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NEWS
Jerusalem Real Estate Market Shows Signs of
Recovery
by Yated Ne'eman Staff
A comparison of contracts signed and recent data from income
generated through taxes on property appreciation (paid when a
property sale is made) point to a recovery in the Jerusalem
real estate market in 2005. An analysis of Israel Land
Administration tenders for the sale of land in Jerusalem
reveals a similar picture. This recovery follows on the heels
of a long period of decreasing prices due to the weak market
and the Intifadah, which struck a blow to the real estate
market in Israel and especially in Jerusalem.
Mayor Rabbi Uri Lupoliansky predicts this trend will gain
momentum in the coming years. "The rise in the level of
security in Jerusalem and the upgrading of the transportation
systems in the city, together with the sharp rise in the
number of tourists and the economic awakening will continue
to strengthen the trend of apartment purchasing in
Jerusalem," says Mayor Lupoliansky.
"The Israeli government should encourage the rise of the
capital of the State of Israel and work to accelerate the
expansion of the city [boundaries] and construction in it,"
he added. "Otherwise the supply of available apartments in
the city will soon be depleted, leading to a rise in prices
that would prevent the average individual from purchasing an
apartment in Jerusalem."
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