It seems Jerusalem house prices are soaring now that there’s relative calm. Prices have increased by over 20-25% in the past couple of months. Is that Arafat smiling from somewhere in Hades?
The demand for Jerusalem real estate has brought about a steep hike in prices throughout prime locations such as Rehavia, Mishkenot Sha’ananim, Talbiya, Yemin Moshe, Old Katamon, Baka and the German Colony.
Apartments here are being sold like hot cakes. According to market evaluator Levi Yitzhak, the time an asset spends on the market has dropped by 30 percent compared to last year.
In the Italian Colony for example, a new four-room apartment is being offered to American buyers for USD 535,000, a “find” in their terms, or as it appeared in an American newspaper: “a price not considered expensive by a resident living in the Upper West Side of Manhattan, but for the average salary earner in Israel, it’s a fortune.”
An apartment on Eben Gvirol Street was sold for for USD 456,000 and a five-room apartment on Hagara Street for USD 647,000.
Apartments are also being purchased by foreign residents over the phone or via the internet.
Levy Itzhak, editor of the apartment price list noted several such examples:
USD 578,000 – Luxury five room apartment on Ha’ari Street, with elevator and private parking.
USD 583,000 – Luxury Five room apartment on Ussiskin Street.
USD 447,000 – Luxury four-room apartment on Hildemyer Street. (Four days after being put on the market.)
USD 300,000 – A three-room apartment with a view in the German Colony:
None of these apartments were seen by the buyers.
Dang, I wish I had an extra $500,000 lying around. Or better yet, $1 million.