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The State of Real Estate: Problems and Solutions

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The State of Real Estate: Problems and Solutions REAL ESTATE Summer 2017 The state of real estate: Problems and solutions Buying a new home The need for more housing Enormous opportunity! Live between nature and the sea Selection of 3, 4 and 5-room apartments, mini-penthouses and penthouses Especially attractive payment 4-room apts at launch prices terms! Starting from NIS Simulation for illustration only. E&OE This is the time to make the right choice for your family and to move to Shmurat Rothshtein. The complex, > 3 luxurious residential towers > Indulgent balconies with open views situated in the popular Yovel neighborhood, combines an exclusive living environment with a young and > Premium specifications > Rich and green environmental development > 5 mins vibrant community and neighbors that are fun to meet, in the perfect locale where nature meets the ocean. from Caesarea and the beach > Excellent accessibility to the Coastal Highway Enormous opportunity! Live between nature and the sea Selection of 3, 4 and 5-room apartments, mini-penthouses and penthouses Especially attractive payment 4-room apts at launch prices terms! Starting from NIS Simulation for illustration only. E&OE This is the time to make the right choice for your family and to move to Shmurat Rothshtein. The complex, > 3 luxurious residential towers > Indulgent balconies with open views situated in the popular Yovel neighborhood, combines an exclusive living environment with a young and > Premium specifications > Rich and green environmental development > 5 mins vibrant community and neighbors that are fun to meet, in the perfect locale where nature meets the ocean. from Caesarea and the beach > Excellent accessibility to the Coastal Highway REAL ESTATE TABLE OF CONTENTS LETTER FROM THE EDITOR The housing situation: Where do we stand? .............8 By Juan de la Roca Dear Readers, The state of real estate: Problems and solutions .....10 Welcome to the bilingual summer edition of The By John Benzaquen Jerusalem Post’s Real Estate magazine. In this issue we have an interview with Roni Brik, Buying a new home ..................................................14 president of the Israel Builders Association, the representative body of the contractors and developers By Yair Aloni and Johana Bensoussan in this country. For the benefit of our French readers, we have a The Almog Group .......................................................15 story about Bat Yam, a charming seaside town just south of Tel Aviv, which is much favored by Jews from Boaz Barak France who purchase real estate in Israel. For the benefit of our readers who are newcomers, Boutique living in the city.........................................16 we have an article about the legal aspects of buying a home in Israel. By Ehud Lahav Enjoy your reading, Investing in real estate: High yields, low risk .........18 Juan de la Roca By James Harris Making dreams come true .......................................20 James Harris The Tower of Bavli .....................................................20 Yochanan Altman The need for more housing .......................................22 By Amit Dobkin The burgeoning of Bat Yam .......................................24 By John Benzaquen Making the right connection ....................................28 By Boaz Barak Cover photo: REUTERS/Amir Cohen Editor Juan de la Roca | [email protected] V.P. Commerce & Sales Yehuda Weiss | [email protected] Advertising production Roi Kadosh Advertising Designer Noa Zolty Graphic Design Noa Zolty NOTE: THE CONTENT OF THE ADVERTISEMENTS IS THE SOLE RESPONSIBILITY OF THE ADVERTISERS Advertising Tel: (03)7619002 Real Estate 6 Summer 2017 INTRODUCTION The housing situation: Where do we stand? By Juan de la Roca he real estate industry in Israel is of these mortgages. In April, the banking and Western Europe, are high compared to at a watershed of sorts. There are sector granted 5,800 mortgages compared yields from bank deposits, savings accounts indications that housing prices are to a monthly average of 7,000 in 2016. In April or Triple A bonds. In addition, an investment T stabilizing and demand is declining. of this year, total mortgages granted amounted in real estate is expected to yield handsome The past 10 years have been a decade of to NIS 3.65 billion compared to a monthly capital gains when the investment is realized rising prices and annual housing starts, which average of NIS 4.65 billion in 2016 and a and the property is sold. in most cases were below the natural increase monthly high of NIS 5.7 billion in 2016. The One of the reasons for the decline in demand in demand for real estate. To meet the demand, average mortgage granted in April amounted for housing is that investment demand is annual housing starts must amount to to