10 Facts about Buying as a Rental Investment in Barcelona
If you are planning on buying a property in Barcelona with the intention of renting it out to make some money then there are a few things you should take into account. Short term rental in Barcelona may be harder to manage than a long term rental, however if this is your goal then consider the following:
1. Regulations in Barcelona make it difficult to rent out for short period to tourists. Before you make your purchase get a lawyer to check out your specific property and district to make sure you will be able to carry out your plan.
2. Regulations are different for different Barcelona Districts.
3. Property can only be rented out to tourist for short terms if you have a license from the town hall. In the Gothic Quarter (Barrio) and Cutat Vella districts the town hall is no longer issuing these licenses due to the high demand. However you can purchase a property in these areas which already has a rental license or buy a license from someone who already has one.
4. To operate a rental property in all areas of Barcelona you need a permit from the Regional Government. Although many people operate rental properties without the required paper work it is not worth your while. If neighbors complain or if someone staying in the apartment injured themselves you will be liable.
5. Consider your neighbors. If you have decided to rent out a property in a quiet neighborhood then bear in mind that they could complain about noise and the constant coming and going of tourists.
6. Don’t compete with nearby hotels. Chose a property that is not too close to a Barcelona hotel as the price of a hotel bed in Barcelona has dropped in recent years and could compete with your property.
7. It is mandatory to sign a short-term rental contract no matter how short the rental period. If you or the agent running your property do not insist on this then you open yourself up to many problems including the tourist refusing to evacuate the apartment.
8. If you are managing your own rental property in Barcelona then you are responsible for all the legal papers and government permits.
9. All rental properties have to be inspected by a local government authority who will then issue a permit for short term rentals. It is illegal to operate a rental property in Barcelona without this permit.
10. An ideal rental property is on a quiet street but close to public transport and attractions. Choose a safe area of the city where there are low petty crime rates, for example Eixample. A property with parking is a big plus.
Although investing in a property for short term rental in Barcelona can bring in large returns on your investment there are many angles to consider and the work does not end the minute you have bought the property.
