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The number of new housing start ups dropped 13.9% in the first quarter of 2008, compared to the same period in 2007.

This means that overseas buyers will find fewer new choices this year than last.

Construction started on only 6,900 apartments and houses throughout Israel in the first three months of this year. This according to the figures released by the central Bureau of Statistics in Israel.

Of these new residences, 44% are in one or two story private or two-family homes. The rest are in mainly high rise apartment blocks.

Prices of imported building materials have risen massively in Israel. The price of imported steel has risen by 100% since the start of 2008.
Linked to the fall of the dollar against the shekel all builders and developers have been forced to raise prices of their new projects, and individuals selling their resale properties are following suit.

Increasingly, builders and individuals are quoting prices of their sales properties in Israeli shekels rather than in the American dollar, which has been the traditional price peg in Israel.

As of the end of May, 2008, the Israeli shekel has become the world's strongest currency !
Since the beginning of 2008, the shekel has gained 15%against the US dollar, and slightly more against the British Pound and the Canadian dollar.
Even the Euro has had a hard time against the Israeli shekel. It is at its lowest level since January 2003.

The strength of the shekel is due to the rapid economic growth in Israel, relative to the developed economies.
Added to this is the continuing high level of foreign investments in Israel, despite the world credit crisis.

News will be announced at the end of June of major and massive new projects based in Israel that will include the Peace Channel that will connect the Dead Sea with the Red Sea.
The launch of this project will be announced by Israeli President, Shimon Peres, during the state visit to Israel of President Nicolas Sarkozy of France.

The Netanya Municipality Tourism and Development Company have advertised a tender for the creation of a new stretch of promenade.
The new promenade, to be called "Sea Waves" Promenade, will go south from the existing Argaman Beach Promenade in South Beach for a length of 1200 metres (one kilometer two hundred metres).

Work will include strengthening the cliffs along the coast, and will include special design elements as well as greening this lovely stretch of coastline.

The work is expected to cost around twelve million shekels.

This development will add beauty and value to the new projects and houses that will begin construction in this neighbourhood.

Netanya Real Estate has successfully marketed the best residential apartment buildings to our overseas, mainly British clients. These have included the newly finished ROYAL RESIDENCE, PRESIDENTIAL PALACE and DUET, currently under construction.

Sales are already brisk in the ROYAL SOUTH BEACH project. Later in the year NETANYA REAL ESTATE will be offering SOUTH BEACH TWINS. This project will include two slim towers built over a luxurious lobby area. There will only be one apartment on each floor. Residents will enjoy the features and facilities that we demand from our builders for our overseas clients. They include swimming pool, fitness room, Shabbat elevators, and underground parking.

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