NIS 629,000 compared to a monthly average falling. The Finance Ministry has taken steps somewhere in the range of 46,000 to 50,000. In of NIS 666,000 and a monthly high of NIS to discourage investment demand for real Israel, birth rates are relatively high compared 718,000 in 2016. estate. It is levying a heavy tax on people who to most Western nations. In addition, Israel In addition, real estate prices seem to be own three properties or more. And even those is a country with large immigration figures. stabilizing and even falling slightly. These buying a second property may be expected And the wear and tear of the existing housing figures are hard evidence that the current to pay a purchase tax, which can amount to stock depletes the availability of dwellings. real estate market is cooling down. twice that required from a first-time buyer. During the past decade, the average annual Nevertheless, a big question remains. Are Another reason for the decline in demand housing starts have amounted to some 30,000. these figures temporary? Will demand and for housing is price. During the past 10 years, In some years, they were in the low 20,000. prices rise anew or is this the beginning of a real estate prices have risen much higher than The discrepancy between the need for long-term trend? That is a difficult question the increase in incomes. The rise in real estate more housing and the actual amount supplied to answer. prices compared to the increase in incomes is created a cumulative shortfall loss of more than Demand rose during 2016. Prices rose 40%. This means that more and more people 100,000 dwellings. Consequently, as long as during 2016 in large part because of investment cannot afford to purchase a home. These two there is a hefty shortfall in dwellings, there will demand. Interest rates in Israel are at historic factors are expected to continue to dampen be a constant upward pressure on prices. The lows. The Bank of Israel rate stands at 0.1% both demand and prices. only way to tackle this shortfall is to increase per annum. Consequently, the yields in the The decline in investment demand will housing starts beyond the figure needed to financial markets are low. continue as long as the Finance Ministry is supply the natural population increase and This is the case in regard to yields on doing everything it can to make investment the wear and tear of the existing housing stock. Triple A bonds and bank deposits. In these in real estate uneconomical. Indeed, Finance This means that the housing market needs at circumstances, investing in bricks and mortar Minister Moshe Kahlon was recently quoted least 60,000 annual housing starts to eliminate makes economic sense. These investments as saying, “A dwelling is not an investment, the shortfall. To achieve this goal, it will require yield a monthly income from rent which, it is a commodity. It is not an alternative to a period of at least 10 years. though low compared to yields in the US a pension fund or to an investment in the Does this mean that prices will continue to financial market, it is a home in short supply.” rise? The laws of supply and demand would The Finance Ministry can, if it wants, renew answer in the affirmative, but the real estate investment demand in a period of low interest market is undergoing big changes. rates. The chief economist at the Finance With regard to the decline in Ministry has published figures that demand due to high show that in March 2017, demand prices, that is a tricky for real estate declined. issue. Currently, the The preliminary figures average price of an published for April also apartment in Israel suggest big falls in demand. amounts to more These figures are not alone than 140 average in showing that demand monthly salaries. That for real estate is falling. is a prohibitive price. The mortgage figures for April Yet in the past, demand also show a big fall in the number of has risen despite seemingly actual mortgages granted and the amounts (ingimage/asap) impossible costs. Real Estate 8 Summer 2017 INTERVIEW Roni Brik (Photo by Kfir Sivan) The state of real estate: Problems and solutions By John Benzaquen he real estate industry in Israel is of normal, moderate price increases.” of land and the price of labor. The cost of the undergoing big changes. Some would project increases and so does the amount of say that we are at a crossroads and According to government statistics, real money we have to put up. Furthermore, in T that the era of hefty price increases estate prices are falling. Do you agree? an unstable market, we can’t make long-term is coming to an end and that housing starts No, I don’t. The figures that show a fall in plans. For us, the current stable situation is are beginning to catch up. Some dispute the house prices are for the last months compared very favorable. figures and say that it is too early to predict to the months before.
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