Foreigners visiting, investing in Israeli real estate

Foreigners invested $45 million in Israeli real estate in January 2004. Tourist entries were up 17% in October 2003-January 2004.

Foreigners are once again investing in Israeli real estate, and coming to visit. Bank of Israel figures show that foreign residents spent a net $45 million on land and housing purchases in January 2004, and $101 million in December 2003-January 2004.

The foreign real estate purchases were the most since the outbreak of the intifada in September 2000.

The turnaround in foreign real estate purchases began immediately after the end of the war in Iraq, with record investments of $147 million in the third quarter of 2003, and $150 million in the fourth quarter. Foreign investments in real estate have totaled a net $565 million in the past eighteen months, amounting to 40% of the total in the past seven years.

The figures also show that tourist entries were up 28.6% in January 2003-January 2004.

Tourist entries numbered 417,100 in October 2003-January 2004, a seasonally adjusted rate of 103,500 per month, 16.8% higher than the 88,600 monthly average in 2003, and 44.2% higher than the 71,800 monthly average in 2002.

Tourist overnights climbed 25.1% in January 2003-January 2004, and totaled 994,700 in the fourth quarter of 2003, a 332,000 monthly average, 21.2% more than the 274,000 monthly average in 2003, and 51.6% more than the 219,000 monthly average in 2002.

Published by Globes [online] - www.globes.co.il - on February 26, 2004

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