"The decline in sales is unrelated to the income tax reform in Israel or the global slowdown."
Our investments and those of our clients in overseas properties are growing steadily says Profimex (Israel) mezzanine finance and bridge loan off plan director Erez Rosenwaks. He was responding to a "Globes" report that Israelis' purchases of overseas apartments had plummeted 80%.
Profimex stated that in many cases sales of apartments to Israelis were based on misleading presentations and numbers games that concealed information. The real facts were only gradually revealed, hence the buyers' reaction. Profimex added that apartment marketers promised buyers inflated and unreasonable returns on their investments. The company believes that the decline in sales is unrelated to the income tax reform in Israel, which in some cases benefits investors, or the global slowdown, but to the facts outlined above.
Promifex (Israel), owned by general manager Elhanan Rosenheim, does not disclose information about its overseas transactions or Israeli clients. However, the company reportedly has marketed units in old age homes in Canada in recent years. This is one its main areas of activity.
Published by Globes [online] - www.globes.co.il - on October 19, 2003