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The Global Turmoil Has Put A Dent In US Luxury Real Estate

National

The global turmoil is putting a damper on US luxury real estate, a market largely dependent on foreign capital in recent years.

The dollar has climbed 8% against 10 leading currencies in the past year, making US real estate more expensive for foreign investors, Bloomberg reported. 

In addition, China and Russia's stock volatility has put a dent in high-end sales in key markets such as Miami, Manhattan and San Francisco, where inventories have jumped to record levels.

“There’s a limit even to what a wealthy person will spend,” says Nela Richardson, chief economist at real estate brokerage Redfin. [Bloomberg]