
An increasingly international Jerusalem
by
Jodie A.
on Thu 29 Nov 2007 10:11 PM EST
Etgar Lefkovits
One out of three new apartments in central Jerusalem were sold to foreigners this year, while 20 percent of all apartments in the downtown area lay empty most of the year, according to a new study released Thursday.
Thousands of Israelis leave Jerusalem every year for better quality of life after being squeezed out of the city, in part by a tight housing market that increasingly caters to affluent foreigners.
The findings are to be presented Sunday in Jerusalem at a conference entitled "The Right to Jerusalem: between a bustling city and a ghost town," organized by The Jerusalem Center for Ethics.
The Romema neighborhood has the most foreign-owned properties, with 30 percent of its flats owned by foreigners.
Talbiyeh, where Beit Hanassi and the Jerusalem Theater are located, is next at 20%, followed by Rehavia and the German Colony at 14%, according to the report. The price of flats in these areas has shot up from $5,000-$7,000 per square meter to $13,000.
The percentage of foreign-owned flats is dramatically lower in the periphery of the city. Former Jerusalem residents have cited better jobs and affordable housing as the primary reasons they left in recent years.
A new ...
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