While many in New York and across the U.S. may show little interest in the turmoil surrounding Brexit, Great Britain's withdrawal from the European Union, investors are watching with a keen and wary eye. In fact, some media outlets predict chaos and anarchy during the transition, with food shortages resulting from travel complications across Europe.
If you are a foreign investor in international real estate, you understand that these events cannot happen without having a global effect. While it is impossible to predict how Brexit will affect the U.S. economy, some suggest that even if Britain has a plan in place for a smooth transition, Brits can expect a slowdown in economic growth that could create opportunities for you to invest in the United States.
Instability equals opportunity
A slow economy in the U.K. could result in a decline in economic growth and job creation in the United States. Mortgage rates may drop as fewer investors trust the market in Great Britain. In fact, the darkest predictions include the possibility that Britain and the rest of Europe may suffer a deep recession during the exit of Britain from the Union. You may find this is the ideal time to consider purchasing property in the U.S.
The unstable U.K. economy means real estate purchases will likely be more complicated and time-consuming. You, like other foreign investors, may feel the uncertainty of purchasing British real estate and are looking for alternatives for your investment. Additionally, the real estate market in other parts of Europe, such as Spain or Italy, may suffer the same struggles when the economy softens. You may consider joining the many foreign investors who explore the options of purchasing New York apartment buildings to add to your investment portfolio.
Reach out for skilled assistance
Over the past few decades, foreign investors in U.S. real estate have enjoyed much success in several areas. You may be interested in high-rise apartments, or you may prefer to invest in some of the luxury single-family homes in the suburbs. However, as a foreign investor, there are certain important steps you must take for a successful real estate purchase in the U.S.
No matter at what stage of your investment venture you are, you likely have many questions about the best way to proceed. Seeking advice and guidance from an attorney with much experience assisting foreign real estate investors can offer you a decided advantage in this uncertain time.