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Jerusalem Life

| Prices down for Jerusalem luxury real estate

Chaya V    
Tuesday, 02 April 12:40 PM

Jerusalem has been a real estate investment target for wealthy foreigners for two decades, who buy very luxurious housing at prices of NIS 10 million or more. In recent years, however, with the increase in taxes and implementation of the Prohibition on Money Laundering Law, the number of such investors has dropped noticeably. In 2010, foreign investors accounted for 10% of the Jerusalem market, but this dropped to 6% in 2016 and to only 3% in 2018, according to figures published by the Ministry of Finance chief economist. Foreign investors, however, are still closing 40-60 deals a month in the capital.

The chief economist found that the prices paid by foreign residents for housing in Jerusalem were still much higher than the prices paid by Israelis in 2018. While the median price paid by Israelis is less than NIS 2 million, a large proportion of purchases by foreign residents are for more than NIS 3 million. Late last year, foreign residents bought 100 housing units, with the median price being NIS 5 million. Even though the number of deals by foreign residents is much smaller than in the past, it cannot be said that they have completely left the market.


         
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