Foreign residents invested $895 million in Israeli real estate in January-September 2005.
Foreign residents invested $895 million in Israeli real estate in January-September 2005, an all-time record, and 11.5% more than in all of 2004, the Bank of Israel reports.
The rate this year amounts to an unprecedented annualized $1.2 billion, only $73 million less than in the $1.27 billion invested in the two preceding years combined ($802 million in 2004 and $464 million in 2003). Bank of Israel figures show that foreign residents have invested $2.16 billion since the beginning of 2003, and $3.12 billion since 1988, when foreign currency deregulation began in Israel. The proportion of real estate in total foreign investment in Israel rose from 7.7% in 2002 to 14.2% in 2005.
At a Bank of Jerusalem (TASE: JBNK) conference for its customers and investors today, managing director David Baruch said that foreign residents were showing increased interest in investments in Israeli real estate.
Published by Globes [online] - www.globes.co.il - on October 23, 2005