Barcelona is one of Spain's most expensive places to buy property. However, the investment could be highly rewarding, particularly if you plan on living or renting there. Keep reading a guide that covers the process, requirements, and tips to make an informed decision.
Barcelona boasts a fusion of stunning architecture, vibrant nightlife, and sandy beaches, making it the perfect getaway for digital nomads. Additionally, it's a thriving hub for startups and innovation, providing opportunities to begin a new venture.
If you're considering buying a property in Barcelona for living or rental, this guide is for you. You'll find essential information to help kickstart your home-buying journey.
From the mountains to the sea, Barcelona is a place where you can immerse yourself in nature, savor delicious food, and experience a cultural mix, making it highly attractive to tourists worldwide.
If you're thinking of buying a property in Barcelona, let's explore some essential information you should know:
Living in Barcelona is generally more affordable than in the UK, with lower costs in various spending categories. Here are some examples to give you an idea:
Cost in Barcelona | Cost in London | |
---|---|---|
Meal for two, mid-range restaurant | 4,22£ | 80£ |
Cappuccino | 1,82£ | 3,51£ |
Draught beer | 2,59£ | 6£ |
Monthly public transport pass | 34,58£ | 173£ |
Price per m2 to buy an apartment in the city center | 4,386£ | 13,501£ |
Price per m2 to buy an apartment outside of the center | 2,750£ | 7,750£ |
The cost comparison was made on July 24, 2023
Barcelona is one of Spain's most expensive places to buy property.
However, the investment could be highly rewarding, particularly if you plan on living or renting there. The city offers an excellent living and working environment and is a tourist spot.
The average asking price for residential properties for sale in Barcelona was 4,000 EUR per square meter, which decreased by 0.74% compared to June 2022 (4,030 EUR per square meter).
In June 2023, the Sarrià-Sant Gervasi area of Barcelona had the highest asking price for properties for sale, at 5,193 EUR per square meter. On the other hand, the lowest price was found in the Nou Barris area, averaging 2,512 EUR per square meter.
To gain a better understanding of property prices in Barcelona, here is the average price per m2 for the other five districts of the city:
District | Price m2 |
---|---|
Les Corts, La Maternitat-Sant Ramon | 5,057 EUR |
Gràcia | 4,435 EUR |
Ciutat Vella | 4,164 EUR |
Eixample | 4,742 EUR |
Horta-Guinardó | 3,132 EUR |
Any non-resident foreigner can purchase a property in Barcelona.
To get started, you must obtain the NIE (Número de Identificación de Extranjero) or Foreigner's Identification Number, a crucial requirement for the process.
The legal process is the same as in any other city in Spain.
The process is quite simple if you want to obtain a mortgage to maximize your budget for buying a property in Barcelona.
However, the conditions may vary depending on the lender, so it's essential to carefully check the requirements to find the best fit for you.
Fortunately, most banks accept documents in English. Still, it's worth noting that banks evaluate cases individually. As a result, interest rates may vary depending on your situation.
Obtaining a mortgage for your dream home in Barcelona may be challenging, but with careful planning, it's possible. Read on for a guide on securing a Spanish mortgage as a non-resident in five steps.
The best Spanish mortgage should match your financial situation and ease your property-buying experience. Bankinter, Sabadell, Santander, Unicaja, Cajasur, and BBVA are among the banks offering mortgages to foreigners.
Continue reading a comparative analysis for non-residents and discover how Homevest can help you secure a cross-border mortgage.
Homevest is a digital service designed to speed up the mortgage application process directly from abroad.
Furthermore, this digital platform helps you calculate an estimated budget for the mortgage and provides the opportunity to compare available mortgage loans in Spain.
Depending on your preferences, you can request offers immediately after uploading the necessary documents to the account you create for free on the platform.
The taxes associated with buying a property in Barcelona depend on several factors, including the location and type of property you are acquiring.
Let's assume you are buying a second-hand apartment worth 690,000 EUR on Carrer de la Fruita in the Gothic Quarter in Barcelona. In addition to the sale price, you will have to pay another 82,220 EUR for the following taxes:
The simulation was made on July 25, 2023. It's worth considering that taxes vary depending on the property value.
For instance, if you purchase a new property, you will need to pay two taxes:
You decide if Barcelona is the right place to buy a property. However, if you want to access a mortgage to maximize your budget, it's essential to find the most advantageous solution for you.
Remember that applying for a mortgage in Spain with foreign income can be accelerated with the right support, like Homevest. This digital solution saves you time and energy in this process.
Sources used and checked in July 2023:
We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.
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