settlement construction (Archives)
Photo: AP
Yesha realty prices on the rise
Slump affecting general real estate prices across Israel seems to skip West Bank as Yesha Council reports property sale, rent prices steadily increasing
While the real estate market in Israel is experiencing a slump, the Yesha Council reports that rent and sale prices for properties in West Bank settlements are on the rise.
According to the council's data, a house in the Benyamin area, which would have sold for NIS 500,000 (roughly $120,200), can now sell for NIS 800,000 ($192,250); an apartment in the West Bank settlement of Shilo, north of Jerusalem, now goes for about $192,300; and one in Eli for $173,740.
A house in Kfar Adumim would be the most expensive, as the area's real estate is now priced at nearly NIS 1 million - $240,600.
Rent prices are also rising: While a caravan could be rented in the area for about NIS 500 (about $120) three years ago, prices today range between $240 and $385.
"The rise in sale and rent prices in Judea and Samaria is a direct result of the total stoppage of construction projects, imposed by (former Prime Minister Ehud) Olmert's government," Danny Dayan, chairman of the Yesha Council, told Ynet.
It is up to (Prime Minister Benjamin) Netanyahu's government to change that."
Yesha Council Director-General Pinchas Wallerstein added that "realty prices are set by supply and demand. There is no supply, but there is definitely a demand. Eventually, we will not be able to accommodate over 50% of the demand and the prices will rise further."
