How to buy an apartment in Barcelona: tips and expenses for Russian investors

Cooperation with Estate Barcelona has resulted in the following communication. A Moscow family is currently thinking about investing in the developing Spanish real estate market. They decide to focus on Barcelona, one of the most sought-after and promising cities in the country. As a result, the couple embarks on a trip to familiarize themselves with local offers and conduct property inspections. They organize a flight for the two of them and stay in the city for a whole week, without resorting to the services of tour operators.

Cost of the trip

As for the financial costs of the trip, the price of the plane tickets was around €400. Several direct flights depart daily from Moscow to Barcelona, and there are also alternative options with layovers. Both Aeroflot and other European airlines offer various dates and departure times. Ticket prices can vary depending on the season, averaging around €200 for a round trip per person.

The best time to buyreal estate

According to expert Pavel Maslov from Estate Barcelona, the tourist flow on the Spanish coast begins to increase in May and ends in September. In August, many companies go on vacation, which leads to a decrease in service quality or even temporary shutdowns. Therefore, the optimal time to choose and purchase an apartment is during the off-season, which spans from October to November and from February to April. During this time, the most attractive prices for tickets and accommodation can be found.

Rent a car

Car rental is not mandatory, as many agencies offer clients transportation services for property viewings. This allows you to explore 8 to 10 apartments in a single day. However, if you want to make the most of your time during the week, it's worth preparing a list of properties of interest before arriving in Spain. For those who enjoy independent travel, renting a car for a week will cost approximately €230, based on €25 per day plus fuel expenses.

Cost of living

The cost of accommodation also varies depending on the time of year. In the off-season, you can book a double room in a 4-star hotel in the city center for €60-100. In the summer, however, prices rise to €90-170. In many hotels, breakfast is included in the price of the stay. Renting an apartment will cost similarly.

Food expenses

You should set aside around €400 for food costs when looking for accommodation. The average budget for lunch and dinner for two people is between €60 and €80 per day. Spain is known for its rich gastronomic choices. Prices for meals can vary, but in tourist areas a restaurant lunch will cost around €20 per person. If you prefer to cook on your own, renting an apartment with a kitchen will significantly reduce costs, as supermarkets offer better prices for food compared to markets, where you can find fresher and better quality products.

Formalizing the purchase of an apartment

To finalize the deal for purchasing an apartment, it will be necessary to visit Barcelona again. As Andrey Karachun from Estate Barcelona clarifies, the buyer's personal presence is required at the stage of signing the main purchase and sale agreement (escritura publica), which is certified by a notary. Thus, the property in question represents not just an investment, but also a whole range of nuances related to the purchasing process and further exploitation.

The process of buying real estate

On average, the process from selecting a property to signing the deed takes about one and a half to two months. During this time, a foreign citizen needs to obtain an NIE, which is an identification number, open a bank account, and, if necessary, arrange a mortgage.

If a mortgage loan is not needed, you can complete all the necessary actions in just one to two weeks. If you cannot visit the country again, the transaction can be organized through a power of attorney. Ultimately, you will need approximately 1300 euros for the initial visit to Barcelona.

If you are not planning to do everything through a power of attorney, you may need another trip. However, in this case, everything can be resolved in just a few days, which will help reduce your expenses. Thus, a minimum budget of two thousand euros is sufficient for both trips.

Buying an apartment in Barcelona

Now about purchasing an apartment in Barcelona. Our heroes are focused on generating income from long-term rentals, so they are looking for housing that will be in demand from both tourists and locals.

They prefer new construction in areas with developed infrastructure. The transaction is carried out through a real estateagency that employs highly qualified Russian-speaking staff. All the necessary information regarding investments, immigration, and the real estate market is available on our Telegram channel.

Financial costs

The financial costs for purchasing an apartment amount to approximately 275,000 euros. This sum includes:

• new apartment with high-quality finishes;
• equipping with air conditioners;
• all the necessary amenities;
• Located just 15 minutes from the center of Barcelona.

The apartments include:

• two bedrooms;
• one bathroom;
• spacious living room with access to the balcony;
• kitchen.

The total area reaches 67 square meters, which means that the price per square meter was4100 euros— this is the standard price for business-class new buildings in popular areas of the city.

Negotiations and financing

Andrey Karachun notes that it is quite possible to negotiate the price in the primary real estate market in Barcelona. According to existing experience, in90% of the timeIt is possible to get a small discount. Also, there is a possibility to discuss the supply of furniture from the developer.

Installments and loans are offered quite frequently. Usually, the terms of the installment plan are outlined in the escrow agreement, and there is a risk of losing the property in case of non-fulfillment of obligations. Hidden risks can also arise from delays in mortgage payments.

In terms of lending rates, Spanish banks are currently offering foreigners loans of up to50-60%from the cost of housing to interest rates in the range of3.2 to 4%per annum. Our company provides full support for mortgage registration and will help you choose the most favorable conditions in the market.

