The vote triggered negotiations to take place during the next five years so the British may not be the jolliest of partners but they aren’t yet pulling out.
Real estate agent Fatima Malik of Concept Malik, who serves areas ranging from Los Feliz and Beverly Bills, to Malibu and Pasadena, has worked with many international homeowners and investors. Many had previously invested in London.
“When I had clients from countries like Qatar and Saudia Arabia they looked at purchasing in London. Because of volatility we will start to look toward U.S. to find properties and investments.”
London was viewed as a Gateway City, one where investments did well in a stable economy and society.
An article in ElleDecor.com quoted a Yahoo Finance report that in 2013, roughly 75 percent of new Central London homes were purchased by foreign buyers. About 44 percent of buyers were from Singapore, Hong Kong and China, while others were from the Middle East and Russia.
Volatility elsewhere around the globe is a factor in keeping interest rates lower in the U.S. and it’s expected that investors will look for luxury housing in the U.S. Prices could bump up a notch, but don’t expect a dramatic shift.
Despite challenges stateside, the U.S. is a safe haven for investors.
“The freedoms we have and the safeguards in place from letting real estate dip too quickly means long-term investments here are stable,” says Fatima.
She’s assisted professionals from around the globe in settling in to the U.S. and laying out strategies for buying homes, selling, and investing.
Southern California, she says, has its own allure. “We have a mixed bag of people in a good way so investors from around the world will feel comfortable here. Besides, the weather is great.”
For more on Brexit, read this article from Investopedia.