A year after one of the most volatile periods in the capital market, it appears that the public real estate companies are the ones returning to center stage. In the concluding panel of the “Financing Time” conference by Real Estate Media, held this week at the Carlton Hotel in Tel Aviv, senior industry figures presented a cautious yet optimistic picture: the market is stabilizing, investors are returning, and public capital is once again becoming a growth engine.
Adv. Ziv Caspi, founding partner at Gindi Caspi & Co., who moderated the panel, said that “The stock exchange is not an enemy of developers – it is a natural partner. Public companies enjoy quick access to capital, cash-flow certainty, and public trust. Those who manage themselves correctly discover that the capital market is not a threat but a lever.”
Yaniv Pagot, Deputy CEO for Trading at the Tel Aviv Stock Exchange, continued with several fascinating figures: “There are nearly one hundred real estate companies traded in Israel, with a combined valuation of about 250 billion shekels. This is the sector leading the market. We are again seeing interest from the public and institutional investors, and even foreign capital is beginning to return. When interest rates begin to fall, we will see a new wave of fundraising and IPOs.” Pagot added that “The recent period sharpened the distinction between stable companies with responsible management and those that acted too aggressively. Investors today examine management quality, financing structure, and information transparency in depth. Those who know how to manage properly will enjoy the upside waiting just around the corner.”
Uzi Levy, CEO of the Mivne Group, reinforced the sense that the market is changing direction: “We are seeing a dramatic shift in public confidence. In our latest issuance, we set out to raise half a billion shekels – and raised nearly double, 970 million. This would not have happened a year ago. The public is hungry for reliable companies, and investors are once again searching for stability.”
“Entrepreneurship is a profession of optimism”
Tzachi Peretz, CFO of Acro Real Estate, offered an on-the-ground perspective: “Entrepreneurship is a profession of optimism. We went through a tough period: high interest rates, war, uncertainty, but in the field you can feel stabilization. Demand is returning, and people are signing again. You need to work smart, not fast, but it is clear that the direction is positive.”
Yaakov Nitzan, founding partner at Ruby Capital, said that signs of recovery can also be seen in the periphery: “We are seeing a return to the market. Just recently we closed a large urban renewal project in Maale Adumim, valued at about 1.4 billion shekels. The public is buying again, and developers are beginning to plan ahead.”
Tal Tapuhi, CEO of Gamla Harel, added a reminder for caution: “Giving money is easy, returning it is the real art. Today there are plenty of financing sources, but we must not forget that loans must be repaid. This is not a time for rushing ahead, but for careful and responsible management.”
Yossi Prashkovsky, Chairman of the Prashkovsky Group, used the stage to point a finger at the government: “The national planning committees did their part and approved tens of thousands of housing units, but the local municipalities are stuck. There is no manpower, no one to sign permits, no one to implement plans. Without coordination between the government and the municipalities – we will not see new apartments, even if the capital market invests billions more.”
Despite the caution, the overall feeling in the room was one of a turning point. After a long period of slowdown, public companies are once again drawing attention, and investors are beginning to believe anew.