Country rank #25

Israel 以色列

双寡头 REIT — 全波最强的分派纪律，战争定价的折价

以色列的上市 REIT 板块是双寡头而非市场：两家经典 REIT（REIT 1，2006 年；Sela Capital，2008 年）在透明体税制下运行，≥90% 应税收入的强制分派是本波最强的派付纪律，持有人以本国保险与养老金为主。两只股票 2026 年都跌得很重（REIT 1 五十二周 −25%、Sela 年内 −36%），今天 4.5% 与 7.5% 的标题收益率有一部分是价格崩塌的产物。身份上没有任何购房居留通道——身份走出生权法与常规工作/家庭通道，本页明示。战争成本（约 NIS 3,500 亿）是这个国家全部资产定价的底色。

Data updated: 2026-11-08

Four grades

Identity & tax (in one line)

Key metrics

Why this country

The distribution discipline is this wave's strongest: a transparency tax model plus a statutory distribution of at least 90% of taxable income, with 19 and 17 years of uninterrupted dividends at the two REITs — on this site's evidence scale, that is citable 'institutional income'.

The duopoly structure is itself information: the sector has two names, holders are mostly domestic institutions, and foreign retail is a marginal price-setter — buying Israeli REITs means buying into a niche market's missing pricing power, and part of the discounts (16%/34%) is that structure's normal state.

The macro reads from both sides: GDP +2.9% in 2025 beat the central bank's forecast and FDI hit a record US$26.2B (tech-M&A driven) — Israel's resilience narrative and its war costs (NIS 350B) on one screen are the complete pricing backdrop.

Entry routes

Listed route (the only main line): buy REIT 1 and Sela Capital (entry No. 89) through an international broker with TASE access; both are small/mid caps — build positions under thin-book discipline.

Direct route: none (no entry) — Israel has no property-linked residence channel of any kind, and this site captured no citable net-yield series for foreign landlords; status runs through the Law of Return and ordinary channels, unrelated to assets.

Risks

• War and geopolitics are the first pricing variable: the two stocks' 2026 falls (−25%/−36%) are its reading — an Israel position is a geopolitics position first and a property position second.
• A duopoly offers no diversification: both names rise and fall on the same macro and the same currency (NIS) — "basket" on this page is a collective noun for two stocks, not a diversification promise.
• The non-resident tax loop is not closed: withholding has filing-grade text (25%/23%) but treaty application is unverified — in-hand figures print as scenarios (the same discipline as the South Africa page); clear a tax adviser before a large position.

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