Everything you need to know before buying property in Barcelona (Spain)

Apartments and houses in Barcelona are in great demand among investors and end-users from all over the world. And this is not a surprise to anyone. Sunny weather, well-maintained beaches, and a broad range of leisure and recreation facilities turn this city into heaven on Earth. Keep on reading this article to better understand other reasons why buyers choose Barcelona real estate, potential pitfalls that may occur in the process of a transaction, and the best districts to invest in local residential units.

Reasons to purchase property in Barcelona

The most significant reasons for acquiring a home in this city are the following:

1. It is a good long-term investment. Home prices and rental payments have been skyrocketing since 2014. This is why many foreign investors are interested in acquiring residential and commercial units in the Catalan capital. In spite of the fact that the COVID-19 virus has initially slowed the market down, rates are starting to return to pre-pandemic levels.
2. High demand. Barcelona is located between the hills and the sea and there are no available land plots to increase the housing stock. The only solution to this problem is the construction of multi-storey buildings. But it is not included in the current city plan. In the Catalan capital, there is a shortage of land plots for development. It means that local real estate will always be in short supply and in high demand. This fact is a guarantee that local housing properties will continue to go up in value.
3. Perfect climate. The modern city on the shores of the Mediterranean Sea pleases the locals and tourists with approximately 2,500 hours of sunshine a year. Here, it doesn’t get dark until 6:30 pm even in December. The city offers the perfect climate for enjoying the outdoors.
4. Developed transport infrastructure. Barcelona is well connected to the rest of the world. El Prat International Airport is just 16 km from the city center. It has many daily flights to Europe, the Middle East, the US, and the Far East. Low cost airlines like Vueling, Transavia, Easyjet, German Wings, and Ryanair are ready to take their customers to major European cities in just 2 hours. Local residents can also use rail transport. It takes 5 hours to get its passengers to Paris and only 2 hours to get to Madrid by the well-known Ave high-speed train. Air-conditioned buses and the metro are in charge of fast and convenient movement around the city.
5. The best time to conduct a real estate transaction. Mortgage rates (as compared to the previous 20 years) are extremely competitive. It means that if a buyer locks in his rate now, he will know exactly how much he will have to pay in the upcoming years. This opportunity allows you to plan your future and gives a sense of security. Besides, people with mortgages pay less in a month than people who rent accommodation. And, despite the need for a down payment (it usually equals 20% of the residential property price), you need to keep in mind, that this acquisition is not just a roof over your head, but also a profitable buy-to-invest option.
6. Developed labor market and plenty of business opportunities. The city is one of the top-5 smartest cities in the world, along with New York, London, Nice, and Singapore. The main reasons for this achievement are not only a developed transport network, high-speed Internet, and the introduction of the concept of sustainable development. This city is a home for start-ups (start-ups receive a lot of support from the local government), fashion, design, and important trade exhibitions such as World Mobile, Salón Nautica, Alimentaria, etc. It combines the charm of a southern European province with a business orientation of Catalan society. Starting a new business is not an easy task, but the situation is improving. The municipality introduces the so-called “express set-up”, which simplifies the process of creating new start-ups.
7. Traditions and a rich culture. Spain is famous for its traditions. Barcelona is not an exception. It offers many interesting “must-see” attractions: theaters, cinemas, museums, colorful markets, many restaurants, etc. The Old Town district may appeal to people who want to feel the medieval atmosphere, and the local beaches will please lovers of picturesque nature.

Pitfalls when buying property in Spain

Purchasing Spanish real estate can be an exciting process, but it also requires a lot of time dedicated to search and preparation. The most common mistakes buyers can make are listed below:

1. Purchasing an housing unit without proper search. Buyers who agree to conduct a transaction without proper research may face unexpected expenses or other unwanted situations. Before making a final decision, it is necessary to find out if this is a legally built house, if any renovation is needed, if there are any restrictions on modification, etc.
2. Purchasing a unit without taking into account all expenses. Acquiring a home in Spain can be a complex process if a buyer is not aware of all the required expenses. Various types of taxes and amounts a buyer has to pay depend on the selected residential unit. Additional costs may include notary fees, land registry fees, and legal fees.
3. Purchasing an object without fully understanding the contract. Buying a property is a serious step. So before you make it, you need to read and fully understand the terms of the signed documents. Misunderstanding the contract can have serious consequences.

The best areas for real estate investments in Barcelona

Each district of Barcelona offers unique benefits and lifestyles. The following list shows the top-3 locations in the city with buy-to-invest housing options:

1. Gracia is the best option for trendsetters. The area attracts creative people with numerous local designer workshops, architectural sights, vegan restaurants, and Japanese pastry shops. Despite the popularity of organic food shops and yoga studios, there are a lot of traditional markets and Catalan culture is thriving, as evidenced by the language, folklore, and public events.
2. Barceloneta is the best option for beach enthusiasts. The area is a year-round holiday destination and a favorite tourist location. Local tapas bars and nightclubs regularly host live events. During the daytime, local residents and tourists swim and sunbathe on the beach, walk along the promenade, and visit aquariums, museums, and other family-friendly establishments.
3. El Born is the best option for gaining rental income. The area has a broad range of attractions and competes with Gracia for the title of the most fashionable place in Barcelona. It offers concept stores, art studios, and a strong multicultural atmosphere instead of vegan restaurants and other hipster favorite venues. El Born is one of the oldest districts in Barcelona. It has attractions like the Basilica of Santa Maria del Mar and the Palau de la. As a rule, history enthusiasts usually rent local accommodation. This is the reason why many investors are interested in acquiring buy-to-let property in El Born.

Assistance with buying real estate in Barcelona

No matter what kind of housing unit a buyer wants to purchase: a buy-to-live option for end use or a buy-to-invest option, highly qualified Spain-Real.Estate specialists will help with selecting the best option and provide full support during the transaction. Visit the official aggregator website and check out the best offers in the Spanish real estate market right now.