Foreigners buying half of homes sold in central Jerusalem

The average apartment price in Jerusalem rose 27% in 2006.

Foreign residents are buying half of the apartments offered for sale in central Jerusalem and the city’s older neighborhoods, according to the Jerusalem office of Anglo-Saxon Real Estate Ltd.

100 of the 400 apartments for which Anglo-Saxon Jerusalem brokered the sale in 2006 were bought by foreigners. Half of the 150 apartment sales in Rehavia, Talbiye, Old Katamon, the German Colony, Kiryat Shmuel and Abu Tor were to foreigners. The agency says the figure represents record sales to foreigner by all parties: developers, contractors, and real estate agencies in the city.

65% of the foreign buyers were from the US, 12% were from France, 12% from the UK, and the rest from Australia, Canada, South Africa, Switzerland, and Italy. The average price per room in Jerusalem rose 27% to $88,319 in 2006 from $69,195 in 2005.

Apartment sales in more outlying neighborhoods, including Beit Hakerem, French Hill, Ramat Eshkol, Gilo, Har Homa, haredi (ultra-orthodox) neighborhoods, as well as in Mevasseret Zion outside the city, also rose strongly.

Published by Globes [online], Israel business news - www.globes.co.il - on May 17, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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