Harel Ben Moshe, manager of the Anglo Saxon realty company's Jerusalem branch, is holding talks with the Jerusalemite Temple-treasury in a bid to market key money apartments to the capital's ultra-Orthodox population, Yedioth Ahronoth's business newspaper Calcalist learned.
The land, spanning one-quarter of an acre, is located in Jerusalem's Bukharian Quarter, and the city building plan in the area allows the construction of 25 housing units.
The Temple-treasury plans to build four-room apartments measuring 100 square meters (1,076 square feet) in size. The apartments will be received for a key money contract for 25 years, and the contract will be renewed later on if needed.
The decision to build the project in a key money format was received in light of the Temple-treasury's legal status, which does not allow it to sell apartments, and as a solution to the high prices of apartments Jerusalem, which prevent many haredi couples from purchasing apartments.
The price of a similar apartment in the Bukharian Quarter could reach $400,000, while the price offered to haredi couples will stand at $210,000.