Ministry of Finance warns of a surge in cancellations: what awaits contractors
The Ministry of Finance predicts an unprecedented wave of real estate deal cancellations. Meanwhile, Chaim Katzman plans to sell 33% of shares, Tzahi Abu criticizes the situation, and contractor Dudi Appel has become a suspect in a major criminal investigation.
What happened this week in the real estate sector? The collapse of the deal between Tzahi Abu and Chaim Katzman dominated the headlines. As we reported, Katzman plans to sell 33% of his shares for 850 million shekels. The Ministry of Finance is warning of an upcoming wave of cancellations, alongside a major investigation involving contractor and Likud figure Dudi Appel.
On Wednesday, it was cleared for publication that businessman and contractor Dudi Appel is the primary suspect in an investigation conducted by the National Unit for Economic Crimes (YALEK) at Lahav 433, in cooperation with the Ministry of Justice's insolvency division. Alongside him, Likud court president and former Knesset member Michael Kleiner, as well as businessmen Yaffa and Yitzhak Dayan, were questioned. All four were detained on Monday and later released under restrictive conditions. The investigation is ongoing.
According to suspicions, Appel, who has been in insolvency proceedings since 2012, concealed rights to real estate assets worth tens of millions of shekels, violating reporting obligations. Investigators also suspect that the other parties assisted in concealing these assets.
Leading real estate news of the week:
- Huge deal between Tzahi Abu and Chaim Katzman collapses
A month after reaching an agreement, the deal fell through. Katzman was reportedly furious upon learning about the introduction of new partners.
- Ministry of Finance warns of a new wave of cancellations
Most buyers who purchased apartments during the financing benefits period have not yet reached the final payment stage. The Ministry predicts significant market shifts in the coming year.
- Major affair: Contractor and businessmen arrested
Lahav 433 is investigating allegations of asset smuggling and concealment of real estate rights. A senior Likud official is reportedly involved.
- Tzahi Abu goes on the attack
The owner of Ari Nadlan stated: "Katzman realized we were serious about taking control. He was startled. My company has the funds, and I won't leave them idle."
- Exclusive: Katzman in talks to sell 33% of shares to another investor
Following the deal's collapse, Katzman has received new offers and is seeking approximately 850 million shekels.
- Prashkovsky targets disappointed buyers
The company is launching a tender for apartments, aiming to capture those who missed out on the 'Apartment with a discount' program.
- Parking issues in Herzliya
Apartment buyers discovered their assigned parking spaces were unusable, as they could not exit their vehicles once parked.
- Billionaire Beny Steinmetz under Tax Authority scrutiny
The Tax Authority is demanding over 4 million shekels in taxes for a villa in Arsuf purchased in the 90s.
- 20% of reservists win 'Apartment with a discount'
Out of 25,394 registered reservists, 4,734 have been notified of their win.
- Record mortgage data from the Bank of Israel
Despite the market slowdown, mortgage volume for apartments valued over 5 million shekels is skyrocketing.
- Avisror family invests in Sde Dov
Eli Avisror purchased apartments in his own project for 19 million shekels.
- Aura lowers prices
The company is offering promotions across five projects, with discounts estimated at up to 10%.
- Avisror brothers respond to the drama
Following a 525 million shekel capital raise from insurance and provident funds, the brothers are focusing on company growth.
