Jerusalem Real Estate Prices Rose 16% in the Past YEAR!?

Prices Rose 16% in the Past YEAR!?

(These are the thoughts of CapitIL Sales Director Ben Levene.)

People who are looking to buy in Israel always want to get the best deal.

Part of the problem is that everyone thinks they are going to be the one who gets the best possible deal on the market.

It's funny because when I read the following article, I had three clients that day basically telling me that they know prices are not really rising and are on the way down.

So when I got to my desk and immediately saw this article, it really made me realize that unfortunately, this does not seem to be the case.

People who want to buy real estate in Jerusalem, you really have to realize this. It's not said rudely, and it's not because we want you to spend more money. It's because it is the fact.

So, have a read of the article here - it is not the most analytical article but it is very factual.

Link to article : https://www.timesofisrael.com/housing-prices-soar-by-more-than-16-in-past-year-highest-rise-in-over-a-decade/

What This Means

With this data, I can only stress that this is an average. When you look at places such as German Colony, Rechavia, and Katamon, prices are going up at an even higher percentage.

If it says 16% here, it could be even 25% in areas including Katamon, Baka, and German Colony.

As such, I really stress to everyone reading this: The dollar is really in the favor of the buyers. With the dollar in your favor, and interest rates still relatively low, I'm really encouraging you now to realize that this could actually be a good time to buy in the market.

Of course, no one knows what is going to happen, but in general, prices of items and of building materials are on the way up. In that sense, why would real estate prices drop in one of the most expensive cities in the world that have not dropped any noticeable amount in the last decade, especially in areas including Rechavia, German Colony, Talbiyeh, etc...

Why do a lot of buyers think they're more clever than the market? I really hope you're right, but to others who also don't think the price is going to drop, this is the time to jump in.

Obviously, you do not jump in and just buy the first thing you see. However, you do jump in, you come, you look, and you really try to buy a good opportunity. 

What YOU Should Be Doing

I've had a great couple that I’ve been with to 10 different apartments over six different days.

They found two apartments that they like, and we've offered on both of them, since the first offer was rejected. The second one was accepted, and we went to contract today.

This was made possible because they were realistic, they knew what they needed, and their budget was stuck to.

In such a market, if you are realistic, then the right opportunities do exist. You can buy a three bedroom apartment in Katamon from approximately $1,350,000 USD For a unit that is 1,000 to 1,100 square feet, with elevators and balconies, that is the starting prices, and it can go all the way up.

But if you are not looking realistically, you are going to miss out on the chance to find that opportunity.

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See the CapitIL.com guide to Jerusalem property prices in 2021 here.