Discounted Jerusalem apartment-rental complex approved for young couples

The four new 18-story residential towers will contain 405 units and cost 20-30% below market costs.

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February 3, 2015 20:06
1 minute read.
Jerusalem municipality

Jerusalem municipality. (photo credit: WWW.PIKIWIKI.ORG.IL)

The Jerusalem Municipality’s Planning and Building Committee approved the construction of a residential complex containing 405 discounted rental units for young couples, officials announced on Tuesday.

According to the municipality, plans for the Kiryat Hayovel complex – which will consist of four 18-story residential buildings and be called Little Hadassah – received initial approval from the Interior Ministry’s Regional Planning Committee about a month ago, and will be 20 percent to 30% lower than average market rental costs.

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“This is a significant achievement that will help young couples to rent apartments at prices lower than the market price,” said Jerusalem Mayor Nir Barkat, who has long championed lower housing costs for young residents to keep them from leaving the city.

The complex will feature a large garden and have over 7,000 square meters of office and commercial space on the first two floors of each building, the municipality said.

Additionally its blueprint includes plans for a health center, open spaces, and a public community and cultural center.

Barkat described the complex as unprecedented for the capital.

“For the first time in Jerusalem, a significant number of housing units have been designed and approved for young couples,” the mayor said.

Leading the initiative was Deputy Mayor Koby Kahlon, head of the city council’s Planning and Building Committee, who oversaw negotiations among the municipality, the Israel Lands Authority and the Finance Ministry.

Most of the apartments in the complex will be longterm rentals for up to five years, with an option to extend the lease for an additional five years, the municipality said.

Rental costs will be government- regulated, and only increase by 1% annually for three to five years based on the Consumer Price Index, the Finance Ministry said.


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