Old City of Jerusalem (archives)
צילום: AP
Foreigners returning to Jerusalem?
Panama resident buys three apartments in capital's Holyland Park project for NIS 6.8 million. 'Foreigners paying more modest prices than last year,' says real estate agent
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.
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).
