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How Much Would You Pay for an Apartment Overlooking the Western Wall?

Posted by ranit on April 23, 2017
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Resident’s of the Old City’s Jewish Quarter have known better days, real-estate-wise. Once upon a time the sky was the limit to housing process there. No matter what the assessor decided, sellers would do as they pleased. The owner was the agent, assessor, and the one who promoted the sale, all at once, and sometimes even closed the deal with a short telephone conversation. We’re not there anymore, but in the Old City’s Jewish Quarter one can still find a few apartments that are handled the ways things were a mere nine years ago.

One of those properties is offered for sale via real estate personality Meir Lisker, owner and President of the boutique Nadlanchik operation. The 130m² apartment sits on Misgav Ladach Street and overlooks the Kotel. It boasts a private rooftop terrace of 40m² with a view of entire Kotel Plaza area, the Dome of the Rock, Al-Aqsa Mosque, and the Mount of Olives.

So how much does it cost? Nobody knows yet. According to Lisker, there is no set price. “The reason it’s hard to put a price on a property of this type,” he explains, is the lack of other deals with the same variables at this level. These properties are exceedingly rare, and the price per meter for this one largely derives from the sacredness of such a view.”

This unique Jerusalem property featured five rooms, four of which are bedrooms, some of which enjoy the special view of the Kotel Plaza. The front of the apartment also offers a breathtaking, holy vista. The apartment’s internal stairways lead to the rooftop terrace.

An examination of the real estate history of the Jewish Quarter indicates that not many properties there have sold for astronomical prices. In 2014 the most expensive property went for NIS 13 million. Tax Authority data show that it was a five-room apartment at Misgav Ladach 1, covering 323m². It had a private rooftop of 133m², putting the overall rate at NIS 40,000 per m².

During 2016, tax data indicate, a 120m² apartment in the Jewish Quarter was sold at NIS 52,000 per m², and in February this year a 158m² apartment commanded NIS 5 million.

Today a number of properties are up for sale in the Jewish Quarter at attractive prices, between NIS 2.2 million and 5 million shekels. These properties measure 80-150m², but do not necessarily provide a view of the holy places.

An apartment comparable to what Lisker has to offer is that of Guma Aguiar, the millionaire who disappeared at sea, whose properties are up for sale by the estate manager. One of his holdings sits on HaTamid St, near Lisker’s place, and measures 106m² – also in the first row of apartments overlooking the Kotel with a breathtaking vista toward the Dome of the Rock and Al-Aqsa. Asking price: NIS 4.5 million.

Despite the data, Lisker believes the apartment he is selling is worth tens of millions of shekels, using a NIS 100K/m² rate. “It’s difficult to say how much it will sell for,” he explained. “It’s a very rare piece of real estate. Some people buy special pictures for tens of millions of dollars. Many of them never get to enjoy it, because they have to keep them in some guarded basement – not to mention the cost of security for a painting that no one will ever see. But this kind of creation – this real estate – is authentic, living, and accessible 24/7, 365 days a year, forever. This is the crown jewel of such rare, special real estate. I think the buyer will someone from abroad, someone who collects special properties, someone who wants to get a one hundred percent artistic real estate creation unlike any other. The price will reflect all these elements, and that will translate into double-digit millions of dollars.”

Numbers that high are inconceivable elsewhere – not even the luxury real estate market of beachfront Tel Aviv. Will the property offered through Lisker, directly overlooking the Western Wall, break through the existing ceiling of luxury properties in the Jewish Quarter? Time will tell.

For other properties in the Jewish Quarter, and further details regarding the properties in the article, please contact Ranit Nahum-HaLevi at ranit.nh@gmail.com

The view from the apartment

 

 

 

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