Har Nof property prices 2026 הר נוף
Har Nof registers at about ₪35,689 per square metre (median of registered sales, 2025 (Tax Authority data via Dirobot)), which is number 21 of the thirty neighbourhoods in this series. At that rate a 70 sqm three-room costs about ₪2.50m and a 100 sqm four-room about ₪3.57m. A three-room asks about ₪7,040 a month and a four-room about ₪9,350, against Jerusalem averages of ₪6,603 and ₪8,595.
Har Nof in six numbers
Recent full-share deals cluster at ₪2.8–3.45m for a 4-room of 92–109 sqm, around ₪30,000–34,000/sqm, which is solid value for an established western Jerusalem Orthodox neighbourhood with Route 16 access. Buy with a long horizon: renewal and Mordot Har Nof may add value, but 2026 comps are softer than 2025, so negotiate off current deals rather than asking prices, which sit around ₪35,000/sqm.
Expect roughly ₪7,000 for a 3-room and ₪8,000–9,400 for a 4-room, slightly above the Jerusalem city-wide average. Supply is thin and community-driven, so renting first suits Orthodox Anglo olim who want to test the hill, the stairs and the shul scene before buying.
What Har Nof is
Built from 1980 and first populated in 1985, Har Nof is a terraced hillside neighbourhood of roughly 20,000 residents, predominantly Orthodox (Haredi and Religious-Zionist). It has one of Jerusalem's larger English-speaking olim communities, alongside French- and Spanish-speaking immigrants. Housing is mostly 1980s–90s stone apartment blocks of 4–5 rooms, many with forest or valley views, plus garden units, penthouses and a few cottages. Madlan's resident survey rates safety 4.6/5 and schools 4.4/5, but cleanliness only 3.3/5.
Boundaries and parts
Hillside neighbourhood on Jerusalem's western edge (c. 813 m elevation), terraced down the slope above the Jerusalem Forest. Givat Shaul and its industrial zone lie to the east/north-east, the Highway 16 tunnel and Motza interchange below to the west. Main arteries are Kanfei Nesharim and Beit HaDfus streets (via Givat Shaul); the internal spine runs along Shaulzon, HaKablan, Shimon Agassi, HaAdmor MiRozhin, Katznelbogen and Zerach Barnet streets.
- Upper Har Nof (Shaulzon / Agassi / HaKablan)
- Lower Har Nof (Katznelbogen / Mishklov / Chai Tayib)
- HaAdmor MiRozhin / Parnes
- Zerach Barnet / Brand Aharon
- Mordot Har Nof (planned new quarter on the former Pi Glilot site)
Getting around
Road access is via Kanfei Nesharim / Beit HaDfus through Givat Shaul, with frequent Egged bus lines to the centre and Central Bus Station. The Route 16 tunnel (opened 2022) links the neighbourhood directly to the Motza interchange and Route 1 towards Tel Aviv. The light rail's Green Line network includes a branch (L5) from Neve Yaakov to Har Nof; the first Green Line section was due to open mid-2026, with the Har Nof branch later. The Kanfei Nesharim station is the nearest light-rail stop. The terraced hillside means steep walks and many stairs between streets.
Schools, parks and families
Madlan lists 8 elementary schools and 8 high schools, mostly Haredi with some state-religious (mamlachti-dati) options, and kindergarten networks including Petahya and Shulamim. Neve Yerushalayim and She'arim women's colleges, Machon Yaakov and Derech Etz Chaim post-high-school yeshivot are here, and Har Nof Park (c. 15 dunams at the top of the hill) was recently completed. A ₪50m sports centre with a semi-Olympic pool, gym and studios was approved in Oct 2024 near the community administration on Katznelbogen St. Families wanting secular or mainstream state schooling will find few options inside the neighbourhood.
English speakers
Har Nof has one of Jerusalem's longest-established English-speaking Orthodox olim communities, with English-speaking shuls such as the Boston Shul and English-language women's seminaries (Neve Yerushalayim, She'arim). Janglo carries a steady stream of Har Nof sale and rental listings in English, and Anglo-focused agencies actively market there. Community life is strongly religious; the neighbourhood is not a fit for secular Anglo families.
