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New York

Rising dollar could hurt foreign tourism, real estate

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The dollar is rising in value, and this may hurt foreign tourism and real estate sales in New York City. Europeans make up about one-third of all new condominium purchasers, and 20 percent of the city’s tourists. Economists say the best time for Europeans to buy has passed, and real estate advisers expect hotel occupancy to decline. In the past month, the dollar has risen 8 percent against the Euro, and increased 21 percent compared to gold.