Barcelona is one of the biggest European cities, with almost 1,7 million inhabitants. It is a very rich city in terms of architecture, combining Modernist buildings with traditional Spanish constructions and some modern areas. It is next to the sea and beach, with a very pleasant weather (very mild winters) and is loved by tourists also due to its proximity to France and large airport and train connections.
It attracts a lot of entrepreneurs, especially in the Tech and digital areas, and many hospitality and pharmaceutical companies.
The property market is rather stable, with only slight increases over the last years but no brusque movements.
The demand for rental apartments is high as there are not many nice apartments on offer - at least not many refurbished and well-furnished and at reasonable prices - while there is a lot of demand from foreigners to live in the city, even if only for a few years.
Therefore, it is a good investment to buy a recently refurbished or new 2-3 bedroom apartment in a nice residential area (Eixample, Sárria, Les Cortes, Gràcia, Poblenou) and to rent it out fully furnished and equipped on a relatively short term basis (say anywhere between 6 months and 2 years).
There are less expensive areas in the city (Horta-Guinardo) or just outside (Hospitalet de Llobregat) which are also good areas to buy and rent due to the short distance to the center and the location close to Hospitals and/or Universities.
Be aware that if you invest more than 500,000 eur in one or several properties you will be eligible to the so called Golden Visa, which allows you to reside and work in Spain and to travel freely through the Schengen area countries. The visa is extensive to your direct or dependent family members, and you are not obliged to live in Spain, just to visit once a year.
You should be aware that in addition to the acquisition price of the property you will have to pay 10% tax (or VAT) over this amount as well as 0,2%-0,5% of notary and registration expenses.
If you then rent your apartment, you will be subject to tax on the income received. If you are not a fiscal resident in Spain this income will be taxed at 24% usually.
OUR TIP: if you want to invest in the property market in Barcelona buy a medium size apartment (2-3 bedrooms, around 60-80 m2), recently refurbished with parquet or marble floor, a new kitchen and bathroom, and then furnish it nicely, Scandinavian style (light colors, simple design) and rent from 4 months up to 2 years. These types of apartments are in high demand and have the best ratio rent/cost of acquisition.
Comments