Building residential projects in israel.
Almogim entered 2026 with a much larger execution backlog and a broader urban-renewal engine, but the pace at which it can monetize both is still being set mainly by financing, liquidity, and permits.
Most of Almogim’s urban-renewal value is still not liquid value but a long-dated option book. Based on the current materials, the slice that already carries a concrete price and is attributable to Almogim stands at about NIS 18.4 million after tax in only two projects.
Almogim’s debt structure can support the 2026 project-opening pace only if three pipes remain open together: project surpluses, public bond access, and dedicated bank financing. As of year-end 2025 the real pressure point was not one uniform project-debt wall, but holdco liquidi…
