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How To Sell Your Property in Barcelona (In 10 easy steps)1.jpg

How To Sell Your Property in Barcelona (In 10 easy steps)

How To Sell Your Property in Barcelona?

To sell your flat in Barcelona can be very easy, if you have studied these simple steps. Taking into account that it is often one of the largest investments of our lives, it deserves a lot of attention. This way you’ll be able to sell at the best price and in the fastest way.

In this post we’ll learn how selling a flat in Barcelona works. Please keep in mind that some details might differ if you’re trying to sell in a different area.

Table Of Contents

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1

Is It A Good Time To Sell Your Property?

The economic cycle

It is always important to know where we are in the economic cycle before you try to sell your flat in Barcelona. This helps us to understand if our property will sell fast or if there will be few potential buyers. After the real estate crash of 2008, the market has been recovering until the arrival of Covid-19. In March 2020 everything changed again. 

The post-Covid-19 real estate market

During the pandemic, many governments printed a lot of money. This, together with the mercantile embargoes and the war in Ukraine, has caused inflation in Spain during 2022-23. To curb inflation, the European central bank has only one option: Raise interest rates.

When interest rates rise, mortgages become more expensive. So there will be fewer buyers for your apartment. But there will be more buyers willing to pay in cash to hedge it against inflation! It all depends on your specific property, if you need any help:

2

How Much Is My Flat Worth?

Defining the value of your property, is one of the most difficult questions in the sale of any apartment. If it’s too expensive there will be no interest. We will only receive visitors who come out of “curiosity”, but we will not receive any offers. If on the other hand it’s too cheap, we will have left some money on the table.

The market witnesses

At Property Management Barcelona, we have found that the fastest and easiest way to value a property, is through market witnesses. This means your apartment will be compared to other similar ones. During this process factors such as age, condition, location, floor, elevator availability, balcony or terrace, etc., are taken into account.

All these factors add or subtract value to the property depending on what it has. Only by adjusting the average price per square meter, can we arrive at a competitive and fair price for your property.

If you need to appraise your flat we will be happy to help. Of course, the valuation is free, since we’d like to win you over as a client, and help you sell your flat in Barcelona.

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sell flat barcelona Home Staging

3

Marketing!

What is Home Staging?

Through Home Staging you will be able to sell your flat in Barcelona faster and at a better price. Home Staging means decorating and furnishing the home, to present it in the best possible light. Human beings have a hard time deciding. And through Home Staging, we make the decision of the potential buyer so much easier.

If you need more information, this article may be of interest to you.

If you would like to try Home Staging for your property, get in touch with us!

Photos, Floor plans & Video

Human beings are very visual. Everything enters through our eyes, so we will have to present our apartment in the best possible way.

Investing some money in a professional photographer, making a floor plan and recording a video will pay off.  Not only will we be able to get the maximum possible value, but we will filter the visits as much as possible, avoiding time wasters. Only those who are really interested will come!

4

Time To Publish Your Flat

To publish your apartment there is nothing better than real estate portals. Two of the largest in Spain are Idealista.com and Fotocasa.es.

Each portal has advantages and disadvantages. Normally they all charge a small price so that you can list your apartment or house.

It is very important that you take into account the following points whilst publishing:
  • The length of the text: The text should be 800 characters or more.
  • Photos + floor plans + video: If you have all three, the ad will be favored over others.
  • Be very explicit in the conditions of sale & properties of the flat: This way you will avoid confusion and attract your ideal buyer.
  • Publish on a specific day and time: It is not the same to publish on a Friday, since during the weekend there will be more people looking at the ad, than to publish on a Monday.

All this will help your ad to be better positioned on the portal’s search results, which will lead to more people seeing it, and consequently having more visits.
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5

The Necessary Documents

Sometimes during the sale of a property, everything can move very quickly. It is ideal to have all the documentation ready that the buyer may ask from us. This way we can help them decide quickly and efficiently.

Nota Simple

The simple note is the identity document of the property. It explains if there are debts or liens on the flat and who owns the property. In this link you will find a complete article on the Nota Simple.

Certificate of Habitability (Cédula de habitabilidad)

This certificate specifies that the property is suitable as living quarters. If you do not have it, an architect can help you process it.

