City Centre real estate prices: Key data from 2022
Average price of an apartment in the City Centre: 3,370,000 Shekels (Was 2,410,000 Shekels in 2021).
Average monthly rental for an apartment in the City Centre: 5,500 Shekels (Was 4,450 Shekels in 2021).
Percentage of over 65s in City Centre: 16% (Same as in 2021).
Percentage of rental properties in City Centre: 70% (Same as in 2021).
Number of apartments sold in City Centre in 2022: 104 (numbers unavailable for 2021)
Average price per meter in City Centre: 39,600 Shekels (Unavailable in 2021)
(Information via Madlan website.)
Jerusalem City Centre prices: Where bargains can be found in the heart of the city
Jerusalem City Centre has gone through tremendous change in recent years, and is likely to continue doing so. The City Centre remains the beating heart of Jerusalem and remains a prominent location for both business and tourism.
Despite the emergence of many other key spots in Jerusalem, the City Centre is still an important cultural location on a national level. Jerusalem City Centre is likely to always be a place where visitors arrive from all over the city and country.
The big change to the City Centre in recent years is the emergence of the light rail. Now operating, this has seen many streets renovated and a number of cultural events run, some of which were also cancelled due to the Covid-19 pandemic.
The make-up of the City Centre residents remains young adults, many of whom are students. The proportion of families is low, as you would expect.
Jerusalem City Centre’s parking problem
The Jerusalem City Centre has a parking problem.
You will likely know this if you have ever tried to get to a meeting or restaurant in town, by car. This is not uncommon for major cities, across the globe.
The parking problem affects both residents and visitors to Jerusalem City Centre. Due to narrow and crowded streets, Jerusalem City Centre lacks parking spots and there are few vacant lots to add more options.
Making Jerusalem City Centre almost exclusively pedestrianized might well help with the parking issue. And, of course the light rail has alleviated some of the problems too.
These factors are something to consider if buying property in Jerusalem City Center. Certainly, if buying a value home in the area, there are some considerations to be aware of, like the lack of parking.
We also shouldn’t overplay the parking problem. Israelis and visitors alike have admired Jerusalem’s City Center for many years. It provides plenty of character and of course, there is a lot to do there as well.
Proximity to the Machane Yehuda Shuk is one reason why the City Center is so popular with young adults. Both for cheaper food and also the nightlife, which has really emerged as a go-to for students and visitors over the last decade.
Four properties sold in Jerusalem City Centre in 2022
Listed below are four properties sold in Jerusalem City Centre in the calendar year of 2022:
- A 127 square meter, five-room, 20th floor renovated apartment with a 7 square meter balcony and 8 square meter storage room, elevator and parking on Hakoah Street in the city center was sold for NIS 5.5 million.
- A 70 square meter, three-room, fourth floor apartment with three balconies each 2.5 square meters in size, with no parking and no elevator on Shamai Street in the city center was sold for NIS 2.9 million.
(Both of these were confirmed by Globes English.)
- In September 2022, a 47-square meter apartment was sold on Raul Wallenberg Street for three million Shekels. This 2-room apartment was in a completely new building and works out at 63,909 Shekels per meter.
- In June 2022, a 45-square meter apartment was sold on Shechem Meir Street for 2.5 million Shekels. This 2-room apartment was on the fourth floor of a a 2022 building and pans out at 55,555 Shekels per meter. (Last two properties of 2022 cited by Madlan.)
Four properties sold in Jerusalem City Centre in 2021
To gain some understanding of the type of property prices you can expect in the City Centre, here are four examples of completed real estate deals from 2021.
- A 153 square meter, four-room, 12th floor apartment with a 28 square meter balcony, storage room, elevator and two parking spaces on Mevo Hamatmid in the city center was sold for NIS 6 million.
- An 18th, 19th, 20th floor penthouse with a panoramic view of the city, storage room, elevator and two parking spaces in Jerusalem Heights in Mavo Hamatmid in the city center was sold for NIS 14 million.
(Both these sold properties were sourced via Globes. The next two are via Madlan...)
- A 60 square meter, three-room apartment, on Eliash Street, was sold for 2.86 million Shekels. Working out to 47,666 shekels per meter.
- A 180 square meter, five-room apartment on Shmi Yitzhak Street, was sold for 6.95 million Shekels. Working out to 38,611 shekels per meter. The building is expected to be completed in 2023.
See the City Center neighborhood guide.
Contact Us for all enquiries regarding City Center property prices and for any issue with Jerusalem Real Estate.