Barcelona is one of the most expensive cities in Spain ahead of Madrid and San Sebastian, with around 4,093 euros per square meter. In 2016, prices have rose to 7% compared to the previous year. Besides, the number of properties sold has also increased by 27% between 2015 and 2016. Therefore, the 2016 year has been a prosperous period for the housing sector in Barcelona and experts foresee that 2017 will be better than the previous year. All in all, the real-estate market is very active and bullish in the Barcelona area, thanks to various elements such as a great growth in Spain, all-time low interest rates and low prices in Barcelona compared to other European big cities.
Regarding the property purchasing process, the promise of sale is signed between a buyer and a vendor. an itemized list is attached to the promise of sale. This is a document of related transaction costs such as legal fee, property transfer tax, registration duty, notary fee and real estate agent's fee. Then, the buyer usually places a deposit of 10% of the property price on Notary account in order to guaranty the buyer's commitment. For the following step, the Notary must collect various documents such as the entitlement of the parties, the mortgage situation and even the property verification. He will draw up the deeds, the tax due and the registration of the names of the new owners in the Spanish property register and tax register. On completion of the sale of the real estate, the title deeds are registered with local land registry enabling the title to transfer to the new owner.
Before any purchase, it is encouraged to contact a professional of the real-estate market in the area to know the different steps of the buying process.
