The vote by Britain to leave the European Union has shocked and confused the world to say the least. In addition to the political ramifications (Prime Minister David Cameron announced he will step down in October), the financial outcomes are staggering. The pound has already plummeted to its lowest level since 1985, with investors turning to the dollar and the yen and the entire European stock market dropping, according to reports from the Times. Though the Bank of England has earmarked roughly $344 million for potential stability measures, the world seems unsure of how the Brexit decision will affect international markets long term.
London is currently one of the top locations for foreign real estate investment, but in the face of an uncertain future, Crain’s presents the assertion that the vote could drive up real estate in New York City as “investors look for safe havens against the threat of a global recession.”