Real Estate Market in Pisgat Ze'ev - Merkaz HaNekasim Brokerage and Marketing
Pisgat Ze'ev is a northern neighborhood in the city of Jerusalem with approximately 45,000 residents as of 2020, making it one of the largest neighborhoods in Israel.
Source of the name Pisgat Ze'ev
Pisgat Ze'ev is named after the Zionist leader Ze'ev (Vladimir) Jabotinsky.
Real estate market in Pisgat Ze'ev
The neighborhood where the largest number of properties were sold in 2022.
In 2022, over 350 real estate transactions were conducted in Pisgat Ze'ev in the past year.
There has been extensive construction activity in the last decade, but in the past year, there has been a complete slowdown in new construction starts in Pisgat Ze'ev.
The number of real estate transactions in Pisgat Ze'ev is directly affected by the lack of supply in new construction; in other words, there simply wasn't anything to sell, so buyers are turning to second-hand apartments in Pisgat Ze'ev.
At the beginning of 2023, there was a significant slowdown in apartment purchases in Pisgat Ze'ev, and several factors can be pointed out that are affecting the market:
- Very high interest rate increases.
- Lack of new construction starts.
- The Israeli economy is in a state of instability.
- The population is afraid of changes due to security and political instability.
The Pisgat Ze'ev neighborhood is divided into four main quarters:
- Pisgat Ze'ev East.
- Pisgat Ze'ev West.
- Pisgat Ze'ev Center.
- Pisgat Ze'ev North.
Pisgat Ze'ev is a mixed neighborhood with secular, religious, traditional populations, etc.
However, there is a difference in the population distribution according to the quarters.
For example, Pisgat Ze'ev Center and Pisgat Ze'ev North are more characterized by a Haredi religious population.
What is planned for the future of Pisgat Ze'ev
Traffic congestion in the city of Jerusalem has become a routine issue; however, in Pisgat Ze'ev, efforts are being made to combat the phenomenon of traffic jams and to ease transportation problems in the neighborhood.
There has been a significant improvement in transportation in Pisgat Ze'ev, largely thanks to the light rail that runs up to the neighborhood of Neve Yaakov in the north. Additionally, the Sayeret Duhifat road has inadvertently become a main road that channels all traffic from the Benjamin region, which was not anticipated by the neighborhood planners. As a result, efforts are currently underway to find solutions to the traffic jam problem on the street, with several solutions being worked on to alleviate the existing pressure in the neighborhood, including a "Park and Ride" parking lot and a project to bury Sayeret Duhifat street.
Another development coming to Pisgat Ze'ev soon is in the field of bike rentals from the "Rofan" initiative. Currently, there are 9 initial docking stations for electric bikes in Pisgat Ze'ev.
Additionally, several main roads and streets in Pisgat Ze'ev are set to undergo significant upgrades, and transportation in the neighborhood will be renewed in this regard.
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