Haifa Apartment With Outsized Balcony Sells for 1.55 Million Shekels

A two-room apartment in Haifa, measuring 40 square meters for municipal tax purposes (43 square meters registered in the Land Registry), has been sold for 1.55 million shekels. The apartment's unique feature is its exceptionally large 63-square-meter balcony. The sole bedroom in the apartment also serves as its protected space (Mamad).

The apartment is located on Elhanan Street in the Central Carmel area, near a junction with Wedgwood Street, a main artery connecting Central Carmel to Hadar HaCarmel. The building, a six-story structure with 11 units, was initiated by Payvish Building and Development in the late 1990s and received its building permit in 1998 and occupancy permit in 2002. The project was later transferred to B.Nah Building and Investments.

The building's design, influenced by the steep terrain and narrow street frontage, resulted in a stepped structure with an unusual mix of apartments for its time. Most units are small, around 43-50 square meters, with larger 78-square-meter duplexes on the upper floors. Notably, two apartments on the third floor received the large balconies, rather than the duplex units, which typically would have become penthouses.

Recent transactions in the building include a duplex sold for 1.65 million shekels and a 57-square-meter apartment for 1.56 million shekels in the latter half of last year. Appraiser Assi Avni commented that the property is interesting due to the limited supply of small apartments with large outdoor spaces, making them suitable for individuals, couples, or investors seeking a property in a desirable location without needing extensive living space. He estimated the equivalent price per square meter, including the balcony, at approximately 25,000 shekels, deeming it reasonable given the location and unique features.