Jerusalem Germany Colony house sold for NIS 32m

The Templar House in the German Colony in Jerusalem, which was intended to be preserved, was sold for NIS 32 million. The house, located at the corner of Yitzhak Karmia Street and Yohanan Smuts Street, was purchased by a family that immigrated to Israel from the United States 10 years ago.

The 490 sqm house, part of the Ahwaz Karmiye project, is located on a 600 sqm plot with a 358 sqm garden. The house has three floors and a basement and includes a spa, sauna, fitness room, swimming pool and two parking spaces.

The original Templar house is under a strict preservation order, with additional building rights used on the eastern part of the plot, which was vacant. Some building rights were used to extend the Templar house by excavating the basement, which did not change the character of the building.

The house itself was renovated by incorporating contemporary elements including wood, stone and metal. Advanced electrical, heating and cooling systems were installed. The floors were connected by a unique metal staircase, estimated to cost around NIS 1 million. In addition, an elevator was installed in the house from the parking lot. The house is being sold without a kitchen and the buyers will install it themselves at their own expense.

“The demand from foreign residents, including Israelis who left the country, since shortly after October 7, has even surpassed the high demand that was here right after the Covid pandemic began — a peak of demand we haven’t seen in 20 to 30 years,” said Daniel Buzaglo of Daniel Buzaglo Real Estate, which brokered the deal.

“The city’s luxury real estate market is vibrant, and even in areas that were once considered affordable, such as the neighborhoods of Arnona, Rasko and Kiryat Yuval, they are already being marketed at prices that were typical for the city’s most expensive neighborhoods three or four years ago. Many projects are being approved “on paper,” but construction is being delayed due to a massive shortage of construction workers. There is a bottleneck in construction and completion will be delayed by a year or more, which will create another jump in prices,” he added.

This article was published in Globes, Israeli Business News – en.globes.co.il – on July 21, 2024.

© Copyright Globes Publisher Itonut (1983) Ltd., 2024.