German Colony Real Estate Prices: Key data from 2022
Average price of an apartment in the German Colony: 3,500,000 Shekels (Was 3,750,000 Shekels in 2021)
Average monthly rental for an apartment in the German Colony: 6,700 Shekels (6,500 Shekels in 2021)
Percentage of over 65s in the German Colony: 20% (Was 25% in 2021)
Percentage of rental properties in the German Colony: 35% (Unchanged)
Number of apartments sold in the German Colony in 2021: Unavailable on Madlan
Average price per meter in the German Colony: Unavailable on Madlan
(All of the data above is from Madlan.)
One of the most sought-after areas in Jerusalem
The German Colony is one of the most sought-after areas to live in, in west Jerusalem.
According to Madlan, many apartments in the area are available on a short-term rental, in an Airbnb or similar type of arrangement.
This is due to its close proximity to restaurants and shops and also all the tourist areas in Jerusalem.
This trend continued during 2021, despite the fact there was a Global Pandemic in full swing, with far fewer tourists than usual.
It is likely that around 10% of the apartments in the German Colony are short-term rentals, catering for tourists and visitors.
As a result, for regular renters, the prices have been pushed up.
Plenty of Church Land in the German Colony
Another common theme in the German Colony is that many of the properties sit on Church Land.
So, it is not known what will happen to them at the end of the lease. This complicates real estate prices in the German Colony to quite a large degree.
And, means even though we have some averages and prices available for apartments sold, on this page, we may not have all the relevant information to the buyers and sellers.
As a result of the Church Land leases ending around 2050-2051, there is an expectation (perhaps hope) that property prices in the German Colony will come down somewhat in the coming years.
German Colony property prices - 2023 - price guide
* Pricing is in shekel per meter
* All pricing is approximate
* Prices are based off current market understanding
Second hand - needs renovation - 40K+
Second hand - modern - 50K+
New builds - 60K+
Premium - 65K+
Four properties sold in the German Colony in 2022
Four properties sold in the German Colony in 2022 can be seen below:
- A 115 square meter, five-room, ground floor renovated garden apartment with a 140 square meter garden but no parking on Patterson Street in the German Colony in a 19th century building with a conservation order was sold for NIS 6 million. (Via Globes.)
- In October 2022, a 60-metre apartment on Emek Refaim, in the German Colony, was sold for 2.88 million Shekels. This apartment is on the first floor of a building built in 1960, with three rooms.
- In October 2022, a 91-metre apartment on Zvi Gretz Street was sold for 4.9 million Shekels. On the third floor and with four rooms, this translates to 53,846 Shekels per square meter.
- In July 2022, a 90-metre apartment on Deedes Street was sold for 4.3 million shekels. This flat was built in 2020 and was on the third floor with three rooms and pans out to 47,777 Shekels per meter.
Four properties sold in the German Colony in 2021
Detailed below are four properties sold in the German Colony during the calendar year of 2021.
These were all significant purchases and illustrates how the German Colony is simply one of the most expensive areas in Jerusalem.
- A 7-room apartment on the second floor of three, on Rechov Hatzfira, totalling 259 square metres, was sold for 11 million Shekels. This works out at 42,471 Shekel per meter. Sold on October 27, 2021.
- A 5-room apartment on the first floor of two, on Emek Refaim, totalling 134 square metres, was sold for 6.5 million Shekels. This comes to 48,507 Shekel per meter. Sold on October 10, 2021.
- A 5-room apartment on the fifth floor of five, in the Yehushpat project, totalling 125 metres, was sold for 6.2 million Shekels. This comes to 51,666 Shekel per meter. Sold on August 5, 2021.
- A 4-room apartment on the fourth floor or seven, in the Nof Hamoshava project, totalling 113 metres, was sold for 6.005 million Shekels. This works out at 53,141 Shekel per meter. Sold on July 6, 2021.
Read the CapitIL.com German Colony neighborhood guide.
Contact Us, for more information on German Colony property prices, or any other enquiry regarding Jerusalem Real Estate.