Economics/Class Relations

Tel Aviv: A City That Only the Mega-rich Call Home

By Gili Melnitcki, Yael Darel, Haaretz

Tel Aviv resident Ran Binya is caught between two conflicting forces in the city he loves.

On the one hand, he’s enjoying a golden age in the real estate business he founded 16 years ago. “It’s been a long time since we’ve had such a crazy period for housing demand and deals like we have now,” he says. “Properties are being snatched up – and I’m not talking only about new apartments straight from contractors but rather people looking for a bigger place who plunk down a huge amount of cash to buy second-hand apartments in the center of town. Just this week I sold a large three-room apartment in the center of town for 5 million shekels ($1.5 million), which was on the market for barely a week an a half. A similar apartment was sold in the same building three months ago for 4.5 million shekels.”

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