A gaggle of US Jewish mates have purchased six residences in presale within the Luria challenge in Jerusalem’s Arnona Slopes neighborhood for NIS 30 million. The challenge is being constructed by a consortium of Shimon Tzafarti and Neumann Brothers.
Arnona Slopes covers 250-dunam (62.5 acres) east of the Arnona neighborhood, north of Kibbutz Ramat Rachel, south of the US Embassy and west of East Talpiot.
The neighborhood has an accepted plan for the development of 1,830 housing models, business and workplace area, accommodations, public establishments and group providers, an archaeological park, parks and open areas. As well as, workplaces and services of the US Embassy are deliberate. Building within the neighborhood will likely be characterised by terraced hillside buildings, with handy pedestrian accessibility.
Many of the land within the neighborhood was marketed via Israel Land Administration (ILA) tenders just a few years in the past as a part of authorities backed applications.
Residences on the free market within the neighborhood are offered at a mean worth of NIS 37,000 per sq. meter, though in a variety of costs. The typical worth of a four-room residence within the neighborhood is NIS 3.9 million and the worth of a five-room residence can attain NIS 4.6 million.
Residences offered via authorities backed applications loved reductions of just about 50%, at a mean worth of NIS 18,500 per sq. meter. 4-room residences offered lately below this system for NIS 2.1 million, and the worth of a five-room residence reached NIS 2.4 million.
The Luria is situated on an 18-dunam piece of land – one among two bought from Kibbutz Ramat Rachel by brothers Tzachi and Chen Neumann and Shimon Tzarfati eight years in the past for NIS 650 million.
The challenge will embrace 17 eight-floor buildings, together with 335 residences in a various combine. The challenge was designed by the Yehuda Feigin architectural agency, and the companions promise that its excessive topographic location ensures that even residences on decrease flooring can have a view.
The event firms additionally report that thus far about 45 residences have been offered on the presale stage, 30% of which was to international residents.
The residences bought by the group of mates from the US embrace: two 98 sq. meters, four-room backyard residences with, one with a 180 sq. meter backyard and the opposite with a 139 sq. meter backyard offered for NIS 4.89 and NIS 4.78 million, respectively; two penthouse residences of 136 sq. meters with 130 sq. meters balconies offered for NIS 5.97 million every; a 76 sq. meter three-room backyard residence with a 70 sq. meter backyard offered for NIS 3.72 million.
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The patrons at present stay in New York and Miami, whereas others have already got houses in Beit Shemesh.
Tzarfati Shimon Group co-CEO Avi Tzarfati mentioned, “The residences have been bought by a gaggle of mates for residential functions and never for funding. Thus far, we have now offered about 50% of the residences within the first section of the challenge, which incorporates 5 buildings with 105 residences. The patrons at this stage are younger households and homebuyers from Jerusalem with comparatively excessive socioeconomic standing, professionals, and international residents.
“The challenge maintains the distinctiveness of Jerusalem’s low-rise, boutique development, in distinction to the 23-floor high-rises at present being constructed within the metropolis.”
These are particular transactions, carried out in the course of the presale interval of the challenge, and by and enormous they signify costs of about NIS 35,000 per sq. meter – together with changes for backyard areas and balconies. They near market costs, and are affordable for a scenario the place the challenge remains to be removed from the occupancy stage.
“These are good costs for the developer, which do not likely mirror a presale,” says appraiser Kobi Bir. “The worth per sq. meter that I calculated ranges from NIS 34,000 to NIS 36,000 per sq. meter, that are lifelike costs for the placement. Within the most cost-effective locations in Jerusalem, new residences are offered for NIS 32,000 to NIS 33,000 per sq. meter.”
Arnona Slopes is an space present process intensive development, and fairly just a few offers have been carried on the market lately. These offers don’t exceed the vary of accepted market costs.
Printed by Globes, Israel enterprise information – en.globes.co.il – on June 3, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
