In Israel, building lot prices have risen astronomically over the last  twenty years, and even more dramatically over the last ten years. Many savvy investors seek out farm land situated close to residential neighborhoods on account of the high potential for future rezoning. These lots are priced higher than distant agricultural property, but  are much cheaper than the neighboring lots which are already zoned for residential construction. In most cases, prices begin and continue to rise before rezoning as the pressure of nearby construction creates anticipation of forthcoming developments. Rezoning regularly produces returns of five to twenty times the original investment. Speculative Land In Israel provides a great hedge against the constant increase in local real estate prices, while potentially providing impressive asset appreciation.