After Brexit, London may no longer be a popular city for Chinese and Middle Eastern billionaires who seek to park their wealth in penthouses. Especially in the luxury property, New York may be able to push ahead and top the charts in terms of investment.
Brexit is not good news for real estate investors and developers in the U.K. Although nothing will change until 2018, the U.K. property market will suffer from prolonged uncertainty, according to industry experts.
“It is a little early to see what the effects would be,” said Shaun Osher, founder and CEO of CORE, a real estate firm in New York. “But it may have a positive effect on New York City, which is considered the number one safe haven.”
New York real estate would definitely become a more attractive option for a lot of foreign buyers.
, Douglas Elliman Real Estate
