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]
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