This article is written by Raf Jacobs, founder of Inspire Property Experts.
Developments in the property market in Barcelona
Covid significantly slowed down the property market in Spain and specifically the segment of international buyers. However the recovery has been strong too and 2021 has been the year with the highest number of property sale-purchase transactions in Spain of the past 14 years. Transactions were nearly 20% up compared to 2019. Towards the end of 2021, foreign demand grew even faster than the group of Spanish buyers. This strong market growth is in line with the expectations and predictions of Inspire Property Experts from a few months ago.
In August 2021, Raf Jacobs expected a new real estate boom in Spain and he was expecting property prices to go up in the near future. And if no major Covid outbreaks hit again, the market will continue on this growth trajectory this year too.
- There is good news! The market is very sweet for buyers!, prices have reached rock bottom, interest rates are still very low, and more international buyers are joining the market. Buying instead of renting, or going for that second residence, a larger property, a just good investment, … are typical demand-drivers that we observe.
- But buyers be aware! There are important risks that can lead you to make regrettable mistakes. Good properties will be sold first. Hence there is the need to take quick decisions for you as the buyer if you want to secure the property. The problem is that in over 90% of all buy-transactions we are involved in, the information we require from the seller, is incomplete or outdated. Frequently information is -on purpose– not provided, to hide it, to avoid that the buyer would change his mind and walk away. You need to make sure you can get fast access to all the information that you need, so you can take an informed and quick decision. Needless to say that this requires understanding of spotting or anticipating potential issues and knowing how to address them. And you should build in legal mechanisms that protect you in case surprises pop up further down the road.
- The role of expert guidance, for buyers will be more important than ever in 2022, certainly for international buyers. Buying a property is for most people the biggest financial decision in their lifetime. Making mistakes can become very costly but will for sure cause sleepless nights.
About INSPIRE PROPERTY EXPERTS
INSPIRE Property Experts’ mission is to help with a risk-free and worry-free purchase. INSPIRE Property Experts is a leading company in helping international buyers in Spain. Their team of qualified licensed property finders, lawyers, architects, deal makers, mortgage specialists, renovation experts and even administrative things like NIE, Golden Visa, bank accounts, and much more, is here to make your life easier.
As a long-term resident of Barcelona, founder and CEO Raf Jacobs is aware of all the pitfalls in the Spanish real estate market. His advice is frequently captured by the media, and he is known for his Real Estate Series on YouTube, where he shares valuable tips & insights for buyers. He is also a professor at the University of Barcelona for the executive real estate Master Programme and the Barcelona city council refers to him as the go-to-expert for property matters for the international community.
Buying or selling property in Spain without any stress about handling everything on your own? Inspire provides that for you. You can start dreaming of enjoying the Spanish sun to the fullest at your new place!
Have specific buying plans? Tell INSPIRE Property Experts, raf@inspireapartments.com, more about them and they will contact you to discuss your buying plans and give you their opinion and recommendations, for free.
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