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D&B: Real estate firms continued to grow in 2011

Shikun-Binui Group continues to lead construction and development category with NIS 5.3 billion in total revenue

Shirley Sasson Ezer, Calcalist
Published: 04.21.12, 08:24 / Israel Business

The five leading Israeli real estate companies grew by an average of 8% in 2011, with an aggregate turnover of NIS 16.6 billion ($4.42 billion), according to Dun & Bradstreet.

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The companies recorded an identical aggregate growth rate in 2010.

 

The Shikun-Binui Group continued to lead in the construction and development category. The company grew 9.5% in 2011 with NIS 5.3 billion ($1.41 billion) in total revenue.

 

Danya Cebus Ltd the contracting arm of Africa-Israel Investments Ltd registered the highest growth rate last year – 41.2%, or NIS 2.5 billion ($670 million) in total revenue.

 

Africa-Israel Investments Ltd grew by 17.3% with NIS 3.7 billion ($980 million) in total revenue, while Shapir Engineering and Electra earnings increased by 15% and 5.5%, respectively.

 

According to statistics published by Dun & Bradstreet, Shikun-Binui recorded a 20% increase in revenue over the past four years, while Shapir's earnings increased by a whopping 61% since 2008.

 

Israel's construction companies are continuing to find it more and more difficult to obtain funding for projects. March 2012 saw a slowdown in credit extended to the real estate sector from banks and other financial institutions compared to previous years.

 

The real estate sector has also been affected by the drop in new mortgages. In 2011 banks granted some NIS 45 billion in mortgages, marking a 6% drop from 2010, which was a banner year in apartment sales (NIS 47.8 billion, or $12.72 billion, in mortgages granted).

 

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