Deregulation is inconsequential at this point and real estate values have correlation with foreign exchange rates. Supply in RE alludes to the property you want to purchase or sell. As a result, currency is in demand because of EMH in due to supply/demand. RE is simply one of the assets tied to availability of real loanable funds. Availability of real loanable funds. Fx rate. Cost of goods. The reason real estate prices are declining is because there is a decline in availability of real loanable funds. A decline in loanable funds is a result of foreign exchange rate decrease. The market is responding to an inevitable future FX decline.
Don't know what make you think that real estate is declining but I will give you an article which can help you understand the situation on real estate here read this
https://www.investopedia.com/articles/mortages-real-estate/11/the-truth-about-the-real-estate-market.asp And for me real estate still a safe investment where we can safely spend our money on, just make sure you go with license broker before buying a house or property.