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In Jerusalem, they want to bypass Tel Aviv in real estate

Credit: Ranit Nachum- Halevi, The Marker

On Dor Dor ve’Dorshav Street near the Emek Refaim Valley, a garden apartment with minimal finishing, with an area of 330 square meters and a garden of 170 square meters, was sold for 18 million shekels, at a price of about 45,000 shekels per square meter. The apartment was sold remotely, as the buyer was not present in the country, and he will need to add about 6,000 shekels per square meter for construction completion. Another significant deal was made on Dubnov Street 1 in the compound of Villa Schreiber, where a 103-square-meter apartment with a 38-square-meter balcony was sold for 10.2 million shekels, at 84,000 shekels per square meter. Villa Schreiber itself, the legendary villa of Israeli philanthropist Gita Schreiber, where many world dignitaries were hosted, built on an area of 2.4 dunams, is offered for sale for 120 million shekels.

“There are also interested parties for the villa,” says attorney Tomer Dwek, business developer and vice president, and Ronit Dwek, CEO of Prosperity Real Estate. “Jerusalem attracts the most established diaspora Jews. We believe the day will come when we stand in line with Tel Aviv, if not more than that, as unique deals in Jerusalem will close around 150,000 shekels per square meter. In the Dubnov 1 compound, built on the historic garden area of Villa Schreiber, apartments were sold for 85,000 shekels per square meter for the upper apartments. We believe that prices will rise by 30% when the project is ready in another year.”

They also add that “Jerusalem is attracting more foreign residents these days, mainly due to the rampant anti-Semitism towards the diaspora Jews. Some who didn’t necessarily consider purchasing in Israel at this time were prompted by the attitude towards them in their countries of origin and are looking for deals in new projects. Some seek installment plans over time, and others carry out large-scale deals, even remotely, without being present at the property. These are primarily buyers at a high socio-economic level, some of whom do not need a mortgage at all. Currently, in the luxury housing market in Jerusalem, there is not a large inventory that can meet these growing needs.”

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