Emek Refaim is a popular commercial street located in the heart of the German Colony in Jerusalem. It is known for its historic charm, beautiful residential streets and a variety of cafes, restaurants, and shops.
Over five years ago, the city proposed building a light rail line down Emek Refaim Street to increase accessibility around the city. The plans have been chopped and changed and been through legal challenges and discussions but it looks extremely likely the city will get the light rail.
Below are some of the concerns:
Legal Issues
This proposal has been a long-standing debate that has gone high up in the courts. The legal battle was seemingly finished, but this has further raised concerns among residents and businesses about how this project will impact their daily lives and the value of their properties.
Effects of Construction
During the construction period, residents and businesses will experience noise, debris, smoke and other inconveniences. The construction zone will cause disruptions to commercial activity, which may affect businesses negatively. But, the city is likely to do its best to mitigate the impact of the construction and preserve the charm of the German Colony.
Impact on the Market
Many of our clients ask us about the plans for the light rail and how it will affect the pricing of real estate in the area. This is a fascinating question that raises concerns among residents. Some worry that the construction of the light rail may negatively impact the value of their homes, while others are concerned that it will change the character and charm of the neighborhood.
While it is difficult to predict the long-term impact of the light rail, it is unlikely that there will be significant drops in property values during the construction period. Buyers and investors may see the long-term benefits of having a light rail in the area, making it more accessible and desirable, thus offsetting any short-term disruption.
Accessibility
Moreover, once the construction is complete, the area will become even more desirable as accessibility increases. The light rail will provide commuters with a 15-minute ride to the Jerusalem train station, which offers a fast train to Tel Aviv. This will make the door-to-door commute approximately an hour from the German Colony to Tel Aviv.
However, being on a main street, even after the construction, may not be as desirable as being on a side street, which typically commands higher prices. The light rail, however, may make Emek Refaim a quieter street, eliminating honking cars and buses that frequent the street today.
Conclusion
While the construction of the light rail may cause some temporary disruptions to the daily lives of residents and businesses, it is unlikely to have a significant long-term impact on property values.
Instead, it is likely to make the German Colony even more desirable and accessible, making it a prime location for those who want to live in one of the most charming and historic neighborhoods in Jerusalem.
This article is based on the opinions of CapitIL Real Estate CEO & Co-Founder Ben Levene. Ben Levene is a Jerusalem real estate expert with over 10 years of experience, specializing in helping Anglos purchase real estate in Israel. To start your Israel property search, please contact Ben at +972-53-822-4336 or [email protected].
