Jerusalem Real Estate

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Written by zgtop hasid

Thursday, 27 November 2008 03:17

by zgtophasid

In recent years there has been a phenomenal amount of change regarding real estate in Jerusalem and in some cases, whole blocks of the city have transformed and become orthodox. Even now, the city is witnessing constant change as new residents come and go.

The real estate market in Jerusalem is not influence by the same parameters as pure economics, it is not rational, but moved by forces of emotion and religion.

In the three most expensive neighborhoods in Jerusalem - The German Colony, Talbiya and Rehabya, apartments are now more expensive by 50% comparing to their value a few years ago. In the luxury districts like old Katamon and Baq'a the demand for real estate is high and some real estate properties are sold for over a million dollars. The more affordable neighborhoods like Har-Homa and Pisgat-Zeev are mainly populated by young couples.

In recent times, real estate in Jerusalem neighbourhoods such as Ramot, Ramat-Eshkol and Kiriyat Yovel have experienced a 70% increase in prices. This is without a doubt, a direct result of the growing Jewish-Orthodox communities who are purchasing large tracts of land on the instructions from their rabbis. Of course it stands to reason that these areas then too become complete orthodox areas as a result.

30,000 housing units are planned to be built in residential building in the entrance to the city. The plan is to keep the delicate balance of Jerusalem demographics and to stop younger, constructive population from leaving the city. The new plan is to build high residential buildings in order to keep a secular majority, since most religious-orthodox chose not to purchase apartments in buildings.

While many tend to believe that the majority of people leaving the city are secular residents, the statistics show that increasing numbers of religious residents are also fleeing due to increasing property prices. This trend poses a severe threat in terms of poverty when one considers children of this group are often restricted to bible studies only, while forfeiting any formal education.

Market analysts are now predicting that central Jerusalem will become a prime area again within ten years while at the same time, the city as a whole is expected to expand rapidly in a westward direction.

The aim is to bring new residents from cities like Tel Aviv. Many work in Jerusalem and rather stand for hours in traffic rather than moving to Jerusalem. In this sense Jerusalem is not fulfilling the real estate potential it holds for such an historic town.

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