Americans seeking homes in Jerusalem are increasingly expected to turn to the secondhand market as a weaker U.S. dollar reduces purchasing power, a senior Finance Ministry official said at a major real estate conference held Sunday and Monday.
Galit Ben Naim, deputy chief economist at the Finance Ministry, said Jerusalem's housing market is particularly affected by foreign residents and exchange-rate fluctuations.
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Israeli Builders Center Chairman Eran Rolls, Aliyah and Integration Minister Ofir Sofer and Jerusalem Mayor Moshe Lion at the annual Urban Renewal Conference
(Photo: Israeli Builders Center)
“In Jerusalem, the impact comes through foreign residents and the dollar exchange rate,” Ben Naim said. “As long as the dollar remains relatively weak, we will likely continue to see fewer Americans purchasing homes here. They will look for cheaper apartments, namely second-hand properties.”
Ben Naim spoke at the annual Urban Renewal Conference organized by the Israeli Builders Center in Jerusalem. The event brought together government officials, mayors, regulators and developers to discuss challenges facing Israel's housing sector and ways to advance urban renewal projects.
Eran Rolls, chairman of the Israeli Builders Center, described urban renewal as “the most important strategic growth engine for our cities.”
“This conference is not only a professional gathering but also the arena where we turn obstacles into solutions,” Rolls said. “Our goal is to create genuine cooperation between local authorities, developers and regulators, ensuring that Israel's cities become not only safer and stronger, but also more advanced and higher-quality places to live.”
Yehuda Morgenstern, director general of the Housing and Construction Ministry, said the government plans for the first time to present housing targets to the ministerial Housing Cabinet, including goals for construction starts, building durations and project completion schedules.
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Housing and Construction Ministry Director General Yehuda Morgenstern
(Photo: Israeli Builders Center)
“Construction periods have already been reduced to 37 months, and I hope this downward trend will continue,” Morgenstern said.
He added that alongside government investments worth billions of shekels in Israel's northern and southern regions, additional large-scale investments are needed in urban renewal projects in central Israel.
“Alongside investing billions in Israel's northern and southern regions, we must invest equally, and even more, billions in urban renewal projects in the center of the country,” he said.