The times they are a changing…
Present day Yemin Moshe is a far cry from when it was the first neighborhood to be built outside the Old City walls way back in 1860. Then it was a group of 28 small apartments alongside 3 communal buildings.
Today the area boasts beautiful villas alongside smaller properties popular with artists and writers, all surrounded by cobbled alleyways and staircases, and intertwined with well-maintained gardens and water features. The historic architecture of the homes in the area is maintained through strict building codes requiring permits and architectural authorization for any building or renovation done.
However while the neighborhood retains its historic character, things are changing-
The main feature of Yemin Moshe, the Montefiore Windmill, has recently undergone a full renovation and continues to draw both tourists and Israelis visiting the capital who want to see an important part of Jerusalem’s history.
On a less obvious level, the makeup of the neighborhood is slowly undergoing a transition. Although there have always been families living there, Yemin Moshe was historically a popular area for artists and musicians who seemed to draw inspiration from the commanding views of the Old City and its surroundings. Alongside these artists, the area boasted a number of foreign owners who bought properties primarily as vacation homes, and investors who saw the proximity to the Old City as promising.
According to Alyssa Friedland of RE/MAX Vision in Jerusalem, “Buyers in Yemin Moshe are a unique and eclectic group. They are looking for something extraordinary. They are buying a piece of history, and are willing to pay a high price to get it. Although we work with buyers from all over the world, we find that the buyers for Yemin Moshe are truly a niche market who appreciate the spiritual and historical beauty of this unique neighborhood.”
Prices in the Yemin Moshe can range from NIS 32,000/sqm for a property needing renovation, and can go up to as high as NIS 50,000 – 60,000/sqm, depending upon the view and the level of renovation.
There are very few sales in Yemin Moshe since there are only 100 properties in the entire neighborhood. The one that sold most recently was sold in February 2013. It was a cottage of 167 sqm, 5-rooms, balconies and view to the Old City. It sold for NIS 5,350,000 (approximately NIS 32,000/sqm).