How these figures are based
Each figure is the best available for that neighbourhood, and the bases differ: German Colony ₪57,824 — median of registered sales, 2025 (Tax Authority data via Dirobot); Baka ₪49,735 — median of registered sales, 2025 (Tax Authority data via Dirobot); Old Katamon ₪49,332 — median of registered sales, 2025 (Tax Authority data via Dirobot); Rehavia ₪56,604 — median of registered sales, 2025 (Tax Authority data via Dirobot); Talbiyeh ₪53,543 — median of registered sales, 2025 (Tax Authority data via Dirobot); Arnona ₪35,648 — median of registered sales, 2025 (Tax Authority data via Dirobot); Har Nof ₪35,689 — median of registered sales, 2025 (Tax Authority data via Dirobot); Ramot ₪36,408 — median of registered sales, 2025 (Tax Authority data via Dirobot); French Hill ₪31,842 — median of registered sales, 2025 (Tax Authority data via Dirobot); Beit HaKerem ₪41,023 — median of registered sales, 2025 (Tax Authority data via Dirobot); Katamonim ₪41,846 — median of registered sales, 2025 (Tax Authority data via Dirobot); Old City (JQ) ₪55,556 — median of only 7 registered sales, 2025 (Tax Authority data via Dirobot), some of them partial shares; Nachlaot ₪45,245 — median of registered sales, 2025 (Tax Authority data via Dirobot); Kiryat HaYovel ₪35,490 — median of registered sales, 2025 (Tax Authority data via Dirobot); Gilo ₪29,680 — median of registered sales, 2025 (Tax Authority data via Dirobot); Talpiot ₪37,046 — median of registered sales, 2025 (Tax Authority data via Dirobot); Givat Mordechai ₪37,288 — median of registered sales, 2025 (Tax Authority data via Dirobot); Kiryat Moshe ₪43,198 — median of registered sales, 2025 (Tax Authority data via Dirobot); Pisgat Ze'ev ₪27,711 — median of registered sales, 2025 (Tax Authority data via Dirobot); Ramat Eshkol ₪49,343 — median of registered sales, 2025 (Tax Authority data via Dirobot); Yemin Moshe ₪51,466 — indicative: median of 9 registered sales, 2025–26, across Yemin Moshe, David's Village and Mamilla — too few for a neighbourhood median; Abu Tor ₪38,222 — indicative: median of 8 registered sales, 2025–26; the 2025 Dirobot median (₪27,333, 11 deals) is pulled down by partial and Arab-side transfers; Mekor Haim ₪43,427 — median of registered sales, 2025 (Tax Authority data via Dirobot); Kiryat Shmuel ₪45,441 — median of registered sales, 2025 (Tax Authority data via Dirobot); Bayit VeGan ₪39,103 — median of registered sales, 2025 (Tax Authority data via Dirobot); Ein Kerem ₪34,559 — median of only 6 registered sales, 2025 (Tax Authority data via Dirobot), mostly the Derech Karmit blocks rather than village houses; Armon HaNatziv ₪29,917 — median of registered sales, 2025 (Tax Authority data via Dirobot); Ramat Sharett ₪34,773 — median of registered sales, 2025, Ramat Sharett only (Tax Authority data via Dirobot); Ramat Denya ₪28,916 on 15 deals; Givat Shaul ₪39,863 — median of registered sales, 2025 (Tax Authority data via Dirobot); Malha ₪33,728 — median of 20 registered sales, 2025 (Tax Authority data via Dirobot); 2023 and 2026 medians are skewed by price-capped Mehir LaMishtaken sales. Read the ranking as indicative, not exact.
What people actually paid
Every sale below is a completed transaction reported to the Israel Tax Authority, not an asking price or an agent's estimate. Across the 9 sales in this brief the price per square metre runs from ₪26,402 to ₪49,324. Floor, condition, a mamad, a lift, parking and whether the unit is new explain almost all of that spread.
The readings come from different publishers and methods — averages and medians, all sizes or one room count — so read the direction, not the exact step. Full periods: 2023 ₪29,670; 2024 ₪33,333; 2025 ₪35,689; 2026 YTD (to 14 Jul) ₪32,941.
