Monday, July 28, 2008

There is no country like this anywhere in the world

Globes: Israel business news - Fishman decries excessive construction regulation.
"Globes" editor-in-chief asked Fishman whether the US real estate crisis had bottomed out. He replied, "Prices for energy and raw materials have gone up. Real estate is iron and cement, and what is left is land and labor. Real estate prices will continue to fall, but they will then rise fast. I won't begin to buy for another two years. You won't see any cranes today because no one is building."

As for Israel, Fishman said, "There are no cranes in Israel because there's no one to build for. In terms of real estate, Israel has everything. We're building 20,000 housing units a year, the same number that I'm building alone overseas. I have nothing to look for here and share with others."