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Talk of Independence Unnerves Investors Interested in the Catalan Property Market


Talk of Independence Unnerves Investors Interested in the Catalan Property Market

 If you are planning to sell your villa in Catalonia, Spain, you would no doubt be worried about all the talk of independence surrounding the region. Why is this such a big concern?

We have no opinion on the politics of Catalonia or Spain, but from the perspective of the property market, such an event would be highly disruptive and hurt anyone with an interest in the region, whether they are trying to sell or buy property in Catalonia, Spain.

A referendum on Catalonia’s independence from Spain will be held on October 1, 2017, according to the Catalan president, Carles Puigdemont. A simple question will be asked, “Do you want Catalonia to be an independent country in the form of a republic?”

Puigdemont insists that the people of Catalonia have a political and cultural right to self-determination. The Spanish government is strongly opposed to such a referendum and considers it to be a violation of the national constitution. They have said that they would use all means possible to make sure that the referendum is not held at any cost.

Puigdemont says that the vote will be held, no matter what. He says, “When they’ve asked us what we Catalans want, we’ve given them proposals - all kinds of proposals. But they have all - without exception - been rejected or seriously cut back.”

Spain’s deputy prime minister, Soraya Sáenz de Santamaría said in response, “They can announce a referendum as many times as they want and put it back as many weeks as they want, and hold as many events as they want, but the referendum is not going to take place.”

A symbolic poll was held in 2014 in which 2.3 million of the 5.4 million eligible voters of Catalonia participated. Back then, 80 percent voted for independence. But the results were not legally binding, so made no difference. This time the Catalan government has said that the result will be legally binding.

Accusations have been flying back and forth between the Catalan regional administration and the Spanish government headed by Prime Minister Mariano Rajoy. Puigdemont has said that Rajoy has done absolutely nothing to resolve the issue to the satisfaction of all Catalans.

 The question is what does this mean for you if you have a property for sale in Catalonia, Spain? Well, it’s certainly not good news. Many foreign investors who would have otherwise invested big in the region have adopted a wait and watch approach.

Barcelona, the capital of Catalonia remains as popular as ever. The region of Costa Brava attracts a lot of attention as well. Still, the question of independence is on everyone’s mind. Investors think twice about putting their money into a place if there are signs of political instability.

 Once the situation in Catalonia is resolved to everyone’s satisfaction, the region is expected to boom like anything. After all, this is one of the most popular tourist destinations in the world and home to FC Barcelona, the world’s most loved football club.

Barcelona is a global city, one of the most desirable places to live in the world. So while things are tense right now, there’s no question that there is a lot of interest in Catalonia coming from overseas investors – they are just waiting for things to calm down a bit.

 




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