A New Dawn for New York Thanks to Brexit

For decades, investors have been attempting to choose between London and New York as the best location to invest their resources, with each city being one of the strongest real estate markets in the world. It has often been a toss-up between Canary Wharf or Wall Street, Islington or Brooklyn Heights, Kensington or the Upper East Side. But now, thanks to Brexit, the balance has tipped in favor of New York City, which is now seen as more stable compared to London due to the uncertainties surrounding the British economy.

The superrich tend to keep well informed regarding world affairs in order to be sure their money is in safe hands. Ever since Britons began agitating for an exit from the EU, investors have been looking for investment alternatives to London real estate. Various brokers and lawyers in the residential real estate industry have been receiving calls from billionaire investors in countries all over the world who are planning to shift their focus from London to New York. Some who already had expensive real estate in London have been selling off those residential estates and buying new ones in New York.

In the past, both cities have been in sharp competition in the real estate market. Investors are now seeing uncertainty surrounding Britain’s economy, and many are perceiving New York to have an edge over London, as there is no safer place than New York right now - the wealthy have been investing there for decades and understand the market perfectly. New York has been experiencing a slowdown in the luxury real estate market recently due to an oversupply of high end residences and things have been going badly enough for developers here that some have had to attach promotions in order to sell their new condo properties. But with the current situation in Britain, London is sure going to lose ground to New York as a prime location for property investment as Brexit is leading to predictions of a 5 to 15 percent drop in London real estate prices in the next few months. The departure of Britain from the European Union is a blessing in disguise for New York City real estate and for those who are ready to take advantage of it.

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