Real Estate Index

Israel Real Estate Index — 2025 Results
Israel Real Estate Index
FY 2025 · 8 platforms

The Israel Real Estate Index (IREI) measures unlevered total returns of directly held, income-producing property from one annual valuation to the next, for standing assets only. The Index tracks the performance of 1,037 real estate investments across eight constituent platforms, with a total market value of ₪129.8bn as at December 2025.

Returns are time-weighted, calculated using the Modified Dietz method and chain-linked across periods. The Index was developed by Ron Cohen VAS with academic advisory input and is maintained and operated by Ron Cohen VAS. For full results, methodology, and attribution analysis, contact [email protected].

Headline Performance — FY 2025
Total Return 8.9%
NOI Return 6.2%
Capital Growth 2.7%
Total AUM ₪130bn
Platforms 8
Assets 1,037
Annual Total Return — 2020 to 2025
Income return (NOI yield) and capital growth contribution
Income Return Capital Growth
Sector Performance — FY 2025
Office
8.5%
6.0% income return
2.5% capital growth
₪52.4bn GAV · 40.4% of index
Industrial / Logistics
9.8%
6.5% income return
3.3% capital growth
₪15.3bn GAV · 11.8% of index
Retail
9.6%
6.5% income return
3.1% capital growth
₪54.1bn GAV · 41.7% of index
Sector Mix by Market Value
Portfolio composition
Global Comparison — Standing Investments
IREI total return vs MSCI Global Property Index
Regional Comparison — 2023 Standing Investments
IREI +8.3%
MSCI Europe +1.4%
MSCI US -7.9%
MSCI Global -6.4%

MSCI Global: standing investments, EUR. Source: MSCI Global Annual Property Index Factsheet, Dec 2024. Regional data: 2023, from IREI report.

Market Value by Platform
Closing GAV (₪bn) — FY 2025

Israeli real estate assets only. Excludes overseas holdings. Data sourced from annual reports published with TASE.

Timing and Selection Effect — FY 2025
Platform-level return attribution (Brinson-Fachler)
Risk-Adjusted Performance
Annualised returns, volatility & risk metrics
1-Year
9.4%
3-Year Ann.
10.4%
5-Year Ann.
9.7%
3-Year Vol.
2.7%
Sharpe Ratio (3yr)
2.47

Returns calculated using Modified Dietz time-weighted return, chain-linked across periods. Standing income-producing assets only — land, development and construction assets excluded. Consolidated basis, Israeli assets only. Volatility = std. dev. of annual total returns.

Further information
For full Index results, methodology, and attribution analysis, please contact us.
[email protected]

Disclaimer

While we have made every attempt to ensure that the information included in the Index has been obtained from reliable sources, we are not responsible for any errors or omissions, or for the results obtained from the use of the information in the Index. All information included in the Index is provided "as is" with no guarantee of completeness, accuracy, or timeliness of the results obtained from using the information in the Index. We make no representations or warranties of any kind, express or implied, with respect to the Index. In no event will Ron Cohen VAS or its related affiliates or owners be liable for any decision made or action taken in reliance on the information in the Index or for any consequential, special, or similar damages. Nothing included in the Index should be considered investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

© Ron Cohen VAS 2026