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Latest Updates / Real Estate
January 17, 2022
“Court Ruling: Did You Approve a Price and Payment Terms? It’s a Binding Agreement” – Maya Zisser Column in Globes
Maya Zisser, a partner in our Real Estate Department, has published an op-ed column in Globes on the new conditions for determining a binding agreement in a sale transaction. Click to read
November 17, 2021
Everything to Know about the Purchase Tax Hike on Israeli Real Estate Investors
Earlier this month, the Israeli Ministry of Finance approved the outline for a hike to the purchase tax imposed on real estate investors, once again, to tax brackets of 8% and 10%. The Ministry of Finance has since updated that the purchase tax hike will take effect on Sunday, November 28. The ministry’s goal with this move is to “dissuade” investors from purchasing investment apartments and lower the demands in the residential housing market.
November 9, 2021
Much More than 66% – Must-Know Changes in the Urban Renewal Field
After years of expectations, the government has approved the legislative amendments needed to promote “Urban Renewal” projects in Israel. While everyone is talking about the amendment lowering the threshold of consent for apartment owners to 66%, a lot more has also changed. All of the amendments, both major and minor, are important.
October 4, 2021
Representing Azrieli Group in NIS 1.31 Billion Acquisition of Mall Hayam
Our firm represented Azrieli Group, the largest income-producing real estate company in Israel, in the acquisition of Mall Hayam for NIS 1.31 billion.
Firm partners Terry Almozlino Arnon, Ilan Blumenfeld, and Alon Wolner represented Azrieli in the transaction.
July 13, 2021
Real Estate Transactions Using Digital Currencies – Regulatory Challenges
The volume of real estate transactions incorporating digital currencies is expected to grow in the coming years, especially among young, wealthy, tech-savvy professionals. Zvi Gabbay, the head of our firm's Capital Markets Department and a former head of enforcement at the Israel Securities Authority, was interviewed by Globes on the trend. Zvi noted the regulatory challenges that exist in these types of transactions.
June 20, 2021
Purchase of Agricultural Land – Appraisal Standard No. 22
The purchase of agricultural land has become a common investment channel with high chances of success. Alongside this, there are a few risks potential buyers must prepare for.
Hagit Ben Moshe, who leads the kibbutz and agricultural sector at our firm, was interviewed by Ynet for an article on the risks of purchasing agricultural land. She explains what appraisal standard no. 22 is and its importance in such purchases.
May 11, 2021
Representing Azrieli in NIS 860 Million Agreement with SolarEdge
Our firm represented the Azrieli Group in an agreement with SolarEdge to build the solar energy company’s new campus, at an investment of approximately NIS 860 million. The future campus will be built by Azrieli on a 6.5 acre site in Glilot North, east of the coastal highway (Road 2), which was purchased from private owners. Advs. Terry Almozlino Arnon and Alon Wolner represented Azrieli in the transaction.
May 6, 2021
Prenuptial Agreements - New Israeli Supreme Court Ruling
Up until now, the Israel Tax Authority interpreted the Real Estate Taxation Law so that spouses who signed a prenuptial agreement and maintained separate property were considered a single family unit for the purposes of real estate tax.
April 18, 2021
Overcoming Opposition to Construction Plans
The publication of large-scale construction plans often provokes fierce opposition from residents in the area. Yedioth Ahronoth published in its weekend edition a comprehensive article on the subject featuring an expert from our firm. What do you need to know about submitting a plan and how to do so?
April 17, 2021
Blockchain and Real Estate
Globes has dedicated its Real Estate Supplement for Israel's Independence Day to real estate innovation. Dr. Zvi Gabbay was asked to publish a guest column discussing the implementation of blockchain technology that enables the registration and performance of digital operations through a distributed network of computers in the real estate field. According to Zvi, once land registration is also based on blockchain, buyers will be able to purchase real estate property and take out a mortgage in exactly the same way online purchases are made today.
January 17, 2021
A new Supreme Court ruling considers the municipal property taxes for common areas in malls and shopping centers
The Tel Aviv Municipality sent the Ramat Aviv Mall a municipal property tax bill for its common areas. The mall’s management argued that shop tenants must pay municipal property tax payments for these areas, under their lease agreements with the mall.
December 2, 2020
A Do and Don't Guide before Purchasing Rights in Agricultural Land in Israel
The Israeli public is offered a number of opportunities to acquire rights in agricultural land that may be rezoned to residential. Before purchasing such rights, there are a number of issues to examine in order to understand the lands potential.
November 1, 2020
COVID-19 Does Not Justify a Breach of or Deviation from a Contract When Its Arrival in Israel Was Foreseeable
An Israeli court recently rendered an interesting ruling on the impact of COVID-19. The case in question involved the lease agreement for the operation of a hotel. The lease agreement, executed in February 2020, provided payment of rental fees for the month of March, but payment for the months of April and May had not yet been arranged.
October 29, 2020
An Urban Renewal Project Agreement Is Not Transferrable
In urban renewal projects, residents or owner’s rights holders select the company with whom they are willing to embark upon this long journey, based on relationship of trust and competence. The trust required leads both parties to execute a binding agreement. Understandably, residents expect the company which whom they have contracted with to remain unchanged and not for those rights not to be transferred to other parties.
August 13, 2020
Supreme Court Reduces Protection for New Apartment Buyers
A new Supreme Court ruling determines that a warning note may not be used as collateral for buyers of apartments in a TAMA 38 project in Ramat Gan in which the developer went bankrupt. In light of the ruling, Elder Adato, the head of our Real Estate Department, was interviewed by Calcalist. He commented: "In dozens of TAMA 38 projects all over the country, the only collateral home buyers received until now was a warning note. These warning notes were primarily intended to ensure the money of home buyers. It is important to note that this ruling applies only to a specific event, in which the contractor collapsed and the warning notes constituted an 'onerous asset' for the completion of the project. "
August 10, 2020
Real Estate Investors: What to Know about Purchasing an Apartment Following the Decision to Lower Purchase Tax Rates
The Ministry of Finance has announced reduced tax rates for the purchase of an apartment for investment. How much will you pay and how can you choose the right tax payment route for you? Check out Liat Keisary’s guide for investors published by Mako.
August 2, 2020
It Is Time to Come Back Home: Investors Can Now Enjoy a Reduced Purchase Tax
Israeli Minister of Finance Israel Katz’s plan to reduce purchase tax for investors has gone into effect. Until now, under plans advanced by the previous Minister of Finance, Moshe Kahlon, for lowering housing prices and pushing investors out of the real estate market, the purchase tax for investors went up from 5% to 8% for an apartment that was not the purchaser's sole apartment.
July 23, 2020
Apartment Sale Delayed because of COVID-19? Home Upgraders Eligible for an Extension
Apartment owners experiencing difficulty selling their old apartments are entitled to a seven-month extension in which to sell, and the Israel Tax Authority will not count this period for tax purposes.
July 19, 2020
Are Publicity Brochures for Apartment Developers Considered an Agreement?
Developers and entrepreneurs often market apartments for sale using glossy prospectuses and state-of-the-art simulations that purport to represent to the buyer the apartment they are about to purchase. Sometimes, though, there is no connection between the information in the brochures and the apartment one purchased. The question arises of whether such publicity materials constitute a binding document.
July 10, 2020
Roundtable Article of Urban Renewal Experts
In the weekend edition of Yedioth Ahronoth, urban renewal experts gathered to discuss burning questions in the field. Representatives from our firm commented on what alternative housing is and when a tenant is entitled to it