In recent years there has been a phenomenal amount of change regarding
property in Jerusalem and in some cases, whole blocks of the city have transformed and become orthodox. Even now, the city is witnessing constant change as new residents come and go.
Unlike the vast majority of real estate markets which are reliant on factors such economics, real estate in Jerusalem is driven by religious emotion.
In the three most expensive neighborhoods in Jerusalem - The German Colony, Talbiya and Rehabya, apartments are now more expensive by 50% comparing to their value a few years ago. In the luxury districts like old Katamon and Baq'a the demand for real estate is high and some real estate properties are sold for over a million dollars. The more affordable neighborhoods like Har-Homa and Pisgat-Zeev are mainly populated by young couples.
In recent times,
real estate in Jerusalem neighbourhoods such as Ramot, Ramat-Eshkol and Kiriyat Yovel have experienced a 70% increase in prices. This is without a doubt, a direct result of the growing Jewish-Orthodox communities who are purchasing large tracts of land on the instructions from their rabbis. Of course it stands to reason that these areas then too become complete orthodox areas as a result.
Under what can only be described as an extremely ambitious plan, several multi-storied residential buildings will soon be under construction in the residential area near the entrance to the city. These, when completed, will total 30,000 individual units in the hope that they will discourage a large percentage of the younger population from leaving the city. Considering Jerusalem's very fragile demographic balance, such measures are seen to be essential in order to maintain its current secular majority.
But not only secular Jewish residents leave Jerusalem, the average religious person can no longer afford a house in the city and is moving out, but since we are talking about large families with many children, the majority is still religious, which causes a problem because of the education in those demographic groups, which is limited to bible studies, and the ignorance leads to poverty.
Market analysts are now predicting that central Jerusalem will become a prime area again within ten years while at the same time, the city as a whole is expected to expand rapidly in a westward direction.
While a vast number of employers and employees in Jerusalem are from nearby cities, only an extremely small number of those choose to take up residence in the city. On the other hand, the vast majority continue commute to and from work each day. Such a pattern clearly suggests that as a city, Jerusalem is not yet fulfilling the demands of potential residents.
Article Source: http://www.alltopinfo.com
for more information about Hasid Brothers enter: Jerusalem Real Estate and also at Jerusalem Apartments
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