High-end properties and breathtaking views make the neighborhood a natural choice for foreign buyers.
By JOHN BENZAQUENAbu Tor_521(photo credit: Courtesy)
There are very few places in the capital where Arabs and Jews live together in peaceful coexistence. Abu Tor is one of them. This is an area of breathtaking views and beautiful tree-lined streets in the heart of Jerusalem, where Arabs and Jews lived as neighbors in the late 19th century. Abu Tor was developed as a residential quarter in the late 19th century by middle-class Muslim and Christian Arabs from Jerusalem. A Jewish neighborhood called Beit Yosef was established in 1888.Abu Tor was incorporated into the Jerusalem municipal area during the British Mandate period. With the establishment of the State of Israel in 1948, the border between Israel and Jordan bisected Abu Tor. The first four streets beyond Derech Hebron were Israeli, and the remaining streets were Jordanian. During the War of Independence, the upper section was conquered by Israel, while the lower section became part of the Hashemite Kingdom of Jordan.The upper section of Abu Tor is more than 760 meters above sea level. One of the selling points of the area is its fantastic views. To the north, there are unobstructed views of the Old City, the Dome of the Rock and Mount Zion. To the east, there are panoramic views of the Silwan Valley neighborhood, the expansive Judean Desert and the biblical mountains of Edom and Moab.The Jewish area of Abu Tor consists of upscale homes – prestigious single-family houses and modern apartments, all built in keeping with the topography of the area. The neighborhood has a number of small parks and playgrounds. Streets are lined with trees, while hundreds of private gardens flourish, further enhancing the colorful and diverse landscape.In January 1949 Israel and Jordan, represented by Col. Moshe Dayan and Maj. Abdullah Tal of the Arab Legion, held talks on the status of Jerusalem. Dayan presented the partition of Jerusalem as a common interest and offered an exchange of territories, which included the military post in Abu Tor. But his offer was turned down.During the War of Independence, the upper section was conquered by Israel, while the lower section remained in the hands of the Kingdom of Jordan. From 1948 to 1967 Abu Tor was cut by the line intersecting Israeli western Jerusalem and Jordanian eastern Jerusalem.In truth, Abu Tor remains a secluded paradise within walking distance of the center of town and spreads out toward the tranquility of the Peace Forest, making it a unique and sought-after neighborhood in Jerusalem. Within walking distance of the Great Synagogue, the Western Wall, King David Street and central Jerusalem, the area caters to tourists, journalists and foreign buyers who want the breathtaking views but also want close proximity to all that Jerusalem has to offer.Abu Tor, translated as “Father of the Bull,” is just south of the Old City. It is bounded by the Hinnom Valley, one of the many valleys surrounding the Old City. To the north are the Peace Forest and the Armon Hanatziv neighborhood; to the east are the open hilly areas; and to the west are Derech Hebron and the old Jerusalem Railway Station. The official Hebrew name of the neighborhood is Givat Hananya, but no one uses the name.The Jewish section of Abu Tor is predominantly secular. The two sections have more than 3,000 residents. Many of the buyers in the neighborhood are families that are upgrading from smaller properties to larger ones. About 20 percent to 30% of the more luxurious properties in the neighborhood are purchased by foreign buyers who want to enjoy the magnificent views and the proximity to the central areas of Jerusalem. Prices vary from $5,000 per square meter for simple apartments without a view, to more than $7,000 per sq.m. for luxury properties with views of the Old City and the Dome of the Rock.The Jerusalem real-estate market is much more complex than that of other cities in the country due to the strong interest from foreign buyers. The unique high-end properties and breathtaking views make Abu Tor a natural choice for many of these buyers.
The global economy, however, has a strong impact on the market. With the US dollar at an all-time low, we are seeing fewer North American buyers and more French, British and Australian buyers in the Jerusalem luxury home market. Buyers are still acquiring vacation homes, but they are buying more modest properties in the $800,000 to $1.2 million range. Before the financial crisis, most buyers were looking for properties in the $2m. to $4m. range.The “vacation home syndrome” common to many high-end neighborhoods does not seem to be as prevalent in Abu Tor mainly because many of the beautiful homes in the area are purchased by foreign or local investors who then rent them to diplomats, overseas businessmen and journalists, who are willing to pay top prices for rural type homes with a character of their own within walking distance from the city center. These luxurious homes are usually furnished by the owners. The rent for a two- or threebedroom apartment with a terrace is approximately $4,500 a month.In these times, it is difficult to predict the price trend in Abu Tor. There is a chronic lack of housing in Jerusalem, and this affects most areas of the city. The Bank of Israel regulations, which are both limiting the amount of the mortgages relative to the cost of the property and are making mortgages more expensive, dampen demand.
