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Foreigners: America Strikes Back

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We're just now pouring over the September issue of The Real Deal, but kaboom: "Foreign apartment buyers are disappearing from New York City. It's not the plot of a science fiction or horror film, but the influx of foreigners taking advantage of the weak dollar has slowed down as the dollar has started to rise ... Over the last few months, Darren Sukenik, executive vice president of luxury sales at Prudential Douglas Elliman, said that the ratio of buyers has shifted 'from 60-40 foreign to 60-40 New Yorkers.' And, the makeup of foreign buyers has changed. As Europeans lose purchasing power, other nationalities are stepping up to take their places. 'All of the European countries, especially the United Kingdom, have tightened their belts,' Sukenik said. 'Emerging nations like Russia, the Baltic region, China and India, on the other hand, are spending like crazy.' [TRD; previously]