Brexit? What does it mean for the New York City real estate market?
Today, the UK is voting to either remain or leave the European Union. Most experts predict they will vote to stay. But you never know until voters cast their ballots in a nationwide referendum.
We discussed Brexit recently on our weekly radio show, Stribling’s New York, with mortgage expert, Melissa Cohn of MC Home Loans. Listen here.
Brexit is short for “British Exit” from the European Union.
Recently in an article/post by brick underground discussed the effect Brexit could have on the New York City market. On the high end luxury scale, if the UK leaves the EU, more buyers will be coming to New York City to invest in condos over $5 million.
Once again, New York City real estate is a safe and reliable investment in an unstable world. London’s loss is New York City’s gain.
Of course, the Brexit vote will not directly affect more reasonably priced apartments.
The Brexit vote is causing real estate investment standstill across London. As the article states, it is not just due to the Brexit vote. The London real estate market has taken a hit due to more stringent foreign visa requirements and a capital gains tax on foreign investment.
A similar affect could occur here in New York City, if legislators here were to pass another mansion tax on purchases over a $ 1 million.
So, let’s all wish the best for today’s vote. Many financial experts say a vote for the U.K. to leave the European Union could cause a short-term negative affect on the global financial markets and their real estate market.
Bottom line: New York City is still a great place to invest in real estate.
Please feel free to call or email me if you are in need of any real estate advice, want to sell your home or purchase a new one or simply want to know the current value of your home. I can reached at firstname.lastname@example.org or (646)515-9417.
Photo credit: The Telegraph News