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Israel Real Estate Report Q3 2011 Published on July 2011

Report Summary BMI is optimistic about the prospects for Israel's commercial real estate sector over the next five years. In general, demand is growing, leading to high occupancy rates and increasing rents, while new construction is still relatively quiet. Israel has the third highest residential property price growth rate in the world, according to Global Property Guide. Residential property prices in Israel increased in Q111 by 7.8% year-on-year (y-o-y) in real terms. The government has enacted a number of measures to cool activity in the residential market, including tax initiatives to make it more expensive for investors to buy residential property, as well as other measures to accelerate the sale of apartments and to encourage new construction. Consumer price index (CPI)-linked mortgage interest rates have been rising for seven consecutive months. The Bank of Israel increased the benchmark interest rate by 25 basis points (bps) to 3.25% on May 23 2011. The acceleration in Israel's economic recovery thus far in 2011 has prompted us to revise up our 2011 and 2012 real GDP growth forecasts to 4.8% and 4.5% respectively, from 3.8% and 3.3% previously. Unemployment declined to a seasonally adjusted 6.0% in Q111 (its lowest level since Q308), manufacturing production is at its highest level since 2004, and growth in exports and private consumption has been robust. We expect private consumption to grow 5.3% y-o-y in 2011, up from 5.0% in 2010. Steadily declining unemployment, along with lower levels of under-employment, indicates that a larger number of Israeli consumers have more disposable income to spend. The increase in public unrest across the Middle East and North Africa (MENA) in 2011 has the potential to derail Israel's growth momentum. Indeed, unresolved political situations that are leading to volatility in countries neighbouring Israel ' Lebanon, Syria, Jordan and Egypt ' could lead to instability along Israel's borders. Disputes with the Palestinian territories regarding both their right to sovereignty and the reconciliation deal between Hamas and Fatah could also worsen tensions in the region. Escalations in any of these situations would likely depress private consumption and fixed investment, thereby posing downside risks to our real GDP growth forecasts.

Table of Content Executive Summary . 5 SWOT Analysis .... 6 Israel Real Estate SWOT .. 6 Israel Economic SWOT 7 Israel Business Environment SWOT 7 Real Estate Market Overview .. 8 Real Estate Market Analysis 10 Table: Israel's Real Estate Market ' Historic Rents, 2009 And 2010 (m2/month, USD) . 11 Table: Israel's Real Estate Market ' Net Yields, 2010 And 2011 (%) .... 11 Table: Israel's Real Estate Market ' Terms Of Rental Contract/Lease, Mid-2010 .... 12 Table: Israel's Real Estate Market ' Available (m2) And Vacant Space (%), Mid-2010 . 12 Industry Forecast Scenario ... 13 Real Estate Outlook ... 13 Table: Israel's Real Estate Market ' Rentals, 2010-2012 (m²/month, US$) .... 14

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>> Get this Report Now by email! Table: Israel's Real Estate Market ' Forecast Net Yield, 2008-2015 (%) .. 15 Israel's Construction and Infrastructure Industry Outlook ... 16 Table: Israel Construction And Infrastructure Industry Data, 2007-2015 .. 16 Table: Israel Construction And Infrastructure Industry Data, 2012-2020 .. 17 Macroeconomic Outlook . 19 Table: Israel - Economic Activity; 2006-2015 ... 22 Business Environment .... 23 Real Estate/Construction Business Environment Rating .. 23 Table: Middle East And Africa Real Estate/Construction Business Environment Ratings ... 23 Israel's RECBER .. 24 Israel's Business Environment .. 25 Table: BMI Business And Operation Risk Ratings .. 25 Table: BMI Legal Framework Rating . 27 Table: Labour Force Quality .... 31 Table: Middle East and Africa ' Annual FDI Inflows.. 32 Table: Trade And Investment Ratings . 35 Table: Top Export Destinations 36 Competitive Landscape ... 38 Company Profiles ... 39 AFI Group .. 39 Gazit-Globe 40 Housing And Construction Group . 41 BMI Methodology ... 42 How We Generate Our Industry Forecasts ... 42 Construction Industry 43 Bank Lending ... 44 Real Estate/Construction Business Environment Rating ... 44 Table: Weighting Of Indicators 45 Project Finance Ratings Indicators .... 47 Table: Design And Construction Phase ... 47 Table: Commissioning And Operating Phase ' Commercial Construction 48 Table: Commissioning And Operating Phase ' Energy And Utilities .... 49 Table: Commissioning And Operating Phase ' Transport 51 Sources .. 52

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Israel Real Estate Report Q3 2011  

BMI is optimistic about the prospects for Israel's commercial real estate sector over the next five years. In general, demand is growing, le...

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