New York, Madrid, Prague, and many of the world’s greatest cities have recently made the decision to restore their historic centers to their former glory and attract residents back to the vibrant heart of the city. They have instigated a revolution of renewal, together with the immensely successful development of residential projects. The construction boom in Jerusalem’s city center shows that Israel’s capital will not be left behind, as it has now become home to a wealth of residential real estate being offered by major developers.
Even today, anyone who visits the Nahalat Shiva or Downtown Triangle areas of Jerusalem can sense their reawakening: a construction frenzy has gripped the heart of Jerusalem, and the Jerusalem municipality is promoting the fact that much of the area will undergo a ‘pinui binui’ urban renewal process that will present a more appealing appearance while taking care to retain the city’s unique ambiance. The municipality is not only investing in the renewal of Jaffa St. but also the alleys leading to it, such as Havazelet St., which will be transformed one by one into clean, quiet, and shaded pedestrian zones. Soon, according to the municipal plans, the light rail will complete the picture, and the heart of the capital will be restored to its time-honored splendor.
These significant steps are being accompanied by the cleaning and improving of building facades and shop windows, while the municipality is also encouraging cultural and educational institutions to return to the city center.
Efforts to revive Jerusalem’s city center are reflected in the number of new immigrants who choose to make Jerusalem their home. According to the Central Bureau of Statistics, many of them are choosing to make Jerusalem their primary residence, compared to other major cities in Israel. During 2014 there was a rise in immigration to Israel as the rate of new immigrants increased by 32% compared to 2013. Jerusalem is among the leading cities in terms of immigrant absorption, and the percentage of immigrants opting to live there is approximately 11%, or around 2,878 new immigrants.
Liat Danino-Israeli, VP Sales & Marketing, Africa Israel Residences:
“Africa Israel Residences, Israel’s leading real estate company and part of AFI Group, specializes in the development and construction of residential complexes of an exceptionally high standard, and is currently marketing three exclusive residential projects in Jerusalem’s bustling city center. Each of the company’s Jerusalem projects offers a dynamic, multifaceted daily routine, as well as comfort and quality of life. All of these Africa Israel Residences projects are within walking distance of the holy sites and entertainment areas, and residents enjoy all the added value of Jerusalem, just outside their front door.”
“Jerusalem’s inner city forms a religious, spiritual, and cultural melting pot that addresses the needs of the target audience – foreign residents, who usually prefer to purchase apartments in the holy city. In fact, according to our sales offices, approximately 55% of apartment buyers in these projects are Jewish overseas residents and we recognize a continuing upward trend in terms of demand within this market segment.”
“In the past, overseas residents were looking for small apartments solely for investment or vacation purposes. However, this trend has now changed, and the demand is for large 4-bedroom apartments suitable for families. Most of the apartments within Africa Israel Residences’ Jerusalem projects – 7 Kook St., Savyon View and HaNeviim Court – have been purchased by traditional, affluent overseas residents from various countries: France, USA, Russia, and Canada. Those buyers attach sentimental value to residences in Israel, so they intend to live here themselves.”
Jerusalem: 7 Kook St.:
A gated apartment complex of particularly high construction standards, located in the renewed heart of the city. The project is located adjacent to Rabbi Kook House, home to Israel’s first Chief Rabbi during the early 1900s, and the Ticho House museum, named after the famous ophthalmologist and his artist wife who once lived there. The complex includes 131 luxury apartments with a range of layouts, including 1, 2, 3.5 and 4-bedroom apartments, as well as penthouses featuring stunning modern designs. Sample apartment prices in the 7 Kook St. project:
3-bedroom penthouse (provided in shell condition) on the 8th floor of 8, with an area of 156m2 + 35m2 balcony in the 7 Kook St. project: approx. NIS 7.75 million.
4-bedroom penthouse (decorated – includes everything!) on the 8th floor of 8, with an area of 243m2 + 47m2 balcony in the 7 Kook St. project: approx. NIS 17 million. Jerusalem: HaNeviim Court:
Located in the historic center of the city, at the corner of Heleni Hamalka and Monbaz Streets, this exclusive project is close to HaNeviim Street (the Street of the Prophets), one of Jerusalem’s most impressive thoroughfares.The project includes more than 140 apartments of 1-3 bedrooms as well as prestigious penthouses with views of Jerusalem’s Old City and the Western Wall, above a 70-room boutique hotel and commercial center.
Marketing of the project has begun, and residents will begin to move in once the marketing period has ended. Sample apartment prices in the HaNeviim Court project:
1-bedroom apartment on the 7th floor of 8, with an area of 60m2 + 7m2 balcony in the HaNeviim Court project: was sold for approx. NIS 1.9 million.
2-bedroom apartment on the 6th floor of 8, with an area of 86m2 + 13m2 balcony in the HaNeviim Court project: was sold for approx. NIS 2.94 million.
3-bedroom apartment on the 6th floor of 8, with an area of 111m2 + 12m2 balcony in the HaNeviim Court project: was sold for approx. NIS 4.15 million.
Jerusalem: Beit Mapai (Savyon View):
A unique complex of great historical significance, located at the intersection of King George and Jaffa Streets.
The residential tower will comprise a total of 170 apartments, in a variety of layouts including 1, 2, 3 and 4 bedrooms.
Marketing of this project is expected to begin during 2015.
Sample apartment prices in the Savyon View project:
1-bedroom apartment with an area of 52m2 + 4m2 balcony in the Savyon View project: approx. NIS 1.731 million.
2-bedroom apartment with an area of 85m2 + 12m2 balcony in the Savyon View project: approx. NIS 2.8 million.
3-bedroom apartment with an area of 103m2 + 8m2 balcony in the Savyon View project: approx. NIS 3.8 million.