&gt; The housing prices don&#x27;t really adjust for foreign exchange rates of a currency most of the time.<p>That&#x27;s really not a correct statement. The drivers of currency fluctuations are absolutely going to affect the value of housing (interest rates, legal infrastructure, etc.) As a prime example, consider the housing market in Vancouver. Prices have increased significantly, in large part due to capital flight from China. As holding RMB became less attractive, buyers altered their asset allocations.<p>&gt; There are forces in both directions with foreign and local buyers both being impacted in different ways.<p>That&#x27;s tautological. Holding one currency has the opportunity cost of not holding other currencies. If EURUSD increases, then holders of EUR will benefit exactly as much as holders of USD suffer (relative to one another).