The supply constraint is structural, not cyclical.
Every market in this comparison has experienced periods of supply-driven correction — land released, zoning loosened, pipeline accelerated. Israel cannot replicate this. The country's buildable land is finite and politically constrained. Planning approvals take years. Simultaneously, population growth runs at 1.8–2% annually, and immigration from France, the US, UK, and the former Soviet Union adds demand that no other market in this comparison absorbs at scale. The result is a demand-supply dynamic that has sustained appreciation through every geopolitical event, recession, and rate cycle over 40 years. That is not sentiment. It is geography and demographics.