rewrite this title and make it good for SEOForeign resident buys Jerusalem penthouse for NIS 12.25m

A 185 square meter duplex penthouse with an 80 square meter balcony on Abba Eban Street in the Mishkanot Ha’uma neighborhood near the western entrance to Jerusalem has sold for NIS 12.25 million.

Mishkenot Ha’Uma is near the government precinct, Binyanei Ha’Uma, the central bus station, Yitzhak Navon railway station, Jaffa Road and the light rail.

The neighborhood has an excellent location near the Western entrance to the city but is not close to the Old City or in sight of it – an important attribute that affects the price in Jerusalem.

Most of the apartments built in the project land originally won in a tender by B. Yair’s land may be of high quality, but they are not unique. The developers sought to appeal to a broad cross-section of the population, unlike mega-prestigious projects in the city, which were explicitly designed for foreign residents.

The project’s plans called for the construction of a quota of small apartments, it is relatively far from the Old City, and was also built with a relatively high density of apartments in large buildings, which can deter high-end buyers.

The project includes a wide variety of apartments of various sizes, and the prices of apartments in the project have risen in price 35% from an average of NIS 31,000 per square meter in 2019 to an average of NIS 42,000 per square meter today. This is close to the increases recorded in the country as a whole.

Two-room apartments are selling for around NIS 2.6 million, 3-room apartments for around NIS 3.5 million and 4-room apartments for NIS 4 million and above.

The penthouse deal is the highest recorded so far in the project. A duplex apartment next to this apartment was sold at the end of last year for NIS 12.07 million. This apartment was larger than the apartment in the latest deal, but overall the amounts paid are close enough to determine that the deal price is within the market range.

The prices per square meter in both deals are significantly higher than the prices per square meter elsewhere in the project, but most of the project does not include luxury features like these two apartments, and therefore, even in the calculation per square meter, the duplex apartments should be priced higher.

Haim Medici of T.K.M. Real Estate Marketing and Management, who brokered the deal, says that the price levels in the project range around NIS 39-43,000 per square meter. According to him, the apartment was planned to be sold to Yair Biton, the former controlling shareholder of the development company B. Yair that built the project, but the turn of events led to the apartment being sold on the free market.

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“Originally, the owners wanted NIS 14 million for the apartment, but I estimated its value at a maximum of NIS 11.5 million, so they agreed to compromise, but made a good deal. “The buyer, a foreign resident from Los Angeles, also made a good deal, because the apartment is unique in the project,” Medici concludes.

Published by Globes, Israel business news – en.globes.co.il – on August 2, 2026.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2026.