Sources: Single 2026 registered deal only (Shimon Agassi 62, Jul 2026) – Dirobot/Madlan; not a true median · Median of the 6 full-share 4-room deals Apr–Aug 2026 listed by Dirobot/Madlan (see examples) · Median of 2 five-room deals May–Jul 2026 (Dirobot/Madlan) – very thin sample
Dotted lines mark 75%, 100% and 130% of the neighbourhood rate per sqm. A dot above the middle line paid more per metre than the area figure.
| Address | Rooms | Floor | Sqm | Price | ₪/sqm | Date |
|---|---|---|---|---|---|---|
| HaRav Shaulzon 62 | 4 | 3 | 109 | ₪3,450,000 | ₪31,651 | 2026-08 |
| HaRav Shimon Agassi 23 | 5 | 2 | 100 | ₪4,300,000 | ₪43,000 | 2026-07 |
| HaRav Shimon Agassi 62 | 3 | 3 | 74 | ₪3,650,000 | ₪49,324 | 2026-07 |
| HaKablan 51 | 4 | 2 | 107 | ₪3,400,000 | ₪31,776 | 2026-05 |
| HaRav Rafael Katznelbogen 6 | 4 | 5 | 92 | ₪3,100,000 | ₪33,696 | 2026-05 |
| HaKablan 20 | 5 | 6 | 126 | ₪4,250,000 | ₪33,730 | 2026-05 |
| HaRav Chai Tayib 10 | 4 | 5 | 107 | ₪2,825,000 | ₪26,402 | 2026-05 |
| HaAdmor MiRozhin 29 | 4 | 3 | 107 | ₪3,220,000 | ₪30,093 | 2026-04 |
| Menachem Mendel MiShklov 2/4 (one deal registered against two addresses) | 4 | 4 | 93 | ₪3,000,000 | ₪32,258 | 2026-04 |
Sources: Dirobot (Israel Tax Authority deal register). Sales marked off-plan or new-build carry a new-build premium; a sale with no floor or date shown was published without one.
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What is for sale, and what is being built
Asking prices are what sellers hope for. Set them against section two, not in place of it. Computed median of 7 listed apartments with stated size on Madlan and Yad2, Sept 2026 (range ≈₪31,200–40,300/sqm)
Pale bar: the neighbourhood's registered figure. Asking prices per sqm are the listed price divided by the advertised area, which is often measured generously.
New build and renewal schemes
| Scheme | Type | From | Units | Delivery |
|---|---|---|---|---|
| Mordot Har Nof (Har Nof slopes, former Pi Glilot fuel-depot site) Tidhar Group with Aridor, Abu, Azorim and Mimushim | New quarter, c. 1,900 units on 160 dunams, with schools, parks, link to Route 16 and Kanfei Nesharim light-rail station | — | n/a | Plan recommended for deposit by Jerusalem local committee, Mar 2025; no sales or delivery date |
| Katznelbogen St mixed-use (combination deal) Azorim | Up to 240 apartments above commercial and public space, 4.9 dunam plot | — | n/a | Combination deal signed May 2021; no current sales status found |
| HaKablan St pinui-binui Bayit Yerushalmi (BY) | Urban renewal: 3 buildings / 48 units demolished, c. 130 units in three 12–14 storey towers, Haredi-oriented design | — | n/a | Developer chosen by residents May 2025; pre-planning |
A "from" price is the cheapest unit, on the lowest floor, in the smallest configuration. Ask every developer for the price list by floor and the schedule of areas in writing, and ask what the price is on the ordinary payment schedule rather than a deferred one.
What buying here actually costs
At Har Nof's rate a 70 sqm three-room is about ₪2.50m and a 100 sqm four-room about ₪3.57m. On the four-room an oleh pays ₪7,951 in purchase tax; an Israeli resident buying a sole home pays ₪73,983; a non-resident or anyone buying a second home pays ₪285,512.
Bands frozen to 15 January 2028. Resident: nil to ₪1,978,745, 3.5% to ₪2,347,040, 5% to ₪6,055,070, 8% to ₪20,183,565, 10% above. Oleh (reg. 12A): nil to ₪1,978,745, 0.5% to ₪6,055,070, 8% above. Non-resident and additional home: 8% to ₪6,055,070, then 10%.
