Arnona has undergone a transformation in the past decade.
Previously, there was hesitation about buying property there, but now it has a thriving Anglo community.
Despite being more affordable compared to other Anglo neighborhoods in Jerusalem, Arnona’s development is ongoing and prices seem to be rising quickly.
The proximity of the start of Arnona to Baka makes it a prime opportunity to invest in the Arnona market.
About Arnona
Arnona is characterized by its lush greenery and residential atmosphere.
Over the years, it has undergone a transformation and now boasts a harmonious blend of brand-new structures, refurbished modern TAMA buildings and classic, older architecture.
Location
Arnona is located across Derech Chevron from Baka and boasts a convenient shopping center with restaurants and supermarkets.
The neighborhood is also home to the popular Shai Agnon Synagogue, attended by many Anglos. The start of Arnona is approximately a 15-minute walk from Nitzanim and at the closest point, an approximately five-minute walk from the center of Baka.
Arnona is lodged between Baka, Talpiyot and the Ramat Rachel Kibbutz.
The Derech Chevron bus line provides convenient access to the city center and other destinations. Certain areas of Arnona offer wonderful views looking towards the Dead Sea.
Pricing
A two-bedroom apartment in a standard, pleasant building with an elevator starts at 2.5 million shekels or more.
A three-bedroom apartment in a similar building starts at 3.5 million shekels or more. Modern brand-new apartments would start approximately 15% higher.
For those looking for more space, cottages (2000+ square feet) are available starting at 6 million shekels. These properties may require some work but offer a garden, storage, and five to six bedrooms. They offer a feel similar to an American-style house.
Arnona offers wonderful value at significantly lower prices than most other Anglo neighborhoods. Though there is no way to be sure, I see real reasons the prices in Arnona may well accelerate more quickly than the market itself.
Is Arnona Right for You?
A major advantage of Arnona is its close proximity to Baka.
If you are looking to buy a three-bedroom apartment with an elevator, parking, storage and a sukkah balcony in Baka, it would cost approximately 50,000-70,000 NIS per square meter.
However, the same apartment in Arnona would cost significantly less—approximately 37,000-50,000 NIS per meter.
Although Baka’s real estate market has an impact on Arnona’s market, and prices have risen as Baka’s prices have increased, Arnona still offers a relatively affordable option for those looking to live in an Anglo community.
For those seeking a pleasant and peaceful Anglo area at relatively affordable prices, Arnona is a great option to consider.
For more on Arnona, see our Arnona neighborhood guide and details of Arnona real estate prices, covering the last two years.
This article is based on the opinions of CapitIL Real Estate CEO and Co-Founder Ben Levene. He 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].
