In a recent article in the Daily Mail Barcelona real estate market was highlighted as one of the more sophisticated places to buy Spanish properties at prices that appeared to have now bottomed out.
The Spanish city was victim of hyped prices mainly pushed up by overseas buyers with seemingly bottomless pockets. The Spanish property crash which has seen many overseas buyers leave the market has seen up to a 30 per cent decrease in Barcelona house prices. It is these very low prices that now mean Barcelona could well become one of the best places to buy in Spain.
Andrew Snape, an estate agent from Bramhall in Cheshire, has just dipped back into the Barcelona market, having bought his first Barcelona property, a two-bedroom flat in Gracia, in 2004 for £250,000 and, after some basic improvements, sold it “quickly, luckily” in 2008 for £320,000. He has now bought a modernised two-bedroom duplex in the Born overlooking CiutadellaPark for around £340,000 — previously it was on the market for £450,000.
“It was the show flat in a grand old building that has been beautifully restored and we are a 15-minute walk from the beach in one direction and the Ramblas in the other,” says Snape, 53, who uses his flat for holidays each time a long-term rental tenant (these pay £1,300 a month) leaves.
“We had no difficulty renting out the last flat for six to nine months a year. This time, although this is in one of the best locations, it is proving more difficult as there are a lot of apartments on the rental market,” he says.
“It’s easier to find a bargain now. Six years ago, everything was selling fast and prices were rising quickly. Now nothing will sell if it’s overpriced.”
Estate agent Francesc Claraso from Engel & Volkers says prices may continue to fall until autumn. “Now is a good time to find good value old-town apartments, near the park and beach, which is what everyone wants. And there are numerous developers who are being hounded by their banks, so they have reduced prices,” Claraso says.
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