Since Barcelona held the Olympics may years ago, the city has never looked back and now this Spanish coastal city is one of the most popular destinations for city breaks in Europe. With the coastline and beaches, great weather, major events and festivals and with so much to see and do in the city, the attraction is clear. The question you might be asking yourself though is whether or not it is worth buying a holiday apartment in Barcelona and if so where in the city and what the options are for renting the apartment out.
Just like buying a property in any city, it very much of course depends on your own specific needs. Do you want to be real close to the beach, do you plan to rent the apartment out, are you elderly and have problems with stairs for example. Assuming that you are looking for an apartment which is quite central, affordable (i.e. not right by the beach so that more cost effective) and offers a good location for rental opportunities, I would suggest the following areas:
There are some excellent rental opportunities and the income you can generate from renting your apartment out for short term holiday rentals can often easily cover the costs of your mortgage. The great thing about Barcelona is that there is the potential for all year round rentals given that even in the winter months, there is still a significant opportunity to rent your apartment.
If you are thinking of long term rental of your apartment, make sure that you understand that the system if different from in the UK. In Spain, the tenant has the main rights and can stay in the apartment until ready to leave i.e. you cannot just give the tenant 1 or 2 months’ notice, as one would in the UK. If you want to be able to use the apartment yourself for a week or month a year, short term rental to holiday makers if you one best option.
Knowing how the Spanish economy will move and how the Euro currency will evolve in the coming year or two is hard to evaluate. Certainly prices might well fall in the coming year for Barcelona properties and you should not be in any rush to purchase. Do think very carefully about whether you want to have Euro or Sterling mortgage. Personally I like the comfort of borrowing in the UK and knowing exactly what the mortgage equates to in the same currency in which I get my earnings. I would recommend getting professional advice on this matter.
Wondering where to buy a holiday home in Europe? You might also be interested in the Mediterranean island of Sicily, at the foot of the Italian mainland. Great weather, fine wines, stunning countryside, beaches and Italian food.