The first signs for the return of foreign residents to Jerusalem were seen recently, as a Panama resident purchased three apartments in the Holyland Park project marketed by the Polar Investments Ltd. and Kardan Real Estate Enterprise & Development Ltd. for a total sum of NIS 6.8 million (about $1.8 million), Yedioth Ahronoth's economic newspaper Calcalist has learned.
The flats – which have four, four and a half and six rooms – have a beautiful view of the capital. The buyer plans to combine two of the apartments, and has bought the third one for investment purposes.
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Another apartment in the same project has been purchased by a rabbi of one of the biggest and most important communities in Montreal, Canada. The flat has five rooms and measures 130 square meters (1,399 square feet) in size, including a 40 square meter (430 square feet) balcony and a 120 square meter (1,292 square feet) garden. The flat was purchased for NIS 2.9 million ($770,000)
Before the global financial crisis broke out, the activity of wealthy foreign residents composed a significant segment of the Jerusalem apartment market. Their absence is mostly felt in the luxury apartment area.
According to Re/Max Hazon agent Aliza Friedland, "Although we do feel a reinforced presence of foreign residents, the extent of purchases has yet to equal the 'good old days.'"
Friedland says that until about a year and a half ago, foreign residents would sign four to five realty deals in the city every month. Since then, the number has dropped to one or two deals a month.
According to Friedland, most of the deals signed by foreign residents these days are executed today for "modest" prices, at up to NIS 2 million ($531,000).
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