"It won't be worthwhile investing in Israeli real estate in 2013. Prices are too high and the return on assets is negligible," said US real estate guru Robert Shemin today, ahead of a series of lectures to investors in Tel Aviv.
Shemin, a commentator for CNN and Fox News, and the author of the best-seller, "How Come that Idiot's Rich and I'm Not", added, "From outside, investors are looking at what is happening in Israel, and they think that Israel is a market for gamblers and speculators. It reminds me of the situation in the US before the bubble burst."
Spain and Greece are the hot markets for real estate investment, because it's possible to buy properties at a fraction of their market price. In Europe and in parts of the US, it's possible to get a 10% return on investment with little effort. In Israel, it's possible to get a return of 1-2% in the best case."
On January 1, Shemin will hold a seminar for Israeli investors at the Herod's Hotel in Tel Aviv, where he will talk about how to exploit the crisis in the US and European markets to achieve high returns.
Published by Globes [online], Israel business news - www.globes-online.com - on December 23, 2012
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