Tuesday, July 29th, 2008...4:10 pm
Jerusalem - Real Estate Prices
Walking around my parents’ neighborhood, I come across endless ads for real-estate. I thought of sharing with you a few ads I saw the other day which represent what’s been happening in this neighborhood during the time I’ve been away :
It’s in Hebrew, so I’ll help you out. This neighborhood is hardly Beverly-Hills, but the prices on the houses in those ads go by the millions. You can get a tiny 210 sqr-meter flat for 1.6 million US$ but if you have some money to spare and need some room then you can find the average 300 sqr-meter penthouse with a swimming pool for the humble sum of 5.4 million US$. I went to check one of those apartments from the outside… it’s not what you would hope a few million US$ will get you.
It’s a nice neighborhood and all, but I never thought it’s –this- nice. How did it come to this? depends who you ask. It probably has something to do with the real-estate bubble and it also seems as though the influx of wealthy Jewish folks from France and America who want to live in central-Jerusalem has caused prices to sour. If you’re a student looking to rent an apartment in this neighborhood, or any of the nicer neighborhoods around Jerusalem, you’re going to have to reach in deep and pay the 1000-1500US$ a month, which is insanely higher than it was 2-3 years ago, sometimes over 200% increase.
You think this is bad, wait till you go down to Tel-Aviv… I got friends spending a large percent of their high IT salary to subsidize living in the cooler spots of the city. 
I’m afraid that this is not the only problem we have in Jerusalem… The religious Jews, A.K.A “DOS”, are taking over our neighborhoods… soon all the educated young will leave…
S - yeah, that seems to be an issue. It’s a chicken-egg kind’a question, did the secular first give up and then it turned religious or did the religious take over and then the secular gave up? Either way, this coming elections are the last chance for the secular in Jerusalem to choose a mayor that would help promote Jerusalem their way. I doubt whether they care.
Of course we care, but it seems impossible, there are so many of them… we need someone like Mao in Israel….
Any way, I can`t wait to get out of here (China)
S - We all care about China
But, you know, from what I hear, they’re growing in China too
You’re telling the story the wrong way around.
It’s Jerusalem getting expensive only regarding the luxurious apartments.
The prices of rest of the city are Fairly steady.
In Tel Aviv, it’s mess all over, and prices of all types of real estate have risen.
It’s tough living in cities where nothing new is being build. we are used to Asia, where new blocks rise around us, over night, with new apartments.
That doesn’t exict in IL at all.
The white wonder - :O :O
Dear mother of God. That’s some blog you have there. China Bounder meets Haravak, or something. I can’t say that I’ve ever read something quite like it. Unbelievable, I’m speechless.
As for Jerusalem - there might not be new buildings, but renovations over old ones are everywhere. Rehavia used to be a 1-2 floors neighborhood. During the last 5 years it’s all risen to 4-5 floors of - as you point out - luxury apartments.
The prices of rest of the city are Fairly steady ？？？？
l live near the Hebrew Uni and I can tell you that the prices around here is crazy and keep rising up ….
fiLi,
Is that a comliment for my blog?
stay tuned for the posts about Taibei.
S.
listen carefully mate
When i say prices in JLM are fairly steady i mean that compared to what is going on in Tel Aviv.
Yes, i do agree with you, prices in French Hill went up. but not as in TLV, where apartments almost doubled there rent in two years.
and to sharpen my point:
Prices or real estate in cities world wide are rising. it’s only normal.
the difference between JLM and other cities is that the new projects are all aimed for the upper classes that don’t even plan to live in there newly built homes more then a few weeks a year.
The anger on the prices is at people that are not residents of the city, and are careless to the effect of there endless money.
Where as in Tel Aviv, it’s just coz young people are fighting on living in the only worth while city in the middle east.
In other words:
In Telv aviv, prices are going up coz there probably is something good going on.
In JLM, prices are going up for no reason for all you care.
white wonder - I wouldn’t say a “compliment”. It’s quite shocking, really. But, to each his own, I say, and you seem to have developed a club of groopies.
Lucky for you that you’re writing your China blog in Hebrew, or the Chinese professors would be all over you.