Haifa Apartment With Expansive Balcony Sells for 1.55 Million Shekels

A two-room apartment in Haifa, measuring 40 square meters of taxable area (43 square meters according to land registry), has been sold for 1.55 million shekels. The unique feature of this property, located at 24 Elhanan Street, is its exceptionally large balcony, spanning 63 square meters. Additionally, the apartment's only bedroom also serves as a protected space (Mamad).

This sale is part of a broader trend in Haifa, where approximately 200 two-room apartment transactions have occurred since the beginning of 2026. Prices for such apartments vary widely across the city. Cheaper units, often built in the 1950s and in poorer condition, are found in Hadar HaCarmel and the Lower City, starting at 350,000 shekels. On Mount Carmel, prices are significantly higher, with older apartments in prime locations selling for between 1.6 and 2 million shekels. The high prices in these areas are attributed to their potential for conversion into clinics or shops.

The apartment in question is part of a building developed in the late 1990s by Paybish Building and Development and later transferred to B.Nah Building and Investments. The building, completed in 2002, features a tiered design due to the steep terrain. Most units are small, between 43-50 square meters, with larger duplexes on the upper floors. Notably, two third-floor apartments received large balconies, effectively functioning as penthouses, while the ground-floor apartment includes a quarter-dunam yard.

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 unique combination of a small living space with a large outdoor area offers added value, potentially appealing to singles, couples, investors, or older individuals seeking a compact, low-maintenance property with significant outdoor space. He estimates the equivalent price per square meter, including the balcony, at around 25,000 shekels, deeming it reasonable given the property's location and unique characteristics.