North American Jews looking at southern Jerusalem: the hidden real estate gem in Israel
Carasso Sells Nearly Half of the Apartments at Its Derech Bethlehem St Residential Development - an outstanding number in the current market
Approximately 150 of the 309 apartments offered for sale at the Carasso Nia project have sold within roughly a year and a half. The company points to strong demand from English-speaking Israelis and North Americans ranging from Teaneck , Toronto and five towns to Baltimore and other modern-orthodox communities. The project’s proximity to Baka, Arnona, Talpiot and two Jerusalem Light Rail lines, as well as the high standard down to every meticulous detail, are primary drivers of the exceptional pace of sales.
By Liad Vakanish, Real Estate Media
Even as Jerusalem’s residential real estate market faces a slowdown in transaction activity, some projects continue to achieve an unusually strong sales pace. Beyond all expectations, Carasso has sold approximately 150 apartments to date at Carasso Nia, the residential development at 128 Bethlehem Road in Jerusalem - nearly half of the 309 apartments offered for sale within the complex. This exceptional percentage points to a high trust level, as well as unique features marking Carasso Nia as the ideal place to invest in.
The sales were completed over approximately a year and a half since the project was first launched, a pace the company attributes to a combination of the project’s location, the ongoing development of southern Jerusalem, and strong demand from buyers drawn to the Baka, Arnona and German Colony neighborhoods.
One prominent characteristic of the project’s buyer profile is the high proportion of English-speaking Israelis and Jews residing in North America. According to the company, for some buyers, purchasing an apartment represents more than simply acquiring a home or an investment. It is a choice to live in an area where established English-speaking communities already exist, alongside the chance to join a neighborhood with a strong sense of community and a longstanding tradition of attracting English-speaking residents and new Olim, offering an optimal cultural and environmental climate.
Carasso also identifies an investment component in buyers’ decisions due to the expected rise in value, which makes Nia the perfect investment as an asset or future home. Southern Jerusalem - and particularly Derech Bethlehem St. and Talpiot areas is expected to undergo significant urban transformation in the coming few years, driven in part by new developments, urban renewal projects and the expansion of mass-transit infrastructure.
"The success of sales at the project, particularly in light of the current state of Jerusalem’s residential market, stems first and foremost from the many advantages it offers its residents, as well as the project’s level of stability compared with similar developments in the surrounding area," says Dudi Dvir, Head of Sales department at Carasso.
He adds:"The project offers a central location and a complete, high-quality residential experience, together with its proximity to Baka and Arnona, the revitalizing Talpiot neighborhood, and two Light Rail routes. Buyers recognize that the future of Jerusalem’s urban and real estate development lies in this area, and they are choosing to secure their place at the heart of Jerusalem’s new center."
Four Buildings, a 33-Story Tower and a Rooftop Overlooking the City
The Carasso Nia project consists of four buildings: a central 33-story tower and three additional buildings ranging from 14 to 15 stories. The complex is being developed as a mixed-use project combining residential units, commercial space, and public areas.
The development will include approximately 2,000 square meters of commercial and public space, as well as an approximately 400 sqm rooftop level above the commercial building, expected to offer panoramic views of Jerusalem.
Betting on the Future of Southern Jerusalem
At the midst of the project, a private landscaped park will be created for residents, featuring a playground and sports facilities. The complex will also include a fitness center and a residents’ club.
One of the project’s key assets lies in its location. In recent years, Derech Bethlehem St. has emerged as one of the most compelling corridors in southern Jerusalem, connecting established residential neighborhoods with the new development zones of Talpiot.
The project is located close to Talpiot’s shopping and employment centers, and Baka and Arnona neighborhoods, the German Colony and the First Station complex.
The future Blue Line and Purple Line of the Jerusalem Light Rail are also planned to run nearby. At the same time, the project benefits from convenient access to major thoroughfares, including Hebron Road and Begin Road.
For Carasso, selling nearly half of the available inventory at this stage is a strong indication that even in a slower market, projects that successfully combine location, transportation, community and a distinctive residential plan continue to attract buyers. And in Jerusalem, an increasingly significant share of those buyers is coming from precisely where the market is seeing growing momentum: English-speaking communities in Israel and North America.
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