Foreign residents buy Rehavia home for NIS 9.3m

A 177 square meter apartment at 30 Gaza Street in Jerusalem’s Rehavia neighborhood has been sold for NIS 9.3 million. The newly built apartment is in shell condition – external and supporting walls and ceilings and without finishing and interior design.

Rehavia is an exclusive, high-demand neighborhood, adjacent to the city center, which has frequently been in the news in recent years due to protests at the nearby Prime Minister’s residence, which is 250 meters from the apartment just sold at the corner of Gaza and Balfour Streets.

Large areas of the neighborhood’s land was owned by the Greek Orthodox Church until the beginning of the 20th century, when it went bankrupt, and the JNF and the Palestine Land Development Co. purchased the land.

The neighborhood’s first planners – Richard Kaufman, Dov Kuczynski and Eliezer Yellin – drew up plans for a garden neighborhood, which made it the “classic” Jerusalem neighborhood in the eyes of many, which has remained popular and in demand even today.

Apartment prices in the neighborhood average around NIS 60,000 per square meter. Old apartments have been sold for about NIS 50,000 per square meter, while new apartments, built according to the various preservation plans, are sold for NIS 70,000 per square meter and more.

The apartment sold is in a building that was constructed in the second half of the 1960s, based on a building permit issued in early 1965. The building was built on a 710-square-meter lot and originally had two floors and a partial third floor, above a mixed commercial and residential floor.

The building rights on the roof of the house were given to the apartment that was on the top floor. Years ago, several partners purchased this apartment and initiated the construction, renovation, and expansion of the building, while adding an elevator to the structure.

About three years ago, a permit was granted to add five apartments on two floors to the building, including two duplex apartments that span the new 3rd and 4th floors, and an apartment with an area of 177 square meters that is on the third floor between them.

Jerusalem real estate agent Nachi Paris, who brokered the deal, says that the duplex apartments are still being offered for sale for NIS 12-13 million.

Adv. Oriya Shohat, who represented the buyers, says that “The apartment was purchased by foreign residents planning to immigrate to Israel, who knew how to appreciate the project that combines, as part of the urban development plan applicable to the area, the special character of a neighborhood founded 100 years ago and the need to renew the area and build additional housing units.” What makes this deal unique, beyond the apartment’s exceptional size, which is unlike many in its vicinity, is the condition of the apartment, which was purchased in shell-finished condition, with bare walls. According to Adv. Shohat, the buyers intend to hire the services of an architect and a contractor to complete the interior of the apartment.

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Due to this, if the deal was at a price of NIS 53,000 per square meter, in practice it appears that the buyers will have to invest more than NIS 1 million to complete the apartment, which would bring it to a price level of NIS 10.5-11 million and NIS 60,000 per square meter or even more.

However, Adv. Shohat notes that the apartment has no extras at all, such as a storage room and parking, which may slightly reduce its final value.

According to this calculation, it is possible that the manner in which the deal is executed, in which the buyers will perform some of the work themselves, may save them hundreds of thousands of shekels. All of this depends, of course, on the levels of finishing and planning they wish to invest in the apartment.

Nachi Paris says that the buyers intend to invest another NIS 1.2 million in completing construction. “The price is very reasonable. Rehavia is like Kikar Hamedina in Tel Aviv. It is a very sought-after area with high prices, which can reach NIS 70,000 per square meter and more for new apartments,” he says. Regarding the building’s location on Gaza Street, near the Prime Minister’s Residence, Paris says, “There is no problem with accessibility to the building, both because it is at the intersection with Radak Street, and also because the demonstrations and blockades are not in this area.”

Published by Globes, Israel business news – en.globes.co.il – on May 24, 2026.

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