Tendencies in the Prestigious Real Estate Market in Jerusalem in 2017
Real estate is a major source of financial growth all around the world. However, the demand varies in different locations due to many factors: fluctuations in the worldwide and local economy, the balance between demand and supply of real estate lots, and even the political situation.
The growth of supply in prestigious real estate in Jerusalem
Although some observers predict a drop in the prices of the common real estate assets, such as apartments in different locations in Israel, it is irrelevant to the growth of the luxury real estate market, which has its own circle of interested parties who are always seeking to strengthen their connection with the Holy Land.
Characteristics of the renewed Jerusalem real estate market
During the past few years, the Israeli real estate market has seen a renewed growth of interest in the offerings of prestigious real estate of all kinds in Jerusalem. From 2013 to 2014, contractors have developed several prestigious projects to increase growth, similar to that seen in Tel-Aviv during the last 10 years, ever since high luxury-housing solutions began to revive Rothschild Boulevard.
In Jerusalem, the prestigious real estate projects are characterized by a rural-oriented construction that emphasizes the unique hilly landscape, and the projects frequently overlook historical sites. The construction process presents its own challenges, such as the need to build on gravel soil and provide insulation against Jerusalem’s lower temperatures, especially in the winter.
A combination of practical and spiritual benefits
Not surprisingly, Jerusalem is Israel’s largest city, and available land for construction is very valuable. Many real estate projects in the capital are of special interest to the Jewish Diaspora, especially in France and other countries whose communities have strong bonds to Israel and the financial ability to purchase prestigious housing solutions. Considering the security situation in Europe, some may say that acquiring a safe haven in the State of Israel, in the heart and soul of the Jewish people, is a wise move. Due to these and other factors, realtors expect the prices to continue rising in the near future.