CEE

The energy efficiency certificate indicates the energy efficiency of your flat. Some buyers prefer higher energy efficiency. You must also present this certificate to be able to carry out the property deed. You can also obtain it with the help of an architect.

ITE

The technical inspection of buildings is mandatory in Catalonia after the building is 45 years old. The administrator of your building should have the information regarding the ITE. If it has been passed or not, and if the future owner of the house will have any extra expenses because of it.

Last community meeting minutes

Once or twice a year each building community has a meeting to decide about the future of the common areas. The building administrator should minute for each of these meetings. 

IBI (Spanish real estate tax)

The real estate tax is a cost that can be paid annually or quarterly. The future buyer will ask you to present the last paid IBI receipt. It is also smart to negotiate that the buyer pays the corresponding part of the IBI for the remainder of the year, after the successful sale.

Community Expenses

Before carrying out the deed, you must acquire a document that certifies that you are up to date with the payment of the community expenses. You can also ask the building manager for this.

6

The Visits

When it comes to showing our property to potential buyers, it is important not to make some classic mistakes.

Pressuring the buyer, seeming desperate, not being able to stop talking, following the interested party step by step through the entire visit, are just some of the typical mistakes.

Understanding the buyers psychology 

It is very important to empathise with the person who is looking at the property. We must try to put ourselves in their shoes if we want to sell our property in Barcelona.

If we were the buyer, how would we like to be treated? What information would we like to obtain and what comments would be of no value to us?

If we manage to create a relationship with the interested person, we will be able to understand when is the best time to close the operation and finalize the sale.

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7

The Negotiation

In Spain we are used to negotiating. Trying to get the best value.

Although many find this part uncomfortable, we must remain firm and aligned with our objectives. Only then will you be able to sell your flat in Barcelona at the best price.

It is worth remembering that if they ask us for a price reduction on the property, they should know how to justify this.

If the buyer can pay cash, if future payments for the property are expected, if the apartment needs to be renovated, etc. All these can be valid reasons to apply a discount on the original price.

But if you have done your market research and you know that your flat is at a competitive price, stand firm! Don’t get discouraged if you receive very low offers, it’s normal, there’s always people around trying to make some extra money.

8

The Downpayment Contract (Contrato de Arras)

Once the negotiation phase is over, it is time to sign the Arras contract. At this time the buying party normally pays out 10% of the value of the property. The conditions and times of the sale are established, in addition to setting the cancellation clauses.

This is arguably the most important step of the entire process. Although it is a private contract, it is worth dedicating our full attention to it.

In Spain, the contract normally is a penitential deposit contract. This means that if the buying party withdraws from the agreement without justification, they lose the deposit made up to that moment. But if the selling party cancels the deal, they must return double the deposit to the buying party.

This is done to protect both parties. Once money is at stake, more seriousness is expected from all involved. 

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9

The Deed

The big day has arrived. The property deed appointing the new owner of the property will be signed. In Spain, this is always done in front of a notary (lawyer validating all signatures).

The notary

The notary will be chosen by the buyer. The notary will be responsible to verify that the sale is done in accordance with the law. He must request all the necessary documents, explain any irregularities to both parties and certify by his signature that the operation has been carried out successfully.

If the operation is encumbered with a previous mortgage, it will be at this moment that the buyer cancels it, discounting the amount from the final price.

During the deed both parties sign, the seller receives the payment check and the buyer receives the keys to their new property.

10

Taxes

Once the sale is closed, it’s time to pay taxes. For the seller the following taxes apply.

Tax on increase in wealth

If you have made a profit with the sale this tax applies to you. The increase in your personal patrimony will have to be reflected in your tax declaration of the following year. Which percentage you’ll have to pay on your earnings, will depend entirely on your personal tax bracket (normally around 24%).

Keep in mind that you can deduct any expense made during the purchase of the apartment and its renovations. For all these expenses you must have the documents that duly reflect them.

Plusvlía tax

The base of this tax is calculated by estimating how much the value of the land on which the property is built has increased, since you purchased it. Each municipality calculates this tax differently.

To settle both taxes, we recommend that you contact your trusted accountant or ask the notary if they can recommend somebody

Post of interest: Property Tax in Spain (a starter guide)

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