By Ben Levene
CapitIL Real Estate Agency
It’s funny to be in a country where a different currency has so much impact on the ability of many of my clients to purchase an apartment, specifically the U.S. dollar.
To use real examples from this week, it was very important for two of my clients to keep track of the Dollar and to remember that the Dollar can fluctuate during the process. The currency movement has changed their approach to buying since we were first in contact.
The currency movement can’t always be planned for but sensible buyers will always consider the currency. This is especially important if you are on a very tight budget or if you are really stretching resources.
One of my clients has significantly reduced their budget to cover potential currency drops.
Late December 2018, the NIS was 3.78 to the Dollar, whereas currently it is approximately 3.63. On a million dollar purchase, this means that the property is costing $40,000 more! These swings have the potential to have a serious impact on purchases and budgets. These fluctuations can also work the other way and I have seen examples of this when the rate rises. In these cases, the purchasers feel extremely lucky to have benefited from the currency fluctuation.
It’s important to be aware of the currency issue as it can have significant impact on purchases.
CapitIL is located on King David Street in Jerusalem. Email email@example.com, call 646-781-7745, or visit CapitIL.com to learn more.