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.
HEFTSIBA PURCHASERS ignored the protection given to them by law, succumbing to the salesman's lures by diving into the pool without checking the water.
Photo: Ariel Jerozolimski
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. (The subject of registered contractors and why it is important to work only with contractors registered with the Registrar of Building Contractors will be the dealt with in a future column.)
It is not really surprising that the residential property market is so active. Quite apart from the large influx of foreign buyers, steadily growing from year to year, Israelis themselves are very active in the market. For Israelis love to be home owners; 72% own their homes, one of the highest homeowner rates in the world. Just take a look at other major countries to make a comparison: the home ownership rate in the US is 68%, in Britain 69% and in France 54%.
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Wednesday, August 6, 2008
Trouble in the Jewish Quarter
The Old City's rebuilt Jewish Quarter stands as one of Zionism's proudest accomplishments - a showpiece of history and spirituality that attracts millions of Israelis and foreign visitors annually to the Western Wall and the neighborhood's myriad tourist attractions.
The Hurva Synagogue refurbishment will restore it to its former glory - at too high a cost, say locals.
Photo: Israel Marc Sellem [file]
But the 600 families living in the picturesque quarter have a different perspective on life there. Many are fed up with the arbitrary quasi-bylaws imposed upon them by the Jewish Quarter Development Company (JQDC) - the government corporation established after the Six Day War to restore the then-ruined, historic neighborhood.
In particular, residents are irate about the inadequate parking arrangements imposed upon them by the JQDC. Two outdoor parking lots serve the area - one of 170 spaces reserved for residents and a 70-car visitors lot. Residents pay a nominal NIS 150 annual parking fee.
"The two lots were supposed to be for the residents only but from their great chutzpah the Hevra [JQDC] operates one for visitors to make money," charges Shmuel Yitzhaki, a member of the residents committee who has been living in the Jewish Quarter since 1979.
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The Hurva Synagogue refurbishment will restore it to its former glory - at too high a cost, say locals.
Photo: Israel Marc Sellem [file]
But the 600 families living in the picturesque quarter have a different perspective on life there. Many are fed up with the arbitrary quasi-bylaws imposed upon them by the Jewish Quarter Development Company (JQDC) - the government corporation established after the Six Day War to restore the then-ruined, historic neighborhood.
In particular, residents are irate about the inadequate parking arrangements imposed upon them by the JQDC. Two outdoor parking lots serve the area - one of 170 spaces reserved for residents and a 70-car visitors lot. Residents pay a nominal NIS 150 annual parking fee.
"The two lots were supposed to be for the residents only but from their great chutzpah the Hevra [JQDC] operates one for visitors to make money," charges Shmuel Yitzhaki, a member of the residents committee who has been living in the Jewish Quarter since 1979.
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Ra'anana will continue to expand
Ra'anana has presented its long-awaited "Vision for the year 2020," which plans to create an extra 4,000 apartments in the north and west of the city, reports local.co.il. But critics have been quick to attack the plan, which took two years to put together, cost NIS 176,000 and involved some 1,600 people.
According to the report, mayor Nahum Hofree presented the "vision" after it received council approval, saying the plan's main consideration was the pressing need for more housing in the city. The mayor said that 600 residential apartments would begin being built in 2009 on land currently occupied by Kfar Batya in the west of the city, and that the orchard recently planted on this land by the leaseholders would not stop the building project from going ahead. In addition, a further 3,500 residential units will be built in the north of the city, starting in the year 2010. As well as promising to find "housing solutions" for residents, the "vision" promises to upgrade road infrastructure and preserve a "clean and healthy" environment in the city.
Hofree said some 1,600 people, including hundreds of residents, had been involved in preparing the "vision" - the greatest number of people ever involved in any municipal plan in Israel. Most of the NIS 176,000 it cost went on the salaries of advisers. Hofree said the "vision" would act as "a compass that will lead us to the years ahead," adding that his aim was to preserve Ra'anana's character as a town and not change it to a city full of residential apartment towers.
Opposition councilors said the preparation of the plan had "lost all proportion." They said it had cost too much, had taken too long to prepare, involved too many people, and the end result was shallow and smacked of electioneering. Opposition councilor Leah Halperin said that previous mayor Ze'ev Bielski could have come up with the same plan "in half a day over dinner."
According to the report, mayor Nahum Hofree presented the "vision" after it received council approval, saying the plan's main consideration was the pressing need for more housing in the city. The mayor said that 600 residential apartments would begin being built in 2009 on land currently occupied by Kfar Batya in the west of the city, and that the orchard recently planted on this land by the leaseholders would not stop the building project from going ahead. In addition, a further 3,500 residential units will be built in the north of the city, starting in the year 2010. As well as promising to find "housing solutions" for residents, the "vision" promises to upgrade road infrastructure and preserve a "clean and healthy" environment in the city.
Hofree said some 1,600 people, including hundreds of residents, had been involved in preparing the "vision" - the greatest number of people ever involved in any municipal plan in Israel. Most of the NIS 176,000 it cost went on the salaries of advisers. Hofree said the "vision" would act as "a compass that will lead us to the years ahead," adding that his aim was to preserve Ra'anana's character as a town and not change it to a city full of residential apartment towers.
