A Good Time to Buy Property in Spain Right Now?

It's well known that the Spanish Housing market has been at the backbone of the economy for the past ten years or so, and that the crash of last year has had a knock on effect for many industries, leaving many blocks of apartments in ghost towns, or many projects half abandoned, with each party blaming each other. A perfect example is the proposed renovation of Las Arenas Bull Ring in Barcelona - where despite going over the provisional date twice, organisers of the project are still bickering over whose fault it is that work has stopped.



So what about buying property? Well, due to the market almost being frozen at the moment, there are some fantastic bargains to be had if you look in the right places. Prices are being slashed and Luxury Estate agents in Barcelona and other cities will help you find the property of your dreams at a fraction of the cost you thought you might have to part with.

The Euribor also keeps on falling (although August's has not been published as yet), meaning that the base rate of the interest you will be paying on any loan you take out will be at rock bottom - the lowest in history. Banks and Cajas are also giving out loans for longer and longer periods - up to 50 years for mortgages in some cases, meaning the repayments can be manageable in this financial downturn.

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Barcelona Neighbourhoods: The Old Town

The Old Town of Barcelona - Cuitat Vella in Catalan - comprises of four main areas, El Raval, El Gotico (Gothic Quarter), El Borne and La Barceloneta. Here's a quick breakdown of those areas:


El Raval

Like most of the old town, the Raval quarters have a mix of old and new buildings, some very old and in need of repair. Often, considerable work needs to be done to properties here, although most quality estate agencies will steer clear from this type of living space. The neighbourhood has an extremely high immigrant population, meaning it's easy to find International cuisine and halal butchers alongside traditional neighbourhood shops and bakeries. El Raval can be noisy, given it's central location, and certain areas can be poorly lit - something to consider when looking for an apartment here. Public transport is very close with 5 main metro stations flanking the quarter - Sant Antoni (next to the city's biggest market bearing the same name), Liceu on Las Ramblas, next to the Opera House, Parallel on the opposite side of the neighbourhood, Drassanes at the bottom of las Ramblas towards the Port and Catalunya, at the top of Las Ramblas, the city's main square.

El Gotico



Barcelona's Gothic Quarter is a mainly pedestrian area of winding streets, separated from El Raval by the old riverbed which is now Las Ramblas. Like El Raval, there are many old buildings, often with tiny stairwells, and lifts are not very common - often a major setback when looking for a higher placed apartment. The area, however, has some of the most beautiful interiors, with old, tiled floors and high beamed ceilings and often a few gems can be found - albeit at a preety price. The Gothic Quarter is the historical centre of Barcelona - the Roman citadel called "Barcino" formed on top of the Mons Taber hill, and oozes history. Natural light source can again be a problem, and if you plan on using your own car, this can be a hindrance, as many streets are pedestrian only. Public transport is good, with Liceu, Drassanes, Catalunya and Jaume I all close by to walk.

El Borne

El Borne is a fairly trendy place to live, with many art galleries or small exhibition spaces nestled amongst the small streets. The area has a large market, which is under construction, but small shops and supermarkets are taking the trade in the meantime. Traditionally the Jewish Quarters of the city, the area has many old factories and a mix of apartments, lofts (larger, often two-tier dwelling spaces, which can be ground floor, despite what the name suggests) and the area also borders the Cuitadella Park - Barcelona's garden. As with the previous two areas, Borne can have tiny, dimly lit streets, so it's wise to choose a well-lit apartment. Metro lines serving this area include Arc de Triomf, Urquinaona and Jaume I.

Barceloneta



The old fisherman's quarters of La Barceloneta are a tidy arrangement of parallel streets sitting right on top of Barcelona's first beach. These narrow streets have small dwellings so don't expect to find large apartments here - they are few and far between. Barceloneta has a large market, and not surprisingly is a great place to go for seafood, or buy fish. The area can get noisy with tourists visiting the beach at all hours, and the main draw to living here would be its close proximity to the beach - literally 1 minute's walk. Barceloneta relies perhaps more on the bus network than the metro, although the metro station "Barceloneta" does stop at the border.

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Choosing a Barcelona Neighbourhood

Visiting a city as a tourist can be completely different than visiting to live and work. Let's take Barcelona as our example. If you come to the city for 3-4 nights, you might think that your hotel at Plaça Catalunya is a fantastic location due to the close proximity of all the sights and public transport. However, if you were thinking about living here, you'd soon find that it would be a nightmare to get your car anywhere near the door to your apartment, for example, that you will have to walk a fair way for your nearest supermarket (which would constantly be full!) and if you need a DIY store, or something from a Drugstore, again, you're kind of stumped.

It's a good idea to make a list of things you love about where you live before the move and then try and find those things in your new destination. Obviously the lists will never concur completely, but if green space is a must for you, then you might prefer somewhere away from the beach, etc. etc.

So in the next couple of posts, we'll try and give you the lowdown on some of the neighbourhoods to choose from in Barcelona, along with the pros and cons of choosing those areas over others. This might help when planning a trip to view potential properties, or in thinking where to rent in the city. If you're looking for Luxury Real Estate in Barcelona then check out Modus Vivendi in Barcelona