The dollar is tanking. Just over 3 months ago $1 was worth 3.46 NIS
Today it stands at 3.21 NIS.
For someone considering buying a house in Israel, that is a serious hit.
The Bank of Israel has tried to intervene, but its means are limited and only temporary.
So what should you be doing if you are planning to buy?
Some think that is worthwhile waiting for the dollar to return to its previous strength.
But what we don’t know - is when or even if, that will happen.
And what we do know - is that house prices in Israel, despite covid, are most certainly going up. And they are going up fast.
For example, just one month ago a four room off plan apartment in Neve Shamir, Bet Shemesh, cost 1,930,000 NIS.
Just a few weeks later, the contractor raised the price to 2,060,000 NIS*. Ouch ouch.
And trying to negotiate with these contractors would almost be funny if it is was not such a serious business!!
SO, in a case such as this for example…even if the dollar would have risen in value, (which it didn't), the buyer would still lost out as the price had risen, and quite steeply.
This process is continuing.
Therefore, if you are in a position to buy, there really is no point in waiting.
Even if the dollar does rise, it is unlikely to save you money.
Even worse, and scarier still, what if the dollar falls further?
If you are in a position to buy a property in Israel, you should be buying NOW.
*The price was raised for a number of reasons: high demand, new stage of construction, end of year.
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