therealdeal.com – For those keeping track of global events that could impact New York’s real estate market, here’s another one to add to the list: Britain’s June 23 referendum on whether to leave the European Union.
According to a new report by brokerage Knight Frank, fears of an E.U. exit are putting a damper on London’s luxury real estate market. That could be good news for its direct competitor, New York City.
Luxury real estate prices in central London grew 0.1 percent year-over-year in May – the lowest growth rate since October 2009. Knight Frank sees the looming referendum as the “primary cause” of the latest slowdown. “Buyers and sellers are postponing decisions because of the prospect of entering unchartered economic and political territory,” the report’s authors note.
Categories: Real Estate