Jerusalem Cottage Sells for $1.3 Million Above Market Value

A six-room cottage in Jerusalem's sought-after Givat Masua neighborhood has sold for 4.8 million shekels (approximately $1.3 million USD), significantly exceeding its asking price. The 130-square-meter property, spread across three levels, features a 21-square-meter balcony, a 60-square-meter rooftop terrace, and has undergone renovations. It also includes two parking spaces and is situated directly adjacent to the Jerusalem Zoo.

The cottage was initially listed for 4.99 million shekels and remained on the market for about a month. The sellers were downsizing, while the buyers are a young family from the city who previously lived in a nearby neighborhood. Real estate agent Shahaf Avitan of RE/MAX Shiraz Real Estate described the sale as very rapid, with the first person to view the property becoming its buyer.

Avitan highlighted Givat Masua as a highly desirable neighborhood known for its community atmosphere and affluent population. He noted a general trend in western Jerusalem neighborhoods, including Givat Masua, Malha, Ramat Denya, and Beit Hakerem, experiencing high demand from both existing residents upgrading their homes and secular individuals seeking housing in areas that are becoming more religiously conservative.

"Almost all the deals I've closed recently were above market price, and one could even say significantly above market price," Avitan stated, adding that this particular sale set a new record for the street, surpassing a previous transaction by about a month. He also mentioned that many residents in the area are transitioning from multi-level detached homes to single-level apartments in new towers, as was the case with the sellers in this transaction. The deal was facilitated by Avitan and his partner Ido Ayar.