How has the global financial crisis affected the Israeli real estate market? As a real estate agent servicing Jerusalem, I’ve been asked this question many times. Have prices peaked? Will this rising market continue to climb? Or will prices drop drastically?
So far it’s hard to tell. Experts offer contradictory predictions. Some say the real estate market will decline, while others say the forecast looks good and that there is no reason for the prices to drop. From my familiarity with the current market, prices in most Jerusalem neighborhoods are not going down; however, neighborhoods that relied on the foreign market such as Rehavia may indeed drop.
However, even in those neighborhoods don’t expect drastic reductions. Here are two examples to illustrate current market trends. Read the continuation of this article in the Arutz Sheva Real Estate Section.