Giant deals in Jerusalem: Foreign residents purchased apartments for 87 million shekels
The luxury market in Jerusalem is not stalling: foreign residents are purchasing luxury apartments for tens of millions of shekels, at an average price of nearly 15 million shekels per unit.
The luxury apartment market shows no signs of the broader real estate slowdown. Transactions by foreign residents continue at a high pace. These buyers have a specific agenda: as they plan their Aliyah to Israel, they are willing to pay premium prices to reside in Jerusalem. This trend is driven primarily by Anglo-Saxons and foreign nationals from countries such as Mexico.
Notably, CBS data for May-June indicates a 1.8% increase in real estate prices in Jerusalem. This follows a decline in the previous two months, signaling a significant shift in the city's market during June.
Six deals executed in recent weeks highlight the enormous potential of this sector:
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On Shmuel HaNagid Street, a 199 sqm, 5-room apartment in a new project was purchased for 18.2 million shekels (over 91,000 shekels per sqm).
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In the King David's Crown project, a 245 sqm, 5-room apartment was sold for 15.45 million shekels (approximately 63,000 shekels per sqm).
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In the Valimar project (Schneller complex), a 162 sqm, 5-room apartment was sold for 14 million shekels (86,419 shekels per sqm).
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On 6 Sokolov Street, a 154 sqm apartment was sold for 13.85 million shekels (about 90,000 shekels per sqm).
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In the Y.S. Dar Properties project in Romema, a 239 sqm, 7-room apartment was sold for 13.65 million shekels (about 57,000 shekels per sqm).
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On Yordei HaSira Street, a 206 sqm, 5-room apartment was sold for 12.29 million shekels (nearly 60,000 shekels per sqm).
These six transactions totaled 87.44 million shekels, keeping the average apartment price in Jerusalem high at 14.57 million shekels—second only to Tel Aviv.
Other notable deals this year include the April sale of a 6-room, 210 sqm apartment on 3 Menashe Street for 16.8 million shekels (80,000 shekels per sqm), and the sale of a 174 sqm, 6-room house on 6 Sokolov Street for 13.25 million shekels.
