(Photo: CC-BY-SA Dr. Avishai Teicher, Wikipedia)

As real estate agents, we are essentially matchmakers, and my particular focus - helping clients from abroad buy homes in Israel - is extremely meaningful and gratifying. However, I never expected that our brokerage work would put us in a position to help create the holiest match: the union of a husband and wife.

 (Photo: CC-BY-SA Yehudit Garinkol, Wikipedia)

We recently received an assignment to sell a well-maintained 165 square meter (1,775 sf) 5-bedroom penthouse in Har Choma, Jerusalem. The apartment has two large sukkah balconies boasting panoramic views. The asking price is 2,500,000 NIS or approximately $675,000. If this apartment were located in more centrally located and better established Jerusalem neighborhoods, it would be sold for more than double the price. So why is this apartment so reasonably priced?

Stanley Fischer recently announced that he will be stepping down from his position as the governor of the Bank of Israel (akin to being the chairman of the US Federal Reserve) in June. Stanley Fischer has been credited for steering Israel through the global financial crisis, and the Bank of Israel under his stewardship has earned many accolades and honors. 

I recently sat down with my friend and newly elected member of the Israeli Knesset (Parliament) Rabbi Dov Lipman to discuss a variety of (mostly) non-political issues. 

A client wanted to go apartment hunting in Jerusalem during chol hamoed (intermediate days of) Pesach but was unsure whether according to Halacha (Jewish law) he may do so. I told him to ask his local rabbi as I am not fit to make that decision for him. As this question comes up often, I decided to devote this article to review some of the issues. 

 (Photo: CC-BY-SA Yoav Elad, Wikipedia)

I always enjoyed watching the tourists gaze at the community with bewilderment, as if they stepped out of a time machine and were transported to Europe circa 1800. Understandably, the neighborhood is somewhat daunting as the people look, act and dress differently. Although Meah Shearim is located just a few blocks away from the center of Jerusalem, in many ways it feels like a different universe. 

An issue that resonates with many of my clients is: the pros and cons of buying an apartment in Israel “on paper” – which means buying a not-yet-built apartment – versus buying an existing apartment.

 (Photo: CC-BY-SA Gila Brand, Wikipedia)

We believe that the implementation of the Trachtenberg laws and the Bank of Israel’s new lending requirements will help control sale prices in the outlying areas. However, we do not expect these reforms to impact the Jerusalem market. In Jerusalem and other large population centers, there is limited land for development. Therefore the natural laws of supply and demand will overcome government obstructions and dictate market pricing.