News Brief12:09 PM

(IsraelNN.com) Forbes business magazine has rated Israel as the world's most "up-and-coming" real estate market, according to Globes online business magazine. Forbes projects positive growth in the future, stating "macro conditions in Israel favor more wealth creation, as the economy has corrected its deflation problems and grown at a 5% rate for two years."

Forbes notes that the International Monetary Fund (IMF) projects a 3.8 percent growth in gross domestic product in 2008.

Criteria for Forbes's decision were economic expansion, inflation rates, strength of individual property rights and access to lending in emerging markets.  Second place in the Forbes ranking is Malaysia and its capital, Kuala Lumpur.