Jerusalem Periphery – Needed Expansion, Prices rise

Image

On the heels of one of the Kerry visits controversy stirred around the dual announcement that 1400 new housing units would be released for building, 700 of which would be in East Jerusalem. At the same time came the announcement that as a gesture towards peace, 26 convicted terrorists would be released from Israeli prisons.

The majority of the homes, will be built in established Jerusalem neighborhoods, 387 of them in the Ramat Shlomo, and 311 in Gilo. Last summer there were already tenders given for building in Har Homa, 400 units in Ramat Givaat Zeev, and Gilo.

Prices have been consistently climbing in Jerusalem to the point where a softening had come due to high prices and the existing market in Jerusalem not offering what families are looking for in their budgets, parking garages, balconies and a minimum of 3 bedrooms. Thus surprisingly areas that had seen a decline in prices and buyers, such as Maale Adumim, Givat Zeev and the peripheral neighborhoods of Jerusalem, Pisgat Zeev and Har Homa are seeing a 10-15% gain in the last year.

To put it simply, a four-room apartment in Maaleh Adimim that would have sold for 1,190,000 last spring is now closing at 1,250,000 to 1,300,000.

Advertisements