How Much Does a View of Old Jerusalem Cost: A Major Deal in the Elite “Kfar David” Project
Jerusalem’s luxury real estate market has recorded one of its largest recent transactions. Developers *Dimri* and Bumel Israel sold two apartments in the prestigious “Kfar David” residential complex, located in the immediate vicinity of the Mamilla Mall. The total purchase price exceeded 91 million NIS, with the buyer identified as a cloud technology entrepreneur holding dual Israeli and US citizenship.
The centerpiece of the deal was a luxury residence priced at 66.3 million NIS, according to Globes. The apartment, spanning 510 square meters, features a 60-square-meter terrace* and a private roof offering a direct panoramic view of the historic walls of the Old City. These unique views were the primary factor in the pricing: the cost per square meter in this part of the building reaches 120,000 NIS.
Simultaneously, the same buyer acquired a second apartment on the floor below for 25 million NIS. Despite its impressive size of 386 square meters and the presence of a terrace, the price was significantly lower due to the lack of a direct view of the fortress walls. According to the developers, the new owner intends to combine both units into a single living space. Notably, both apartments were handed over in “shell condition,” allowing the owner to implement a custom design project from scratch.
Project Background and Market Context
The “Kfar David” project is part of the massive Mamilla complex, which covers approximately 120 dunams. It includes world-renowned hotels, shopping galleries, and low-rise luxury housing. The history of this specific plot began 19 years ago; in 2012, the Dimri company, led by Yigal Dimri, bought out the Shirazi family’s stake, becoming a partner to Bobby Rechnitz. During development, the total number of units was reduced from the planned 78 to 60, as many buyers preferred to purchase significantly larger living spaces.
Currently, construction of the complex is fully complete. Despite a temporary lull in marketing activity due to the current security situation, interest from wealthy clients in properties near the walls of Jerusalem remains consistently high. The primary demographic of owners in “Kfar David” consists of:
* Affluent foreign citizens
* Representatives of Ultra-Orthodox communities
For these groups, proximity to holy sites and a view of the Old City remain the top priorities when selecting real estate.
