When people start considering real estate, they often think that things like the economy and design trends are some of the biggest influencing factors. However, a frequently ignored factor in real estate is actually politics. Since political policies can affect all sorts of aspects of buying and selling property, it has a huge influence on real estate law. Here are some of the many ways politics affects real estate law.
The legislation is responsible for protecting property all over the nation to conserve animals, plants, national landmarks, and more. When these protections are removed for political reasons, it opens up a lot of land for development. This can be so lucrative that many real estate lawyers are involved in fields that focus on adjusting the status of properties. With climate change and conservation being used as a political battlefield lately, environmental, real estate lawyers may have a lot more business.
Government legislation offers all sorts of tax credits, subsidies, and deductions for purchasing various real estate at certain times. These changes can cause a large spike in real estate law demands, as people begin combing tax laws to find ways to save money. It can also generate a lot of interest in buying homes, and the resulting boost in the housing market gives many real estate lawyers a lot more work to do.
Following the huge housing bubble burst of 2008, there were a lot of protections put into place by the law. These were intended to keep banks from making predatory loans that could lead to nationwide economic failure. As these regulations are relaxed, real estate lawyers may get more business. However, it is worth noting that bankruptcy-related real estate law may become more relevant if the relaxed regulations lead to issues again.
Politics can also affect real estate law in less direct ways. In general, politics are closely linked to people’s feelings of economic security. In a political climate where trade wars and geopolitical unrest are affecting the economy, some fear that there may be a lull in the housing market. This could lead to more competition among real estate lawyers as chances for customers are lowered.