What is behind the continuous rise in real estate prices in Israel?

Yaron Spector, ranked the No. 1 real estate appraiser in Israel, conducted a tour of Jerusalem Estates where he spoke with the media about rising real estate prices, as well as the forecasted value of real estate in Jerusalem, notably on its flagship project: Jerusalem Estates. Spector, who founded his real estate appraisal company over 20 years ago, is well respected in the field. He is a member of the Real Estate Appraisers Association in Israel, and escorts the majority of new chareidi projects in the Greater Jerusalem area.

“Many factors have led to rising prices in Israeli real estate, especially in Jerusalem,” he told reporters. “A rise in global anti-Semitism has led to a steep demand for apartments. This demand, along with the high natural growth of the Israeli population, is compounded by a housing shortage, which stems mainly from bureaucratic red tape at all stages of construction. In addition, rising inflation has people turning to real estate channels. What follows is a steady increase in prices.” 

Would a dramatic move curb the phenomenon? “The honest answer is no,” said Spector. “There are simply not enough apartments to satisfy the market demand.”

The uniqueness of Jerusalem Estates will continue to set it apart in a changing market. As Yaron said, “Its natural topography, historic location, and value as an investment for future generations set the value of this property in very high terms. It’s like a work of art that comes to life only once, in a limited edition.” 

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