The Israeli real estate market has become unstable because of the falling dollar, causing sellers who list properties in dollars to change their offering prices to offset the corresponding lesser amount of shekels for each dollar. Jerusalem real estate that formerly was sold in several days now takes several weeks before buyers are found, according to several realtors.
The sinking dollar also has contributed to a halt in the constant increase in the price of houses as American buyers feel the pinch of an apparent recession. Foreign buyers also are often confused by the constant upgrading of sale prices in dollars to make up for the lesser equivalent in shekels. Properties that were quoted at a certain price several weeks ago now are quoted much higher, leaving the buyer with the same amount of shekels but costing American buyers significantly more money.