrive.
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