Luxe Jerusalem

November 29, 2009 - 11:50 AM by Jessica

The Waldorf Jerusalem under construction

The eternal Jerusalem real estate question: Is it better to have high-end property development like a Waldorf Astoria or Mamilla, or more low-key development? Would we rather have five-star luxe hotels and their attached residences (see this IHT article from Friday’s paper) with buyers who come three times a year, leaving empty buildings most of the time, or undeveloped city blocks? Is it free market practice to let the highest bidding developer do his or her thing with Jerusalem’s landmarked sites, or make the government and municipality pitch in to create affordable housing so that young Jerusalemites stay in the city rather than migrating to more affordable pastures.

I’m apt to think that we should be making Jerusalem more palatable and affordable for younger folk, rather than butler-hiring, $17,000 per square meter buyers…and we should refrain from encouraging developers to create projects in politically questionable neighborhoods that end up being bought by foreigners.

In my mind, $6 million residences are fine, as long as there’s plenty of other options for the rest of us.

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