A rare plot of land in Hamedina Square, in the heart of Tel Aviv, recently changed hands for $6,000 per square meter. The price is extraordinarily high, given that the world is groaning in recession and that, in fact, the land still isn't eligible for development.
A businessman bought 185 square meters in the circular open space for NIS 4.48 million, and that's just for the land.
The circle of open space is actually owned by 150 separate parties. Although it is far from finalized, a plan is taking shape to zone the spot for 452 apartments in three high-rises with 29 stories each.
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Despite the plan's embryonic nature, over the years pieces of the land have changed hands several times, with the price of each transaction depending on the proportion of building rights associated with the deal.
