Property market ripe for local buyers

The continued weakness of the US currency coupled with low interest rate has raised the buying power of Israelis across the country who previously were unable to afford the purchase of an apartment.
"Israelis are waking up to the possibility of smaller mortgages and a weak US currency, opening a window of opportunity for them to get out of their rental situation and being able to qualify for a mortgage to buy an apartment," said Alyssa Friedland, co-owner of RE/MAX Vision and RE/MAX Capital in Jerusalem. "Following the end of the season of foreign buyers, there is high demand from young Israeli couples and families, who are looking into the market for three to four bedroom apartments."