Something Strange Is Happening in Jerusalem
By Jacki Wiluzanski · · Updated · 1 min read
Something strange is happening in Jerusalem: in recent months, dozens of small apartments worth hundreds of millions of shekels have been sold in new projects. The most prominent of them is Israel-Canada's "Midtown Jerusalem", located on the former Shaare Zedek Hospital compound.
To put it plainly: since the outbreak of the war, the number of apartments of up to two rooms purchased in Jerusalem is similar to the total number of apartments purchased in Tel Aviv and registered so far with the Tax Authority.
Data collected from the Tax Authority's "Real Estate Information" system show that since the outbreak of the war, 75 transactions for small apartments of up to two rooms have taken place in Jerusalem, compared with only 17 in Tel Aviv. Far fewer were registered in other cities: 10 in Beer Sheva, 9 in Petah Tikva, 9 in Rishon LeZion and only two in Netanya.
The number of transactions in Jerusalem during this period is even higher than before the war: according to Tax Authority data, in the eight weeks preceding the war, from August 14 to Friday, October 6, only 59 transactions for apartments of up to two rooms were registered in Jerusalem. Incidentally, in the corresponding period of 2022 (October to November), 128 such transactions were registered in Jerusalem, but that was a period in which activity in the industry was much more active.
For comparison, in Tel Aviv 112 small apartments were purchased in the two months before the war, and 130 small apartments in the period corresponding to the war last year.
