January 2022 Market Update
These are the opinions of Ben Levene, CapitIL’s Director of Sales
Generally, the market is in the same place as it has been for the last few months. There has continued to be very high demand and quite low supply for apartments in Jerusalem.
A New Supply of Apartments
In the last few weeks, I have been sourcing good projects in the areas that most of my clients search in, and I hope to bring a supply of roughly 80-100 new units over the next 6-8 months to the market in these prime locations.
These apartments will be in beautiful buildings with elevators, balconies, and some with private parking and storage rooms; this is what a large percent of our clients are looking for in Jerusalem.
A great advantage to buying in the early stages of development of these projects is you will have the opportunity to customize your unit, either by changing the floor plans, combining 2 units, or by choosing from a selection of finishes and designs like tiles, countertops, hardware, etcetera.
You can also set up a payment plan to pay over 2.5-3 years!
The first 2 units in some of these projects will be offered at good pre-sale discounts.
In a modern project for pre-sale in Arnona, 3 bedroom units will be going for less than 1 million dollars including private parking, ready in approximately 3 years.
A new project in Old Katamon has 3 bedroom units with sukkah balconies and private parking, starting at $1,250,000, ready in approximately 2 years.
The only time to get access to these pre-sale prices is at the beginning stages of development; you need to be one of the first buyers in the project. This is not an ideal situation for everyone, but if you do your research and due diligence, and are satisfied with the checks and guarantees, these units are a fabulous opportunity.
What to Expect in the Coming Months
My prediction is that through June a good stock of apartments will be ready for sale in these new projects.
This will definitely impact the market as the supply of apartments available for sale in Jerusalem will increase, but they will surely sell quickly and there will be a competitive buying pool.
This stock will not be enough to lower prices, but will give you as buyers some more options to consider on your search.
Anyone looking in the 3-5 bedroom range for modern apartments in central areas of Jerusalem should fill out this form and stay in touch with us for updates on these projects!