Much of the world's population hold the city of Jerusalem in high regard because of the fact that it is a religious city and is in an enviable location which is partly why Jerusalem real estate continues to draw attention. Tourists flood the country and city during significant times of the year because to three of the world's major religions it is a Holy City. It is situated close to the popular beaches at Tel-Aviv and Hertzelia Pituach, only 45 minutes away in fact. The Dead Sea, another popular tourist attraction is only 30 minutes outside of Jerusalem. The country and city have wonderful experiences to offer tourists and this is why all visitors love to visit this historic city.
Rentals in Jerusalem
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The constant growth of Jerusalem real estate managed to draw a lot of attention. Buy it in Israel is a blog that featured the opinion of Sima Menor who is a real estate agent with Habitat Real Estate in Jerusalem. He is said to have announced that the housing market in the city is definitely growing. He went on to say that differentiating between areas can be a wise course of action. Instead of concentrating solely on the most popular areas which include Rechavia, Talbieh and the German Colony, prospective buyers should consider other areas like Baka and Old Katamon which are fast becoming rather popular themselves.
Alyssa Friedland is a real estate broker and the owner of Re/max Vision in Jerusalem and she was also quoted in the same blog. Although the prices have continued to rise they are more stable and mortgages are offered at very competitive rates. When it comes to what is called meshaprei diur transaction great deals are available. Katamon and other highly sought after areas offer second-hand homes at about NIS 2 million if it has not had renovations. However a 3-roomed renovated apartment would cost around NIS 2.6 million. In less popular areas such as Armon Hanatziv and Kiryat Yovel it is quite possible to find a 3-roomed second-hand home for about NIS 1.1 million and a 4-roomed one will set you back NIS 1.4.
A new housing plan was developed that shows younger people that Jerusalem real estate is a good option and one worth investigating. Although the initiative had yet to be reviewed by the City Council and the members of the Planning and Construction Committee at the time of writing it was labelled the 20:20:20 initiative. It was given this name because it would require future construction projects of 20 housing units that would have 20% of the apartments being sold at 20% less than the market value.