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Civil Case (Tel Aviv) 25510-11-24 Cohen Naftali v. Israel Hazemi - part 9

October 29, 2026
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Another question that was addressed to the court 's expert revolved around the examination that was carried out by him in order to determine the economics of the project, including whether his examination referred only to the data provided by the developer.  In response to this question, it was clarified that the expert had been forwarded with the opinion that was prepared by the appraiser Spector on behalf of the developer and that the opinion with all its components had been examined by him both in relation to the income data and in relation to the cost data and the results and the data therein were found to be reasonable for their time.  In support of this, the expert referred to an additional opinion that he had prepared by him in another case for the Supervisor of Land Registry - which shows reinforcement of the data as they were examined and determined.  It was further clarified that the examination was conducted in accordance with the data in 2023, and that had the examination been conducted as of the date of the opinion on December 14,2025, the examination would have shown an even lower entrepreneurial profit, due to the increase in construction inputs, the high interest rate, and the effects of the "Iron Swords" war.

The plaintiffs, for their part, first asked whether it is more correct and equitable to reduce the number of small apartments and increase the large apartments at this expense.  In response to this question, the expert replied that there is no reason to change the considerations set out in the 2022 agreement.  In addition, the plaintiffs asked whether it is correct to say that construction costs and financing expenses are currently higher than in 2023, and in response to this question, the expert confirmed that construction costs and risks have indeed increased compared to 2023.  Finally, in response to the plaintiffs' question - is the reduction of land in favor of a residents' club capable of reducing the entrepreneur's profit? - The expert replied that in the absence of detailed planning, it is not possible to determine with certainty whether the allocation of the residents' club will actually reduce the developer's areas.

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