Photo Credit: Nati Shohat/FLASH90
A reflected Jerusalem skyline in the city's center.

“There’s no doubt that whoever invested in real estate in Jerusalem profited tremendously,” said Hasid, who is also a member of the National Council of Contractors. “It is true, the city has endured some tough times, but for the long term Jerusalem has become one of the more intriguing and profitable centers of investment when it comes to real estate.”

“In years past, they’d build apartments that rose to between four and six floors,” he said. “Now they have started to build high-rises. Building towers has increased dramatically, and it has left half the city with buildings that are five, six floors high. Ultimately, we are seeing that because of the planning of high-rises in the previous five years, 20,000 new apartment units have been approved.”

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“It is true, one cannot say that the apartments built in the towers were geared toward the middle class, but even if the city built low-rise buildings of 10 floors in the city center, they will still be bought up by the wealthy.”

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Ranit Nachum-Halevi is a consultant to real estate companies, and former senior real estate correspondent for The Marker, Haaretz's daily financial supplement. She has been working in Israel's media for more than 15 years. You can reach her at ranit.nh@gmail.com.