Jerusalem flat sold for record $9 million - Israel Business, Ynetnews

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Mamilla project in Jerusalem Photo: Channel 2
Mamilla project in Jerusalem Photo: Channel 2

Jerusalem flat sold for record $9 million

European citizen pays record price for Jerusalem apartment in luxury project Mamilla

Ofer Petersburg
Published: 05.21.07, 08:50 / Israel Business

New York is not the only city to break real-estate records. Israeli real-estate company Alrov sold a flat for a record $9 million in the Mamilla housing project in Jerusalem.


The flat was sold for a European citizen whose identity has not been disclosed.


Alrov, owned by Israeli entrepreneur Alfred Akirov, sold 12 apartments in Mamilla this year.


The owner of the $9 million flat paid $25,000 per meter square.


Mamilla apartments seem to be beyond the financial limits of most Israelis, as all buyers are foreign. A third of Mamilla owners are European and two thirds are American.


Mamilla is the most prestigious housing project in the capital and includes a commercial area and a hotel. In 2008, when construction is completed, 38 additional luxury apartments will be built.


Alrov netted NIS10.6 million in profit from the sale of six apartments in Mamilla for NIS 56 million.


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