A Closer Look At Jerusalem Real Estate

Jerusalem real estate generally draws attention of all over the world. Unlike other parts of Israel that saw a reduction of prices of property Jerusalem real estate prices only dropped slightly in these years.

Jerusalem real estate enjoys great importance because of the fact that for majority of the in the world it represents great religious value and it is in an ideal location. Many peoples come here during holiday periods because it is respected as a Holy City by three of the world’s biggest religions.

Situated only forty-five minutes from the very popular Tel Aviv and Hertzelia Pituach Beaches and only half an hour from the Dead Sea is another reason why this town is such a popular tourist target.

Tourists always love their experience in this special city and the fantastic experiences that the place has to offer.
Last year saw a major attention drawn by the continual growth of Jerusalem real estate values. Some on-line sources quoted Sima Menor who is a real estate agent with Habitat Real Estate in Jerusalem as having said that the housing market was definitely climbing up. Menor also went on to explain that it would be wise to distinguish different areas. Although Rechavia, Talbieh and the German Colony certainly are among the most sought after areas in the city there are other places like Baka and Old Katamon that are quickly gaining in popularity.

A real estate agent and the owner of Re/max Vision in Jerusalem, Alyssa Friedland was also featured on blogs. She explained that she sees the constantly rising prices as being stable even if mortgages are available at highly competitive rates and that there are very good deals for what is termed meshaprei diur trades. Within sought after areas like Katamon potential buyers who take a second-hand properties will be expected to pay about NIS 2 million for a place that has not been renewed. For a renovated, 3-roomed flat Friedland estimated a cost of NIS 2.6 million. She compared the modarate cost in other areas including Armon Hanatziv and Kiryat Yovel where you can find a 3-roomed second-hand home for around NIS 1.1 million and NIS 1.4 for a 4-roomed apartment.

In order to promote Jerusalem real estate as a viable option among young families a new housing plan was worked out. The Jerusalem Post reported that this initiative was yet to be inspected by the city council as well as responsibles of the local planning and construction committee, but was already called the 20:20:20 because of the fact that it would need future building projects of 20 hoses that would have to designate 20% of the units to be sold for 20% less than the current market price.

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