| Apartment | Buyer | Purchase tax | Lawyer, broker, other | Total costs | Of price |
|---|---|---|---|---|---|
| 3-room · ₪2.50m | Oleh, reg. 12A | ₪2,597 | ₪88,698 | ₪91,295 | 3.7% |
| Resident, sole home | ₪20,450 | ₪88,698 | ₪109,148 | 4.4% | |
| Non-resident / additional | ₪199,858 | ₪88,698 | ₪288,556 | 11.6% | |
| 4-room · ₪3.57m | Oleh, reg. 12A | ₪7,951 | ₪120,283 | ₪128,233 | 3.6% |
| Resident, sole home | ₪73,983 | ₪120,283 | ₪194,266 | 5.4% | |
| Non-resident / additional | ₪285,512 | ₪120,283 | ₪405,795 | 11.4% |
Lawyer 0.5% + VAT; broker 2% + VAT where one is used; ₪15,000 for surveys, the bank and registration. Buying direct from a developer removes the broker line, worth ₪84,226 on the four-room.
Reg. 12A runs from one year before aliyah to seven years after, is used once, and applies only to a residence under the single-apartment test. At Har Nof's four-room price it is worth ₪66,033 against the resident rate and ₪277,561 against the non-resident rate. Spending it on a small interim flat means buying the family home at full rate.
Renting in Har Nof
Live listings run a little lower: Yad2 (Sept 2026) shows a 3-room/50 sqm at ₪6,800, a 4-room/98 sqm on HaAdmor MiRozhin at ₪8,000 and 5-rooms at ₪9,000–11,000; Janglo shows 5-rooms at ₪9,000–9,500, and Madlan puts the average Har Nof rent at ₪9,800. Rental stock is thin (Madlan showed zero 3-room rentals in late Sept 2026). For comparison, Scoutr's Jerusalem city-wide average asking rent (30 days to 26 Sept 2026) is ₪6,603 for 3 rooms and ₪8,595 for 4 rooms (scoutrbot.com/data/rent-report).
Madadirot (neighbourhood rent averages by room count) — Trailing 12 months to Sept 2026
Gross yield = twelve months' three-room asking rent against a 70 sqm three-room at each neighbourhood's price per sqm. Old City (JQ), Kiryat HaYovel and Ein Kerem are left out: no reliable three-room rent is published for them. Jerusalem average from Scoutr, September 2026.
Cash out before the keys
| First month's rent | ₪7,040 |
| Security, at the legal cap (3 months) | ₪21,120 |
| Broker, if you hired one: one month + VAT | ₪8,307 |
| Cash out before moving in | ₪36,467 |
On a three-room at ₪7,040 a month. Security is capped at the lesser of three months' rent or a third of the total rent, and must be returned within 60 days of the end of the lease.
Rent against buying
At 3.4% gross — before the building committee, maintenance, empty months, management and tax — Har Nof is bought to live in or to hold, not for income. Net is typically a full point lower.
For a family arriving, renting for the first year here is rarely wasted money: it tests the streets, the schools and the commute before the largest purchase of the move, and keeps the oleh relief unspent.
The buildings, and what is happening to them
Renewal is at an early stage. Residents of three HaKablan St buildings (48 units) chose Bayit Yerushalmi in May 2025 for a pinui-binui of about 130 units. Azorim holds a combination deal for up to 240 units on Katznelbogen St. The big change is Mordot Har Nof: about 1,900 units on the contaminated former Pi Glilot site on the slopes, recommended for deposit in March 2025. Sellers' listings also advertise extra building rights (for example 'zoning for an extra 49/50 sqm' on Agassi St).
Specific to Har Nof
Partial-share deals distort data
The register includes Har Nof sales at ₪944k (HaKablan 35, 138 sqm) and ₪1.03m (Zerach Barnet 14, 99 sqm) in July 2026, which are almost certainly partial shares or family transfers. Averages that include them understate values, so check deal type on nadlan.gov.il before relying on any comp.
2026 prices softer than 2025
Dirobot's median fell from ₪35,689/sqm in 2025 to ₪32,941/sqm in 2026 year-to-date (-7.7%) on only 22 deals. A small sample and the mix of units explain part of this, but don't anchor to 2025 peak comps when you negotiate.
Steep terrain and stairs
The neighbourhood is terraced into a steep hillside, so many entrances are reached by long flights of stairs and 'ground floor' can mean several storeys above the street on the other side. Check lift access and the walk to the bus stop, especially with a pram or for older parents.
Mordot Har Nof construction ahead
The 1,900-unit plan on the slopes means years of site remediation of the former fuel depot and heavy construction below the neighbourhood. Forest and valley views that sellers price in may be affected, so check the plan's building lines against the flat's outlook.
