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Hi all, very interesting topics and discussion on this forum.
I wanted to get your opinion on my idea to purchase a property in Barcelona.
I have done countless research and I am considering a small sized apartment in the city of around 60 square meters.I individuated different pros:
– prices look to be quite negotiable, especially if you have a strong deposit down
– my interest on the loan I am going to ask is just 2.2%, therefore very cheap/
– renovation costs are in the window between 300/500 Euros per square meters I have been told.
– Barcelona is a beautiful city and even if in Spain, the tough period is less visible than in other part of spain.cons:
– the property market could go down again in 2014
– the taxes and fees in spain now really discourage this kind of operations (thank you Mark for your guide, that was so helpful)I would love to hear from some considerations.
thank you for your help.daniele
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Hello,
I bought a place in Barcelona in 2012. Here are my observations:
1. Prices are negotiable.
2. Barcelona is a fantastic city.
3. Remodel prices vary, but I’m doing a complete ‘gutting’, including removing all interior walls and a load-bearing wall, and I think that I will hit 80,000euro for my 89m2 place. This includes the IVA of 20+%. We could do it for less, but I like nice things. 😀
4. Make sure the mortgage doesn’t have a “floor” on the interest rate, meaning that while the bank says the rate be something like 1.25% over Euribor, there may be a “minimum” rate that exceeds that amount.
5. Unless there is fiscal or political calamity, home values in Barcelona will eventually rise. It is one of the world’s most well known cities, and, even though Madrid is the capital of Spain, more tourists visit Barcelona than Madrid.
6. There is a lot of ‘legwork’ involved with buying a place. I recommend that you find someone to assist you.Good luck!
Gary
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