Posted by
bing2
12 yrs ago
Is it a good time to jump into property market in Barcelona? I heard prices have dropped at least by 30% in Barcelona.
My agent there suggested one apartment near Familia for 100,700 euros (bank owned), 3 bedrooms 60sqm. Need total renovation - possible rent is 800 euors per month.
Anyone with property experience in Barcelona (dont care about the rest of Spain :-p)
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We specialise in the Barcelona market and I can back up your agent's claim.
Some people are suggesting that property prices have now reached a floor. I wouldn't like to speculate whether or not that is true or not but Barcelona is such a desirable city that the market in prime central areas remains vibrant.
That said, it is very important to shop around and best to buy directly from the banks.
The apartment that you have mentioned looks like a really good deal. 100,700 Euros works out at less than 1700 Euros per Sq M. The average in the city is currently around 3400 Euros.
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While I know next to nothing about the Barcelona property market (I have only visited there twice - it's a beautiful city slightly hampered by poor service standards comapred to Asia), I would caution against buying "too soon" unless you are prepared to be very patient. Personally, I would wait until I see at least some signs of improvement in Spain's economy before jumping in. I would also want to know what the vacancy rates are like (among other things).
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bing2
12 yrs ago
good advice. that particular property seems very cheap when i did comparison. however the condition of the unit is very bad - not liveable. probably 30K euros will be needed to say the least.
i'll probably wait and see what happens, especially after the big demo in madrid recently.
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I would suggest waiting at very least until the structure of the new Spanish "bad bank" has been finalised and announced. It is likely to have an effect on prices, although at this stage nobody is sure what the effect will be.
It is interesting to see that a number of major property investment firms, such as Kennedy Wilson, have opened offices in Spain recently. If these guys think that it's worth getting involved in the market in the near future then I would be inclined to believe them.
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Spanish banks are still holding price up, far above where they should be
- That was the assessment of someone who lives in Madrid
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