Rehavia Real Estate Prices: Key details from 2021
Average price of an apartment in Rehavia: 2,450,000 Shekels
Average monthly rental for an apartment in Rehavia: 6,400 Shekels
Number of apartments sold in Rehavia in 2021: 47
Average price per meter in Rehavia: 36,000
(Key data from Madlan.)
Rehavia: The centre of the Jerusalem elite
Since it was established in the 1920s, Rehavia has been considered the centre of the Jerusalem elite.
The Rehavia neighborhood contains political leaders, academics, judges and intellectuals.
Rehavia has a quiet and calm environment, until you reach Rechov Azza, which is teeming with restaurants and cafes.
There are many young people and students in Rehavia, partly due to accessability to the city’s academic institutions.
There are a high number of Tama 38 projects in Rehavia. This is due to the fact that many buildings in the neighborhood have received "preservation" status from the municipality because of a historic or architectural design, which places many restrictions on the changes and extensions that can be made specifically.
Rehavia: A "historic city area"
The entire neighborhood of Rehavia is considered a "historic city area" which also adds to the property prices in this location, as well.
Rehavia properties also have the church land issue, which also affects Talbiya, and the German Colony.
In most cases the lease is expected to expire in 2050-2051, but there are properties whose lease termination date is closer.
These are apartments and valuable real estate, the question of ownership of which may become a political issue.
Due to many complexities, the status quo is unknown in connection with the future of the apartments, but there is concern that at the end of the contract the tenants will have to leave or pay the church.
Today it seems that due to the uncertainty, the value of the apartments will decrease as the end of the lease approaches.
In Rehavia, according to Madlan, 56% of properties are rented. Whilst three-room apartments are most popular, at 29%.
Four properties sold in Rehavia in 2021
Below are four examples of properties sold in Rehavia during the calendar year of 2021.
They should provide a good guide as to the kind of Rehavie real estate prices to expect in 2022 and beyond.
- A 76 square meter, 3.5-room, first floor apartment with no elevator and no parking on Harlap Street in Kiryat Shmuel was sold for NIS 2.61 million.
- A 72 square meter, three-room, third floor apartment with a balcony but no elevator and no parking Ben Maimon Street in Rehavia was sold for NIS 2.58 million.
- A 92-square meter, four-room, first floor apartment with a four square meter balcony, elevator and parking on Rashba Street in Rehavia was sold for NIS 3.89 million.
(The source for the three properties above is Globes.)
- A 114 square meter, four-room, first floor or five, apartment was sold in the Iben Gvirol 7 Project for NIS 7 million. This works out at 61,403 Shekels per meter. (Via Madlan.)
Read the CapitIL.com Rehavia neighborhood guide.
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