Jerusalem’s Mishkenot HaUma Records Record Sale of Duplex Penthouse for 12.25 Million Shekels

A duplex penthouse apartment spanning 185 square meters was sold for 12.25 million shekels in the Mishkenot HaUma project on Abba Eban Street in Jerusalem. The apartment includes an 80-square-meter balcony. Mishkenot HaUma is located near the government complex, the National Institutions buildings, the central bus station, Navon train station, Jaffa Road, and the light rail, making it attractive for those seeking proximity to government offices and new business towers at the city entrance. However, it is relatively distant from the Old City and not on a direct line of sight to it, a factor that influences property prices in Jerusalem.

The Mishkenot HaUma neighborhood is based on two main plans: one from 1993 that designed the entire National District including the Knesset and Supreme Court, and another from 2003 that planned the northern part for hotels, offices, commerce, public buildings, and housing. In 2006, the Israel Land Authority held four prestigious tenders for the area, with the Jerusalem-based B. Yair company winning three of them for about 450 apartments, paying 435 million shekels excluding VAT and development costs. Over time, B. Yair faced financial and legal troubles and sold parts of its rights to other developers.

Most apartments in the project are high quality but not unique, targeting a broad population rather than exclusively ultra-luxury buyers. The project includes a quota for smaller apartments and is relatively dense, which has limited its appeal as Jerusalem’s top luxury development. Prices have risen from about 31,000 shekels per square meter in 2019 to an average of 42,000 shekels today, a 35% increase similar to national trends. Two-room apartments sell for around 2.6 million shekels, three-room for about 3.5 million, and four-room for 4 million and up.

This penthouse sale is the highest recorded in the project and among the most expensive apartments there. A neighboring duplex sold late last year for 12.07 million shekels, slightly larger at 222 square meters, confirming the market range. Prices per square meter for these duplexes are significantly above the project average, reflecting their luxury features.

The broker, Haim Madichi of T.K.M. Real Estate Marketing and Management, said prices in the project range between 39,000 and 43,000 shekels per square meter. The apartment was initially intended for Yair Biton, former controlling shareholder of B. Yair, but was eventually sold on the open market. Madichi noted the original asking price was 14 million shekels, but he valued it at a maximum of 11.5 million, leading to a compromise that benefited both seller and buyer, a foreign resident from Los Angeles, due to the apartment’s uniqueness in the project.