Words: Ashley Rigg
Published: 15th June 2011
*Israelis showing “huge interest” in overseas property
Israeli private and institutional investors are showing an increasing interest in purchasing international property, according to a number of real estate firms with interests in the region.
Although the majority of transactions are commercial, international residential real estate investment is increasing sharply with buyers focused on Western markets with security a key motivation.
El Rosenheim, founder and CEO of Tel Aviv-based global real estate investment firm Profimex estimates Istraeli investors are ready to invest around $2bn over the next 12 months.
“There is a huge interest in both Europe and the United States by institutions, public, and private firms as well as high net worth individuals right now. The move into property in recent years was halted by the global financial crisis, but is now fully back on track”.
Israel second only to Canada in US real estate investment
Rosenheim’s predictions are supported by a recent report from international real estate company Savills which states that Israeli investors acquired over $1.1bn of US real estate in 2010, up from $54m in 2009.
A report from consultancy RCA puts Israelis as the second most prevalent investors in the US, behind Canadians. They invested $441 million in US real estate between January and July 2010 compared to Canadians, who by comparison, invested $ 1.67 billion in the same period.
Where do Israeli’s buy?
So where else do Israelis buy other than the US? One of the only sources of data comes from research conducted by exhibition company TLV Expo.
Although director, Amir Rochman admits his sample size is small, his team have some interesting conclusions from their telephone research conducted prior to launching the country's
first overseas property exhibition.
“The interesting conclusion from our research was the lack of any definitive pattern", he says.
"Where as Brits buy in the same places like Spain, France and Cyprus, Istraeli’s are looking for something unique. Security is important but with us being 'the first' is also a factor which probably stems from our entrepreneurial culture".
"Our research showed buyers were not just interested in traditional places like the US, Thailand and Spain, but also more exotic locations like Costa Rica and Honduras”.
Although Israel has a relatively small population, the
domestic property market is booming and with the political problems in the region, there is a clear need for a "plan b" in terms of the security of owning a property abroad.
Source: Global edge
User Comments
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