April 2022 Market Update
These are the opinions of Ben Levene, CapitIL’s Director of Sales
As we enter April and approach Pesach, our classic dilemma of buying property in Jerusalem is even more intensified; buyers are flocking to the country’s capital for the upcoming holidays, yet the supply remains incredibly low.
A Solution to Rising Prices
I believe that the best, and possibly only way to slow the steadily climbing prices of properties in areas like Baka and the German Colony is to create thousands of brand new units all at once.
Unfortunately, I don’t see this happening any time soon. Most new buildings I know of in the primary areas I work in are guaranteed to add hundreds of new units to the market, but the completion dates are still years away.
The Current Trend
The trend I am currently seeing is that my clients' budgets change when they arrive in Jerusalem and see properties for themselves in person.
After the first 3 or 4 homes they see, which are listed at roughly 1.25 -1.5 million USD, clients either realise that their budget is too low and they are unable to buy what they need at this time, or they are ready to increase their budgets to over 2 million USD to find something suitable.
In my opinion, with the market the way it currently is, you must be willing to jump at a good opportunity when it presents itself. So, if you want to buy, get ready to act quickly!