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Summary of the Year 2021 in Jerusalem Real Estate

Summary of the Year 2021 in Jerusalem Real Estate

A heaven. A place of refuge. This is a picture perfect of Jerusalem.  Americans and Canadians immigrated to the country notwithstanding corona breakout since 2020. Most Americans have decided to settle and reside where they find safety and protection. Thus, Jerusalem Real Estate has made an unprecedented record in the year 2021! 

The surprise came in October and November 2021. This was the time when Jerusalem has opened their tourism industry and tourists made their way in the real estate market. Even with the dollar-shekel drop rate, foreign residents keep on coming and buying properties, including projects that are yet to be ready in a few years’ time! Buyers have no choice but take the offer since the stocks are running out. The demand has rocketed and the prices reached a peak of 120,000 NIS/m2 for penthouses in neighbourhoods like Rehavia and Talbiyeh. In addition, luxury projects range from 60,000 to 85,000 NIS/m2. A good number of apartments were sold in luxury projects at huge amounts in two months’ time! 

Moreover, many apartments were sold at high prices as new and second-hand conditions only via emails, videos, and photos because tourists and other buyers could not travel to Israel. A similar instance was the selling of a residential building in Rehavia on a plot of 650 square meters, built 700 square meters, and allowed to build 1,000 sqm was sold by T&T Investments to an American client at 29,000,000 NIS. The purchase was made through the client’s attorney, without even going to Israel. Furthermore, in the German colony, a land of 950 sqm with building rights for 1,000 sqm, with an authentic house of 250 sqm  built on it, was sold also by T&T Investments to a famous American entrepreneur for 35,000,000 NIS.

Accordingly, increase in tax has driven this frantic signing of contracts before the end of the year 2021 among buyers and attorneys. Five years ago, this was not the scenario. Customers did explore the market and search for properties but the sales movement was slow. Unlike last 2021, customers nearby and the neighbouring countries bought properties at huge amounts. Thus, the year 2021 was one of the most profitable years which made tremendous sales.  

Finally, the tremendous sales trigger has been the uncertainties that the ongoing pandemic is posing worldwide. During this political unrest in America, residents are preparing for the worst and settling themselves in a place they find refuge.  So, invest now and have a taste and feel of a heaven and heavenlike place before the prices will continue to raise!!

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Deborah Touitou

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