Thinking of selling property in Barcelona Spain ? Or are you an overseas investor? Is your lifelong aspiration to call the multicultural city of Barcelona home? It’s easy to understand why so many expats migrate to the area, thanks to the sun-soaked weather, delicious food, and laid-back Mediterranean lifestyle.
Read on if you’re interested in purchasing a home in Barcelona, whether for yourself or as a rental property. All the information you need for international purchasers, from housing pricing to financing, can be found here.
Let’s take a look at the Barcelona property market first.
What’s the state of the Barcelona real estate market?
During the Covid-19 epidemic, the Spanish housing market suffered, but it is currently showing signs of recovery.
Prices have been declining year-on-year since the middle of 2019, and they dropped by 2.7% at the end of March 2021. Demand is projected to increase, although purchasers may be able to take advantage of lower prices in regions like Sant Mart and the Old Town of Barcelona.
As a result of the pandemic, households may have relocated to the shore or the countryside, making city centre flats in higher demand.
Is buying a home in Barcelona a wise investment?
Barcelona can be a fantastic area to put your money if you’re looking to buy an investment property in Spain. Areas such as Barcelona’s old centre have gross rental yields ranging from 4.4% to 5.15 percent. After Covid-19 epidemic, the rental market is slowly recovering.
Spain’s capital city of Barcelona, along with Madrid and San Sebastian, are the most expensive cities in the country to purchase property.
However, if you’re planning on moving to the area, it might be well worth it. Barcelona has just been named one of the top 10 cities in the world to relocate to by a poll of over 20,000 expats.
In Barcelona, can foreigners purchase real estate?
Like the rest of Spain, foreigners can purchase property in Barcelona. An _Number of Identification for Foreigners (NIE)5 is the most important item you’ll need. A tax ID number isn’t difficult to obtain, but it might take a long time to do so.
Non-Spanish and non-EU residents can purchase property in Barcelona without any limitations, but this does not imply that they will be able to live there. You’ll need to check if you require a visa or a residence permit before you arrive.
Is it possible to acquire Spanish citizenship by purchasing a home in Barcelona?
Spain is one of several nations with a ‘Golden Visa’ programme. Foreign investors who invest at least £500,000 in Spanish real estate are eligible for a resident visa.6
Once you’ve purchased a home in Barcelona, you’ll be able to apply for a visa if you spend enough money. If all goes according to plan, you’ll be issued a two-year residency visa in Spain, which you may extend forever. You can seek for Spanish citizenship after residing in Spain for ten years.
What’s the average price of a home in Barcelona these days?
With an average price of €3,995 per square metre, Barcelona is one of the most expensive areas in Spain to buy a home. There are just two better places in Spain: San Sebastián (€4,833) and Calvià (€4,411).
What are my options for buying a home in Barcelona?
Real estate agencies and agents
There are several advantages to working with an estate agent, especially if you’re new with the property market in Barcelona. They’ll be able to point you in the right direction because they’ll be familiar with the local market.
You won’t have a difficulty locating an English-speaking travel agency in Barcelona, which is a popular tourist destination.
Property listings in Barcelona may be found on the internet. esalesinternational can also help you find houses for sale in Barcelona.
Where in Barcelona can you get the best deals on real estate?
Among Barcelona’s 10 main districts, you’ll see that some are more costly than others, as evidenced by the property price table above.
As a family-friendly, multicultural centre with art galleries and vast boulevards, Gracia is a popular choice for international purchasers. Students love Horta-Guinardó since it’s green and inexpensive, while those seeking an active lifestyle will love Sant Mart and Sants-Montjuc.
Pedralbes, Sarrià-Sant Gervasi, and the Eixample district are the greatest places to see the city from above, while the nightlife is best in Eixample.
How can I know which property is suitable for me?
If you don’t already have a home in Barcelona, you’ll have to make a few excursions to see what’s available. Explore its neighbourhoods to get a sense of what life might be like there. Find out about area rental yields if you’re interested in purchasing an investment property.
The amount of room you require, as well as your financial situation, should be taken into account. In Barcelona, many of the apartments are fairly small9; bigger units, as well as those with a patio or balcony, tend to cost more.
Finally, you should consider getting a home inspection done. If you don’t have it, that’s OK, but having it can help you identify any issues with the property before you buy it.