Jerusalem Real Estate: Investor Purchases 8 Apartments in Kiryat Yovel Neighborhood

A French-Israeli businessman has acquired a package of eight apartments in a new residential project in the Kiryat Yovel neighborhood of Jerusalem, strictly for investment purposes. The total purchase amount reached 24 million NIS. The deal was finalized within the framework of the RAYK Borochov urban renewal (*Pinui-Binui*) project, developed by the Rayk Real Estate group. Two modern towers, standing 9 and 27 stories tall and featuring approximately 190 apartments, will be built on the site of four older buildings. The infrastructure will be complemented by ground-floor commercial spaces and underground parking.

The investment package includes apartments located between the 2nd and 12th floors: four three-room apartments spanning roughly 74 sq.m. (averaging 2.75 million NIS each), and four four-room apartments spanning roughly 96 sq.m. (at 3.33 million NIS each). Each apartment comes with a spacious balcony, a parking space, and a storage room. The average price per square meter stood at 34,000 NIS; however, by purchasing multiple properties simultaneously, the buyer secured an 8% discount off the market value.

The Kiryat Yovel neighborhood is currently undergoing active development, featuring new modern housing and infrastructure improvements, including the construction of a light rail line. Industry experts highlight the location’s high investment potential, driven by growing rental demand among students and young professionals. The expected yield is estimated at around 3% annually, which is higher than the Jerusalem average. This major purchase underscores the steady interest of foreign investors, particularly from the French-speaking diaspora, in Israeli real estate, even amidst a climate of general caution in the global market.

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