Tidhar CEO predicts market recovery as employees receive 56 million shekels in bonuses
Following claims of a significant drop in apartment prices, Tidhar CEO Ori Levin analyzed the expected market recovery based on reports showing increased revenue and sales. It has been revealed that employees and former staff received tens of millions in bonuses.
Ori Levin, CEO of Tidhar, stated during an investor call that in his view, the weakness in the housing market is nearing its end. While Tidhar reported a decrease in net profit for the second quarter, its overall performance remains robust: revenues reached a record 892 million shekels, with a gross profit margin of 20.4%.
Levin previously mentioned a 20% price drop, but clarified to associates that this figure accounts for inflation. In reality, the decline is in the single digits nationwide, and nominal prices remain stable due to contractor promotions. A recent check of a Tidhar project in Tel Aviv even revealed a price increase. During the call, Levin noted, "Demand for apartments is indeed lower than before, but the housing market is on the way to recovery."
In the first half of the year, Tidhar sold 294 housing units for approximately 1.068 billion shekels (an average of 3.63 million shekels per unit), compared to 159 units for 721 million shekels (6.216 million shekels per unit) in the previous year. The company saw an 81% increase in its monetary share of sales.
Regarding contract cancellations, only 5 customers terminated their agreements. These contracts averaged 3.1 million shekels, while the average price in 2025 was 4 million shekels (excluding the Rothschild project). The company attributes the shift in average price to a change in the apartment mix, as more units are now being sold outside of Tel Aviv.
Analysis suggests that the real price of apartments has not dropped by 20%, as development profits remain stable and sales volume is rising. On the back of these results, the company has distributed significant bonuses.
"Bonuses were awarded to the company's employees (including some former employees) totaling approximately 56 million shekels, while grants to controlling shareholders and directors reached 8 million shekels," the report stated.
With rising sales and skyrocketing revenues, Levin's recovery forecast appears supported by the company's current financial trajectory.
