Jaffa project prices up 50% in 3 years
Real estate prices in American Colony compound expected to rise even more following completion of construction work in area
A closed neighborhood built on a hill located between Eilat, Auerbach and Nitzana Streets, the American Colony compound is one of the most unusual projects in Jaffa.
Like in other Templar colonies, the original Jaffa neighborhood was built in the 19th century by Protestants who came from the state of Maine in the United States.
The most famous building in the neighborhood is Villa Keren, where chef Haim Cohen's "Keren" restaurant was located in the past. The small neighborhood is also home to Immanuel Church and different houses for preservation.
In the past few years, entrepreneurs have set their sights on Jaffa's special assets. The compound has become more attractive, despite its problematic location between garages and workshops.
Several companies are building housing projects in the compound, with apartment prices ranging between $6,000-7,000 per square meters. Apartments in The Village compound are offered for NIS 2-6 million ($520,000-1.5 million). Villa Keren is offered for sale for some NIS 20 million ($5 million).
Appraiser Ehud Hameiri of Hameiri $ Co. Economists and Real Estate Appraisers expects the prices to continue to rise after the construction works in the compound are completed.
"Real estate prices in the American Colony have risen by about 50% in the past three years and are expected to rise even more," he says.
The Tel Aviv Municipality said last week that it "views the development of the American Colony as an important component in the urban connection between Tel Aviv and Jaffa.
"The municipality has invested some NIS 8 million ($2 million) in the past two years in replacing and renewing the public infrastructure in the area, including the public parks, the electricity, sewage and drainage systems, as well pavements and a lighting systems of an architectural nature, which matches the area's characteristics."
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