New York, NY – According to The Wall Street Journal, the European Union will lose its claim as the world’s largest economy this year. Even before Britian’s vote to leave the EU, the United States was forecast to reclaim the title it gave away to Europe in 2004. Now, China is also in the mix, nearly assured to take over the #2 spot from the EU before 2020.
Not surprisingly, these changes are already showing up in the global real estate race. Foreign investors spent $25 billion on New York properties this year, with second-place London falling just below that mark at $24 billion+ (a drop of $15 billion for the former global leader), according to The Real Deal.