Foreign investment in real estate reached a record $1.8 billion.
Preliminary estimates indicate a sharp increase in foreign investment in real estate in 2005, to a record $1.8 billion. Most of this investment was for the purchase of luxury apartments in Jerusalem and Tel Aviv.
The rise in foreign investment in real estate boosted sales of new apartments by 13% last year, as well as land tax revenues. Foreign investment in real estate in prestigious areas also boosted apartment prices, because the supply of luxury apartments was already limited.
Published by Globes [online], Israel business news - www.globes.co.il - on January 19, 2006