Payment stages

Pavel Maslov points out that the payment for real estate is divided into several stages. At the reservation stage, a deposit must be made, the amount of which is approximately10%from the cost of the apartment, and sign a deposit agreement called contrato de arras. Usually, the amount of the initial payment is discussed individually.

Thus, the process of acquiring real estate in Spain requires a serious approach and thorough preparation. However, with proper planning, costs and time expenditures can be significantly reduced.

The process of buying real estate in Spain

As part of the purchase of a home in Spain, the first thing you need to do is to obtain a Foreigners Identification Number (NIE). This step is important and without it further actions are difficult. Then you need to open an account in a Spanish bank, which is a mandatory step.

As a result of the calculations, the cost of our apartment, taking into account expenses for two summer vacations in Spain, costs for furnishing, and taxes, will amount to €312,000. Purchasing property on the primary market is different in that the developer pays for the realtor's services, which certainly allows for significant savings. In some cases, it is even possible to discuss with the seller the option of having the furniture delivered at their expense, which adds even more advantages to the deal.

Housing in Barcelona

Regarding the maintenance of a residential property in Barcelona, our protagonists are focused on generating passive income. They have no desire to invest time in finding short-term tenants or dealing with repairs after guests leave. Therefore, they opt for long-term apartment rentals, seeking the assistance of a professional realtor.

Types of rental

It is worth emphasizing that there are two practical types of rentals in Spain: short-term rentals, which last no more than 30 days, and long-term rentals. In order to rent an apartment for a short term, you need to ensure that you have a special license in Barcelona. In recent years, new licenses are not actually issued, and if your interest lies in this market segment, it is recommended to buy a property that already has a tourist license. This can significantly increase its value. For example, an apartment without a license can cost around €120,000, while with a license its price can rise to €220,000. Nevertheless,The rental income from such an apartment will be much higher..

Expenses and income

Now for the expenses and income. Utilities for this apartment will be as follows:

• The heating payment is zero euros;
• The electricity bill is about €80;
• The water supply bill is about €30.

These amounts are calculated based on the meter readings, and there are also fixed minimum payments that need to be made, even if the apartment is currently unoccupied. In this case, these expenses will be borne by the tenants.

Contributions to the HOA

The contributions to the homeowners' association (HMA) amount to €600 per year. According to the law, every property owner in Spain is required to make payments to the association, which are used for cleaning common areas, maintaining the property, waste disposal, and other mandatory expenses. For apartments of this type, the costs will be approximately €50 per month. If the rental conditions do not specify otherwise, these contributions are paid directly by the owner.

Property tax

It is also important to pay attention to the annual property tax, known in Spain as IBI (impuesto sobre bienes inmuebles), which amounts to €500. This tax is solely the responsibility of the property owner. There is an option to pay it every three months. Payments are linked to the owner's bank account, and a notification about the upcoming deduction will be sent to the email, which simplifies the process. Thus, there should be no issues with payment, even if you are far from the country. In case of late payment, a penalty of 5% of the amount will be charged.

Advantages of realtor services

When it comes to realtor services, it's worth noting that using their help to find tenants is an optimal solution. For property owners, these services are free, which significantly simplifies the process. At this stage of interaction, owners can relieve themselves of the burden of searching for and evaluating tenants, trusting their concerns to professionals, which reduces the level of stress and potential inconveniences that can arise during the rental phase.

Introduction

In conclusion, I would like to emphasize the importance of thorough preparation and understanding of the real estate market in Barcelona, especially for those considering investment opportunities. My research, conducted in collaboration with Estate Barcelona, opens up unique prospects for Moscow families. Choosing an apartment in a dynamic city like Barcelona requires attention to detail and an understanding of market trends.

Preparing for the trip

When planning such a trip, it's important to consider the seasons and the prices for accommodation, flights, and other expenses. As I learned, the ideal months for searching for real estate are the off-seasons, when prices are lower and options are broader. It's also worth noting that working with professionals, such as real estate agencies and lawyers, significantly simplifies the process and helps avoid unpleasant situations.

Key aspects of buying an apartment

When we talk about buying an apartment, we should consider not only its price but also its potential for future rental income. It's important to pay attention to the location and infrastructure so that your investment works for you. As Andrey Karachun from Estate Barcelona rightly pointed out, negotiating is appropriate, and this provides additional opportunities to save.

Investment recommendations

Thus, the preparatory stage, which includes a visual inspection of the properties, studying the infrastructure, closing deals, and obtaining financing, allows for more informed decisions. I hope that my experience will be a valuable resource for those considering purchasing real estate in Spain.

Final thoughts

Explore, plan, and take action to turn your dreams of sunny Spain into reality. Remember that quality support at every stage of the buying process is the key to success and your confidence in the future. I hope this journey will be not only an investment but also an emotionally positive experience for you. Good luck in your search for the perfect apartment in Barcelona!