In Spain, there are various, more or less well-known options or alternatives for buying and selling homes. One of these is the bare ownership sale. This option has gained popularity as a safe haven investment, with this type of transaction growing by 30% last year and attracting the interest of investment funds in this type of asset.

But, what is bare ownership?

Bare ownership is legally the sale of real estate in which the seller (previous owner) retains the right of usufruct over the sold property. This is generally granted for life, allowing the usufructuary to continue living in the property or rent it out to third parties. If the usufructuary decides to rent it out, the lease will end at the same time the usufruct ends. If the usufruct is for life, the rental agreement ends upon the death of the usufructuary, although sometimes the usufruct has a fixed term, rather than for life. In conclusion, when the usufruct ends, ownership is consolidated, and the bare owner becomes the full owner.

And how does it work in Catalonia?

Catalonia has some particularities that differentiate it from the rest of Spain due to the Catalan Civil Code, although they are not remarkable. In general, contractual freedom between the parties is enshrined, and in practice, the Mortgage Law and Regulations (common to the entire country) apply to these types of transactions at the registry level, providing a wide variety of agreements tailored to the needs and expectations of both the seller and the buyer.

But is there demand?

More and more elderly people are choosing to sell the bare ownership of their homes, while retaining the lifelong right to live there. This option, recommended by various institutions, involves the owner, generally over 65, selling the bare ownership but retaining the lifelong usufruct in exchange for a lump sum payment. Although they will no longer be the legal owner, they will be able to reside in their home until their death. The buyer faces the same taxes that would apply to a standard purchase and sale, such as the Property Transfer Tax (ITP), which in Catalonia is 10% (recently amended by decree 5/2025 for amounts of €600,000 or more). The seller, for their part, must declare the profit from the sale on their personal income tax (exempt for those over 65) and pay the municipal capital gains tax where the property is located.

This is a growing issue, especially in Catalonia, where it is considered an effective solution to aging and economic uncertainty, appealing to older people with valuable assets and low pensions, as it offers financial stability while still allowing them to live in their homes. On the other hand, investors view bare ownership as an opportunity to acquire assets at a lower cost, with the expectation of owning them outright in the future.

Plan your future 

If you're considering this alternative or need advice, at Patrimonia Bcn we're ready to help you make the best decision. Contact us and we'll advise you without obligation!