The implications for real estate of possible future market conditions, the effect on inward investment and wider political and economic considerations, are of greater concern to the sector than the purely legal implications.

Opinion is divided as to whether a UK exit would fundamentally alter the UK's status as a global investment location for real estate or not. The UK is seen by some (including the British Property Federation (BPF)) as a gateway into the EU and by others as a global market whose EU presence has no impact for investors. There seems to be agreement that any Referendum will cause short term uncertainty in the market with all its associated difficulties.

The legal implications largely stem from the approach any Government would take to the Regulations that apply to UK real estate by virtue of membership of the EU. This is primarily in the areas of the public procurement rules, EU merger control, planning requirements such as environmental impact assessments, AIFMD (see the Investment funds section) and energy efficiency measures.