How June Will Affect the Barcelona Property Market
The month of June is coming up soon and it will not be a regular month for the property market in Barcelona. There are a number of critical events scheduled to occur in June which could dramatically affect the Barcelona property market. Buyers and sellers should be aware that their property transaction, property prices and the demand for property in Barcelona could rise or fall depending on the outcome of these events.
June Events to Effect BCN Property Market
1. Spanish General Elections – The Spanish parliament was dissolved recently due to no party able to form a majority at the center. And so it was decided that on June 26 a general election would be held to determine the new government.
2.Britex Referendum – The British have never been 100% behind the idea of the EU and with various factors effecting the country’s position in the EU it has been decided that on 2 June there will be a general public referendum to decide if Britain stays part of the EU or is Britain Exits the EU (Brit+Ex=Britex). This will affect the foreign buyers market in Spain and Barcelona. British property owners in Spain may rush to sell their property and new buyers may be hesitant as they will not know how the British exit of the EU will affect their investment. With a change in the British property investors in Spain the general property market will be affected.
It is also important to note that the pro-independence parties which aim for independence of Catalonia from Spain have won a majority in the Catalan parliament. This new Catalan government is doing all it can to push for Catalan independence. The Catalan President, Carles Puigdemont won more than 50% of the popular vote in the provincial elections. Supporters of Catalan independence are pushing for a referendum in Catalonia to determine whether there is general support for the independence of Catalonia.
Several things could happen in the Barcelona property market as a result of the June events. If the Spanish elections result in another fractured mandate; if Britain votes to leave the EU and if Catalonia becomes independent the Barcelona property market will be affected. It could result in a sudden flooding of the market as owners rush to sell their Barcelona property and get out of Spain. This will cause property prices to drop suddenly. Political uncertainty is another cause of lowered property prices. When people are uncertain of the political climate they tend to postpone their property transactions and less demand means lower prices.
It is unlikely that Barcelona will stop being one of the most attractive locations for property investment in the world. It will continue to have all of the advantages which make it a hot property investment location. However the political changes in Spain and Britain could temporarily affect property prices and the demand in the market. There is only a short-term risk to the property market as a result of June events but it is still something that property owners and buyers should be aware of.
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