Opposition councilors said the preparation of the plan had "lost all proportion." They said it had cost too much, had taken too long to prepare, involved too many people, and the end result was shallow and smacked of electioneering. Opposition councilor Leah Halperin said that previous mayor Ze'ev Bielski could have come up with the same plan "in half a day over dinner."
Sunday, April 20, 2008
Alrov in talks to buy Crown Estate property
The company plans to convert a historic building on Regents Street in London into a hotel.
Alrov (Israel) Ltd. (TASE: ALRO), controlled by Alfred Akirov, has reached an understanding with The Crown Estate to purchase a property on Regent Street in London for ₤90 million. The 24,000-square meter property, known as the "Cafe Royal" is being rezoned for a 160-room luxury hotel, as well as commercial space.
The Crown Estate manages more than ₤7 billion of property owned by the British royal family. The properties include, according the its website, "cityscapes, ancient forests, farms, parkland, coastline, and communities" throughout the UK and functions "as employer, influencer, manager, guardian, facilitator and revenue creator".
Alrov (Israel) Ltd. (TASE: ALRO), controlled by Alfred Akirov, has reached an understanding with The Crown Estate to purchase a property on Regent Street in London for ₤90 million. The 24,000-square meter property, known as the "Cafe Royal" is being rezoned for a 160-room luxury hotel, as well as commercial space.
The Crown Estate manages more than ₤7 billion of property owned by the British royal family. The properties include, according the its website, "cityscapes, ancient forests, farms, parkland, coastline, and communities" throughout the UK and functions "as employer, influencer, manager, guardian, facilitator and revenue creator".
Azrieli developing outlet mall in Or Yehuda
The new mall is on the site of the failed Canor Mall.
Sources inform ''Globes'' that Azrieli Group unit Azrieli Malls Ltd. is building an outlet mall in Or Yehuda, which will be the first in the area for leading brands. The 6,000-square meter mall will have three floors of commercial space on the site of failed Canor Mall in the town center. The company is investing $1 million in interior and exterior renovations and upgrades.
The outlet mall will bring to Or Yehuda fashion chains such as Fox-Weizel Ltd. (TASE: FOX), Renuar, Lee Cooper, Crazy Line, and other brands.
Sources inform ''Globes'' that Azrieli Group unit Azrieli Malls Ltd. is building an outlet mall in Or Yehuda, which will be the first in the area for leading brands. The 6,000-square meter mall will have three floors of commercial space on the site of failed Canor Mall in the town center. The company is investing $1 million in interior and exterior renovations and upgrades.
The outlet mall will bring to Or Yehuda fashion chains such as Fox-Weizel Ltd. (TASE: FOX), Renuar, Lee Cooper, Crazy Line, and other brands.
Delek Real Estate in talks to buy UK property co
The target company is one of five largest income-producing property owners in the UK.
Sources inform ''Globes'' that Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Real Estate Ltd. (TASE: DLKR) is in talks to acquire the controlling interest in one of the UK's five largest income-producing property companies. Sources at foreign investment banks said that Delek Real Estate subsidiaries plan to buy a substantial bloc of shares in the public company, which is traded on the London Stock Exchange at a market cap of NIS 4.2 billion and has NIS 8 billion in shareholders' equity. The company has an annual turnover of NIS 2.6 billion.
The target company's largest shareholder owns just 9% of it, facilitating the acquisition of control. Delek Real Estate is in talks with shareholders who own a quarter of the company altogether.
Sources inform ''Globes'' that Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Real Estate Ltd. (TASE: DLKR) is in talks to acquire the controlling interest in one of the UK's five largest income-producing property companies. Sources at foreign investment banks said that Delek Real Estate subsidiaries plan to buy a substantial bloc of shares in the public company, which is traded on the London Stock Exchange at a market cap of NIS 4.2 billion and has NIS 8 billion in shareholders' equity. The company has an annual turnover of NIS 2.6 billion.
The target company's largest shareholder owns just 9% of it, facilitating the acquisition of control. Delek Real Estate is in talks with shareholders who own a quarter of the company altogether.
Nitsba closes sale of 2 Paris buildings
The company signed an MOU for the sale of six other French properties.
Nitsba Holdings Ltd. (TASE: NTBA) yesterday signed the sale contract for two office buildings in the Montrouge Pelletan neighborhood of Paris for €30 million (NIS 169 million). The Paris municipality has a 60-day first refusal rights to buy the property.
Nitsba added that its subsidiary which owns the properties would post a pretax capital gain of €5.3 million on the sale. Nitsba owns 90% of the subsdiary.
The two properties were leased to France Telecom until last month. Nitsba expects to close the deal by September.
Nitsba Holdings Ltd. (TASE: NTBA) yesterday signed the sale contract for two office buildings in the Montrouge Pelletan neighborhood of Paris for €30 million (NIS 169 million). The Paris municipality has a 60-day first refusal rights to buy the property.
Nitsba added that its subsidiary which owns the properties would post a pretax capital gain of €5.3 million on the sale. Nitsba owns 90% of the subsdiary.
The two properties were leased to France Telecom until last month. Nitsba expects to close the deal by September.
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