A bargain is considered as something good, something we get with little effort and money, but is really worth it in the end. We all love a good bargain!
But what about bargains on the property market? Are these even real? Is it still possible to buy a cheap property in Barcelona, or is it just about well-executed marketing strategies?
Today’s article by ShBarcelona will fill you in on the details on real estate bargains in Barcelona.
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Table of Contents
Are there still real estate bargains in Spain?
Some people had to sell their property out of necessity in the past. Properties were worth less and by selling their home, they were able to pay off their debt with the bank.
The person that bought the place, on the other hand, probably only wanted something to invest in, and this happened many times right after the real estate bubble burst.
Nowadays things have changed considerably. Property owners no longer feel forced to sell their property, and buyers are focused on how to prevent paying for next week’s price increase. This new scenario has led to the owner being the one who has the last word.
How can you find real estate bargains in Barcelona?
As with every bargain, it is important for a property buyer to understand what a true bargain is. It should definitely not be confused with a cheap property. An authentic real estate bargain refers to a property with a price lower than properties in the rest of that same area.
When you find a house in Barcelona that is much cheaper than other properties, you must, however, seriously ask yourself a couple of questions. How old is the property? What neighbourhood is it in? What state is the property in?
Once you are able to answer these questions, you can decide whether it is just a cheap property or truly a real estate bargain.
Real estate analysts are now advising buyers to discover why the price of a property is low. It could be that the house is located in an unattractive part of the city, an area with less demand, or it concerns an apartment that needs extensive renovation.
Related article: Where to Find Affordable Housing in Barcelona
Remodelling a home
If, however, you are looking for a house in a certain area and find a very cheap property that can be remodelled without any problem, and you want to live there or rent it out, then it might be true that you have managed to find a real estate bargain.
It was always possible to find real estate bargains, but opportunities were best in 2011, 2012 and 2013. During that time there were newly built houses from unfinished real estate development plans from the real estate crisis.
This resulted in houses being sold for much less than during the years before, and they were in good locations and fully financed.
Real estate trends and property prices
It became harder to find a good bargain after 2013, and today it seems almost impossible to even find a decent deal with newly developed properties.
It is, in fact, better to talk about the chance to find a property, rather than the price itself, and in big city centres like Barcelona, opportunity is hardly anywhere to be found.
You can still get a good deal in other provincial capitals, like Alicante, Granada, Seville, Valencia, Castellón and Zaragoza. And although we refer to them as a good deal, this doesn’t necessarily mean it is a bargain.
Barcelona has been investing in new property development plans, but prices are on the rise again.
It is good that the city is recovering from the previous crisis, but don’t expect to find great bargains. Prices of second-hand properties are still more closer to what they were in the past, but when it comes to new homes, energy efficiency measures and the quality of the building and finishes are more expensive, so this results in price increases.
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