BUYING OR RENTING LUXURY PROPERTIES IN BARCELONA IN 2021
VDB LUXURY PROPERTIES
BARCELONA AND COVID-19
As one of the world’s most visited cities, Barcelona has had to adapt to a new normal after COVID-19 and the ensuing lockdown. Though not quite as bustling with tourists and commerce, life has continued in the Catalan capital throughout 2020.
One area that has been particularly affected by COVID-19 is the real estate market in Barcelona. The recession caused by the pandemic has created an interesting market that will pique the curiosity of both local and foreign buyers.
In this article, we will take a look at buying or renting luxury properties in Barcelona in 2021. From the steps you will need to take in order to buy property in Barcelona to the role of luxury real estate companies like VDB, we will look to offer up an in-depth guide to the coming year.
- 2 Bedrooms – 2 Bathrooms
- Surface Area 145 m2 – Terrace 11.30 m2
- District/Location: Eixample, Barcelona
HOW TO BUY A HOUSE IN BARCELONA: FUNDAMENTAL STEPS
Making an offer and the letter of intent to reserve.
When it comes to expressing interest in a property in Spain, the first step is to lodge a formal offer. This is either verbal or written and will mostly be handled by the seller’s estate agency. Although not necessarily industry standard practice, some estate agents request potential buyers to make a Good Faith Deposit and sign a formal letter of intent to reserve. This tends to speed up the process and filter out any speculative interest. If the offer is accepted, the Good Faith Deposit becomes a reserve fee (usually €5,000 to €10,000) and the letter of intent converts to a reserve agreement. This is valid for 1-2 weeks and essentially gives a basic overview of the proposed deal.
The Private Arras Contract.
Essentially this the point at which the seller and buyer formalise their agreement to strike a deal at the specified price and mutual terms. Contained within the contract (known in Spanish as the Contrato Privado de Arras), are the property description, purchase price, payment structure and the date of completion of any deal. When the contract is signed, the buyer should make a deposit of 10% to the seller’s bank account. It is worth stating that these contracts often contain a penalty clause designed to prevent both buyer and seller from backing out at the last minute. Usually, the clause states that should the buyer back out, the seller gets to keep the 10% downpayment. In the event that the seller aborts the deal, the buyer is entitled to double this amount as collateral.
Public Purchase Sale Deed.
The final phase of buying a property in Barcelona, as in the rest of Spain, is signing the Public Purchase Sale Deed, essentially the Spanish equivalent of a title deed. This only takes place once the financial transaction between buyer and seller for the agreed price of the property has been finalised. In Spain, Public Purchase Sale Deeds are issued to property buyers in the presence of a Notary Public, a public official whose job it is to witness the deed sale and pass copies on to the Spanish Tax Office and Land Registry. Though both buyer and seller are required to be present for the signing of the Public Purchase Sale Deed, it is possible to grant Power of Attorney to a representative to act in their stead.
HOW WE CAN HELP!
As one of the only dedicated luxury property services in Barcelona, VDB is perfectly placed to find your dream rental or purchase in the Catalan capital. VDB makes buying or renting luxury properties in Barcelona a refreshingly easy experience. With decades of experience in the luxury property business, VDB is renowned for its unparalleled knowledge and professionalism.
Care, quality and speed sit at the centre of everything we at VDB stand for. From the initial offer to the signing of the final deeds, we will be there every step of the way on your journey to buying or renting luxury properties in Barcelona in 2021.
BARCELONA LUXURY, REDEFINED!
VDB LIFESTYLE SERVICES
At VDB, we pride ourselves on being a boutique agency made up of dedicated, knowledgeable and trustworthy individuals. One thing we all have in common is a mutual passion for Barcelona. We enjoy nothing more than sharing our love for this incredible city with our clients. Mostly expats ourselves, we possess a first-hand understanding of the needs and desires of international clients. With VDB lifestyle services, no demand is too big or small. From organising the birthday party of a lifetime to arranging luxury trips across Spain, we can help satisfy your every desire. All you need to do is ask!