Figures released by the central bank on Sunday showed that the share of new rental contracts denominated in dollars dropped in recent months, from about 68 percent in October to 62% in November, compared to about 85% of all contracts in January 2007 and 90% in 2005. The bank said homeowners were switching to shekel-linked leases due to the weakness and volatility of the dollar.
Hanan Schlesinger, CEO of Anglo-Saxon real estate, told The Jerusalem Post last month that in the second half of 2007 about 75% of the agency's rental deals were fixed in shekels. "Assuming the dollar remains at current levels, I believe that within a year nearly all rental contracts will be denominated in the local currency," Schlesinger said.
