In 2024, Catalonia recorded 100,000 property transactions, an 8.4% increase compared to the previous year. Sales continued to rise in January 2025, growing by 5.5% according to Registradores. Paradoxically, despite sustained price growth, demand remains strong. Experts identify several key factors driving this trend.
Economic Drivers. Alfredo Millá, CEO of Sonneil, highlights that stable economic growth and declining unemployment create favorable conditions for real estate investments. However, the primary driver remains a severe supply shortage caused by delays in approving new construction projects. David Gispert, Regional Director of Aelca, emphasizes that in high-demand areas, affordable housing is virtually unavailable, forcing buyers to act quickly. Competitive mortgage conditions also play a role: fixed rates near 2%, as noted by Alejandro Labori of Civislend, make purchasing more accessible than renting, especially amid tighter rental regulations in Catalonia.
Cultural and Market Trends. In Spain, particularly Catalonia, homeownership is deeply ingrained: 76% of the population owns property (Izilend data). By comparison, in Germany or France, this figure does not exceed 50%. Additionally, as Leonardo Cromstedt, President of Keller Williams Spain-Andorra, points out, real estate is seen as a "safe haven" amid inflation, encouraging investors to hold assets, which exacerbates shortages.
Foreign Demand. Catalonia remains a magnet for international buyers. According to Civislend experts, relatively lower prices compared to other European countries, along with the region’s appeal as a second-home destination, sustain capital inflows. Demand from foreigners residing in Spain is particularly notable: their numbers are growing due to immigration, further intensifying the supply-demand imbalance in Barcelona and other cities.
Psychological Factor (FOMO). Fear of missing out is another critical aspect. David Gispert of Aelca explains that expectations of further price increases push buyers toward impulsive decisions. This trend is reinforced by historical patterns: since the 2008 crisis, prices have shown steady growth, solidifying housing’s perception as a reliable asset. Izilend representatives add that prolonged low mortgage rates have made buying more advantageous than renting in many areas, increasing market pressure.
Forecasts. Most analysts agree the trend will persist. Alfredo Millá predicts that supply shortages and robust demand, including from abroad, will continue to fuel the market. Experts from Keller Williams and Civislend anticipate moderate price growth in 2025 but no correction. As Izilend notes, structural changes in real estate occur slowly, and the current imbalance could last for years, particularly in major cities.
