Israel is in an existential war against a genocidal enemy who has broken into Jewish homes to murder and kidnap entire families. At a time like this you might expect the Israeli real estate market to bottom out, right?
Wrong – in Jerusalem, at least property prices are soaring.
Why is this? Why is the capital of a besieged nation suddenly one of the top ten cities in the world in terms of price escalation at the precise time the region is experiencing unprecedented millitary escalation? Three reasons.
One answer is that there is nothing sudden about this trend – over the past two decades Jerusalem has become an increasingly popular real estate purchase locale. Jews and non-Jews alike have been flocking to the city at the heart of the world, eager to partake of the bustling development of Israel’s capital, the renaissance of Jewish culture and life and the chance to experience this meeting place between the West and the Orient. Wars, such as the 2006 Second Lebanese conflict, have historically had little long-term impact on Israel’s economy or real estate market. So this is simply a continuation of a pre-existing trend.
Another factor is that all polls are showing that Israelis are, quite counterintuitively, feeling more optimistic about the future than they had prior to the October 7th disaster. This war, more than any other, is bringing Israelis together, lifting them from the malaise which had gripped them over judicial reform. And there is hope that however dark the present may seem, victory and the eradication of Israel’s enemies will guarantee a brighter future.
The third reason, however, seems to best explain the phenomena: as antisemitism is rising worldwide – Jews are coming home. Jerusalem, eternal capital of the Jewish People, is calling its children back. As Naomi Shemer wrote:
We have returned to the cisterns,
To the market and to the concourse.
The Shofar calls out on Temple Mount
In the Old City.
And in the caves in the rock,
Thousand suns shine.
We will once again descend to the Dead Sea
By Jericho road.
It is time for you too to come home to the city, and the land, where Jews are masters of their own fate. Start the journey of a lifetime today, by examining your rental and real estate purchase possibilities