Rami Levy sold 7 apartments in half a year - and explains the reason
In the company's 3 significant projects in Jerusalem, almost no apartments are being sold. The price per square meter is high, but Levy continues to increase his market share and clarifies that the company will meet the pace.
"A high interest rate environment and an increase in construction input indices may affect the company's financing and construction costs in development projects to some extent, despite the low leverage. The company is promoting these projects, although it should be noted that the company's leverage ratio is low. At this time, there is some uncertainty in the development real estate sector regarding the pace of apartment sales in projects, given the general trends in the industry, however, the company estimates that it will meet the pace of apartment sales in accordance with its estimates in the various projects." This is what Rami Levy Real Estate writes in the report for the second quarter published at the end of the week.
Rami Levy continues to increase his hold on the real estate market, even though he knows that this is a period of slowdown. Today, his company has three significant projects: Vision, Nof HaReches, and Prime Jerusalem (Holyland) - all in Jerusalem. The big question is whether Rami Levy is succeeding in selling. Levy's prices are not cheap and his company does not offer a low price. The company's policy is to offer apartments at market value, but of higher quality.
We analyzed the three projects to understand how much the company is selling this year. Let's start with the project in Holyland. The company sold two apartments in the first quarter and two apartments in the second quarter. Last year as a whole, it sold 14 apartments. However, it can be seen that the average price per square meter has increased (without taking into account the mix of apartments) by 1,500 NIS per square meter.
In Nof HaReches, the company sold 2 apartments in 2025, and this year it has not sold any apartments at all. Let us recall that the average price in this project is very high, even relative to Tel Aviv prices: 55,000 NIS per square meter excluding VAT — that is, about 65,000 NIS per square meter.
The Vision project is considered its flagship project, which is supposed to sell the most apartments. Last year, the company sold 22 apartments, but since the beginning of the current year, it has sold only 3 apartments. The company is expected to bring in about 1.15 billion NIS from this project — a not insignificant amount. However, it has marketed only about 7% of the project.
The data shows that Rami Levy sold a total of 7 apartments in his three leading projects in Jerusalem. Even if we add the fact that in some of the projects the construction is just at the beginning, these are not good figures and one can understand why he noted the slowdown in the market in his report. In the Vision project, prices hover around 42,000-43,000 NIS per square meter including VAT, and it is not easy to sell apartments at this price during this period.
Today, the company is executing and marketing 4 residential projects with a scope of about 670 housing units, and it is expected to recognize a total gross profit of about 840 million NIS with the sale of all housing units and the completion of the construction of the projects by 2030. In all projects together, from the beginning of the year until the publication of the reports, the company sold 14 housing units. In the field of urban renewal, the company has several projects at various stages of planning and development with a total scope of about 3,600 housing units.
