Jerusalem Property & Real Estate
Jerusalem, the holy city and the capital of Israel, is the largest city in Israel and has a very great religious importance. It is a sacred place for four major religions of the world namely the Christians, Muslims, Jews and the Armenians. Hence, the numbers of immigrants moving to the country, especially Jerusalem, is continually on the rise. Statistics show that, in the recent years, the number of immigrants has been very high. This has marginally contributed to the real estate business in Jerusalem. Owing to the large number of foreigners, the land rates are very high and real estate proves to be a very profitable business in this city.
The very high land values in Jerusalem are decided by a number of factors. Most important of them is the location of the land. Almost all of the Arab population in Jerusalem resides in the North and east part of the city. Hence, the land values are comparatively higher in these areas. Another major factor is the density of population which is about 5800 per square km. Hence, there are a majority of multi-storey apartments than individual homes. Highly populated parts of the southern Jerusalem comprises of a majority of such apartments. Also, the per capita income of Jerusalem is the highest among the cities of Israel. This largely affects the prices of the properties in and around the city.
A crucial and strange thing about Jerusalem’s population is that, the number of emigrants outnumbers the immigrant count. Hence, clearing up of lands for sales takes place often. This attributes to the very high resale values of properties. Therefore the sellers find a good profit in such cases. This opens up a wide opportunity for promoters and real estate businessmen to find lumps of amount.
A majority of the housing areas of Jerusalem are in the city’s Ramat Shlomo neighborhood. There are a lot of apartments in the Ramot, Gilo, and Givat Hamatos neighborhoods. Most recently the Atarot area has been identified as a very large settlement place with a large range of connectivity to most parts of the city. The Israeli government has been taking measures to establish a number of multi-storey apartments in the area.
The presence of a very large number of monuments and significant religious places the immigrant count will definitely be on the rise and hence, the real estate business will flourish for decades.
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