You are looking in a neighborhood that is more than just real estate; it is a piece of Jerusalem’s history and cultural fabric. Rechavia is not a place of flashy new towers. It is a neighborhood of quiet, leafy streets, stately stone buildings, and a deep-rooted sense of prestige. Finding a 3-room apartment here is to find a piece of this story, but the market has its own unique character and pricing structure.
What defines the Rechavia property market?
Rechavia’s value is not driven by modern amenities, but by intangible assets: atmosphere, location, and history. The neighborhood was planned as a “garden city,” and its appeal lies in its serene, green environment, combined with its unbeatable centrality. It is a short walk to the city center, the Great Synagogue, Sacher Park, and the Israel Museum. The buildings are primarily classic, low-rise structures from the 1930s to the 1970s, many with protected architectural status. This means inventory is always limited, and demand from both local and international buyers is consistently high.
What types of 3-room apartments are available?
In Rechavia, a “3-room apartment” can mean a few different things, and it is crucial to know what you are looking for.
- The Classic Original: An apartment in an original, un-renovated Bauhaus or “Arab-style” building. These apartments have immense character, often with high ceilings and unique layouts, but will almost certainly require a complete renovation. They typically lack elevators and have no private parking.
- The Renovated Gem: The most sought-after category. This is a classic apartment that a previous owner has fully modernized internally, adding a new kitchen, bathrooms, and modern infrastructure, while preserving the building’s historic exterior.
- The Modern Infill: On rare occasions, a new, small boutique building is constructed on a plot where an old one was demolished. These offer modern amenities like elevators, underground parking, and a Mamad (secure room), but they are few and far between and command the highest prices.
What is the current price range?
The price for a 3-room (typically 70-85 square meter) apartment in Rechavia is heavily influenced by its condition, floor, and whether the building has an elevator.
- An apartment needing a full renovation on a higher floor of a building without an elevator might be found starting around 3,200,000 – 3,600,000 NIS. This is your “entry point” to the neighborhood.
- A well-renovated apartment in a classic building, perhaps on a lower floor or in a building that has added an elevator, will be in the range of 3,800,000 – 4,500,000 NIS.
- A 3-room apartment in one of the rare new buildings, or a completely gut-renovated unit with private parking, will start at 4,800,000 NIS and can easily surpass 5,500,000 NIS.
Yes, we currently have several 3-room apartments available, including a beautifully renovated unit on a quiet side street priced at 4.2M NIS, and an original-condition apartment with high potential on the market for 3.4M NIS. The key in Rechavia is to be ready to act, as quality listings do not last long.
Too Long; Didn’t Read
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- Rechavia is a prestigious, historic “garden neighborhood” where value is based on location and atmosphere, not new construction.
- Inventory is limited and consists mostly of apartments in classic buildings from the 1930s-70s, many without elevators.
- Pricing for a 3-room (2BR) apartment:
- Needing renovation: Starts at 3.2M – 3.6M NIS.
- Renovated: Ranges from 3.8M – 4.5M NIS.
- In a new building or with luxury features: Starts at 4.8M+ NIS.