Community fit is specific
Har Nof is predominantly Haredi, with the ruling local party United Torah Judaism and almost all schools Haredi or state-religious. Shabbat norms, dress expectations and school choice make it a poor fit for secular or mixed families, whatever the price.
Thin rental supply
Madlan showed no 3-room rentals available in late Sept 2026, and most listings are either small units (1–2 rooms, ₪2,000–5,000) or large family flats (5+ rooms, ₪9,000–14,000). Mid-size family rentals go quickly through community networks and Janglo, so move fast and have documents ready.
Building extensions and legality
Many listings sell 'zoning for extra sqm', sukkah balconies and enclosed additions. Confirm with the municipal engineering file that additions are permitted and registered, and that the sqm quoted matches the Tabu or arnona record, before paying a price per sqm for space that may not legally exist.
When buying anywhere in Jerusalem
The register, not the listing
Pull the Tabu extract yourself. Mortgages, caveats, inheritance orders, attachments and undivided co-ownership are common and are solved before the contract, not after it.
Built area against the permit
Enclosed balconies, roof rooms and subdivided units are often unpermitted. The bank's valuer will exclude them and the municipality can enforce against them.
Parking and storage "with the apartment"
Check they are registered attachments in the condominium order. An unregistered space can be lost on resale or in a renewal deal.
Mortgage before contract
A signed contract does not depend on the mortgage. Sole-home loans are capped at 75% of value. Get approval in principle first, and start source-of-funds paperwork for money from abroad weeks ahead.
Off-plan: guarantees and linkage
Every payment to a developer must be secured under the Sale (Apartments) (Assurance of Investments) Law. Payments are linked to the construction inputs index, capped by Amendment 9 at half the rise.
Your own lawyer, a licensed broker
The seller's or developer's lawyer acts for them. A broker must be licensed and hold your signed written order under s.9 of the Real Estate Brokers Law, or no fee is due.
When renting anywhere in Jerusalem
Check who owns it
Ask for the Tabu extract or a power of attorney. Rental scams take deposits for flats the "landlord" does not own. Pay nothing before a viewing and a signed lease.
The security is capped
The lesser of three months' rent or a third of the total rent, returned within 60 days. Get the cap written into the lease.
Who pays the broker
Whoever hired the broker. If the landlord listed through an agent, the tenant cannot be made to pay that agent's fee.
Repairs and notice
Listed faults are the landlord's to fix within 30 days, 3 if urgent. A landlord not renewing gives 90 days' notice; a tenant gives 60. These rules fall away above ₪20,000 a month.
Mamad, lift, parking, air conditioning
In much of Jerusalem's older stock none of them can be assumed. Confirm each in the lease, with which air-conditioning units work.
Oleh arnona discount
Commonly 90% on up to 100 sqm for 12 months within the first 24 after aliyah. It is not automatic: register with the municipality on the day you move in.
Har Nof, Jerusalem property: common questions
What is the average price per square metre in Har Nof, Jerusalem?
Registered sales put Har Nof, Jerusalem at about ₪35,689 per square metre (median of registered sales, 2025 (Tax Authority data via Dirobot)). Individual sales in this brief range from about ₪26,402 to ₪49,324 per square metre, depending on the building, floor and condition.
How much does an apartment cost in Har Nof, Jerusalem?
At the registered rate a 70 sqm three-room apartment costs about ₪2.50m and a 100 sqm four-room about ₪3.57m. New-build and renovated apartments sell above that; older walk-ups without a lift or safe room sell below it.
How much is rent in Har Nof, Jerusalem?
Asking rent for a three-room apartment in Har Nof, Jerusalem is about ₪7,040 a month, and about ₪9,350 for a four-room. Twelve months' rent against a 70 sqm three-room at the registered rate gives a gross yield of about 3.4%.
How much purchase tax does a new oleh pay in Har Nof, Jerusalem?
On a four-room at about ₪3.57m, an oleh using the regulation 12A relief pays about ₪7,951 in purchase tax, against ₪73,983 for an Israeli resident buying a sole home and ₪285,512 for a non-resident or anyone buying an additional home. The relief applies from one year before aliyah to seven years after, once.
Is Har Nof, Jerusalem a good place to buy?
