Buying a first property in Spain

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This topic contains 2 replies, has 3 voices, and was last updated by Profile photo of GarySFBCN GarySFBCN 1 year, 6 months ago.

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  • #186682
    Profile photo of Lena
    Lena
    Participant

    Hi, I would like to buy property in Spain around Malaga. I do not live in Spain. I have 3 questions…1) Could you recommend any trusting agency? 2) Is it a must to have a local lawyer while buying a property? 3) which area would be the best for an investment. Thank you a lot for your help! Lenka

  • #186683
    Profile photo of Rowan99
    Rowan99
    Participant

    I am a relatively new property developer and investor and am contemplating dipping my toe in the barcelona property market.
    I am hoping you can shed some light and offer your expert advice.
    I have just returned from a weeks stay in the centre of barca and had a wonderful time,so naturally started researching the property market myself.
    I am from London and own 2 properties in the U.K at the moment having just sold another 2 here aswell.
    I have always looked on into Spain a bit nervously as I have seen many friends/colleagues been burnt with the costa del sol projects,however Barcelona seemed different to me and I feel confident.
    I booked a 2 bed apartment in the centre of town (close to rambla del raval) through airbnb at a cost of £60 per night.
    Lovely old building in a multicultural part of town which was pretty basic and needed some attention but we had an all round fantastic time..

    I would be looking at buying an apartment in the centre between the old town and the beach ideally and would be paying cash for around £150,000 and would be hoping for 2/3 bedroom place.
    I would then look to rent it out through airBnB all year round.
    I would really appreciate any help or feedback and pointers as to whether you think this is a good idea and/or achievable.

    rowan

  • #186685
    Profile photo of GarySFBCN
    GarySFBCN
    Participant

    Rowan99, I think Barcelona is good for investment. I believe that it is undervalued for all of the urban amenities it has.

    A few observations regarding your plan:

    1) Barcelona is attempting to regulate AirBnB (and other sites) vacation rentals. Will they succeed? Who knows. Last year, they fined AirBnB €30,000, and there is more information about that here:

    http://www.theguardian.com/technology/2014/jul/07/airbnb-fined-illegal-tourist-lets-barcelona-catalonia

    2) Also, it appears that Barcelona will soon attempt to ‘regulate’ tourism as many feel that the city is overrun with tourists.  See here:

    http://www.telegraph.co.uk/news/worldnews/europe/spain/11643802/Incoming-Barcelona-mayor-wants-to-introduce-tourist-cap.html

    And why they want to do something about the tourism:

    http://www.theguardian.com/commentisfree/2014/sep/02/mass-tourism-kill-city-barcelona

    If your plan depends upon tourist rentals, you may want to think about implicit risks within the above linked articles.

    Gary

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