Recent full-share deals cluster at ₪2.8–3.45m for a 4-room of 92–109 sqm, around ₪30,000–34,000/sqm, which is solid value for an established western Jerusalem Orthodox neighbourhood with Route 16 access. Buy with a long horizon: renewal and Mordot Har Nof may add value, but 2026 comps are softer than 2025, so negotiate off current deals rather than asking prices, which sit around ₪35,000/sqm.
Is Har Nof, Jerusalem a good place to rent?
Expect roughly ₪7,000 for a 3-room and ₪8,000–9,400 for a 4-room, slightly above the Jerusalem city-wide average. Supply is thin and community-driven, so renting first suits Orthodox Anglo olim who want to test the hill, the stairs and the shul scene before buying.
Where do these figures come from?
Sold prices are completed sales reported to the Israel Tax Authority, read through nadlan.gov.il, Madlan and Dirobot. Asking prices and rents come from live listings. Purchase tax follows the bands frozen to 15 January 2028. Nothing here is a valuation or legal advice.
Six checks on every apartment in Har Nof
- The registered sales in that building, not the neighbourhood figure. The spread in section two is the reason.
- Tabu extract and permits: who owns it, what is registered against it, and whether the area offered is the area permitted.
- Mamad, lift, parking and storage confirmed in writing, and parking checked as a registered attachment.
- Renewal status of the building and the street: any TAMA 38 or pinui-binui agreement, its stage and the level of owner consent.
- Running costs in writing: arnona for the exact address, the building committee, and any management company charge.
- For olim, the 12A relief confirmed before contract: the window, that it is unused, and that the purchase is a residence.
Want this for your own search?
A free personal report for your budget and requirements — Har Nof and the alternatives, side by side.
Sources. Dirobot – Har Nof neighbourhood prices (Tax Authority data) (Data 11 Jan 2023 – 14 Jul 2026; accessed 27 Sept 2026); Madlan – Har Nof area info (Accessed 27 Sept 2026); Madlan – Har Nof for sale (Accessed 27 Sept 2026); Yad2 – Har Nof for sale (Accessed 27 Sept 2026); Yad2 – Har Nof rentals (Accessed 27 Sept 2026); Madadirot – Har Nof neighbourhood (Trailing 12 months; accessed 27 Sept 2026); Scoutr – rent report (Jerusalem) (26 Sept 2026); Janglo – Har Nof sales and rentals (Listings Jul–Sept 2026); Maariv – Mordot Har Nof 1,900 units (20 Mar 2025); ice.co.il – Har Nof to be expanded (Mar 2025); Magdilim – Har Nof residents choose pinui-binui developer (25 May 2025); Walla Finance – Azorim combination deal Har Nof (2 May 2021); Walla Nadlan – Har Nof sports centre (31 Oct 2024); Wikipedia – Har Nof (Accessed 27 Sept 2026); Wikipedia – Green Line (Jerusalem Light Rail) (Accessed 27 Sept 2026). Jerusalem-wide rents: Scoutr rent report, 26 September 2026. Purchase tax: Land Taxation (Betterment and Acquisition) Law 5723-1963 and the Purchase Tax Regulations, reg. 12A, bands frozen to 15 January 2028.
Limits of the data. No individual 2025 registered deals could be retrieved: Dirobot and Madlan only expose the latest ~10 rows. All 9 examples are Apr–Aug 2026, and 2025 is represented only by Dirobot's yearly median (₪35,689/sqm, 60 deals). by_rooms figures are derived from the handful of 2026 example deals (3-room n=1, 4-room n=6, 5-room n=2), not from an official by-room median. Madadirot's 12-month by-room 'used' averages (3r ₪3.17m, 4r ₪4.11m, 5r ₪5.35m) look model-based and inconsistent with registered deals, so they were not used. The Dirobot 2026 median covers only Jan – 14 Jul 2026 (22 deals); madlan shows later deals (Aug 2026) not yet in Dirobot, so the yoy figure compares a part-year to a full year. The Madadirot rent averages are not documented and may be asking-based; its 5-room figure (₪12,210) is above live listings (₪9,000–11,000). No Har Nof rent figure from Scoutr/Realta/Nadlan Center was found.
Scope. Medians and averages describe populations, not properties. Nothing here is a valuation, a tax ruling or legal advice. The Tel Aviv Property Index holds no listings, takes no referral fees, no advertising and no developer money. This brief was prepared free of charge.