According to Amat Immobiliaris, rent regulation benefits those with greater purchasing power.

BarcelonaCurrent rental regulations are benefiting those with higher purchasing power. This is one of the conclusions of the annual report prepared by Amat Immobiliaris, based on its own rental and sales data in the markets where it operates—primarily the Barcelona metropolitan area, especially the Catalan capital, Sant Just Desvern, and Sant Cugat del Vallès. "Those who benefit most from the regulations are those with greater purchasing power," stated Guifré Homedes, the group's CEO, because "if an apartment is rented for €1,000, it's more likely that someone who can pay €1,200 will be able to afford it." The report makes it clear that the most significant problem with the rental market is the lack of supply, and while it appreciates the government's Plan 50,000 initiative to promote affordable rental housing in Catalonia through public-private partnerships, it concludes that this will not yield tangible results until at least 2030. Amat Immobiliaris asserts that the rental market supply is not recovering and is becoming "polarized," shifting towards larger apartments. This trend is driving up rental prices in its portfolio despite the rent cap in place in high-demand areas. Furthermore, the group's data also shows that, for the second consecutive year, the percentage of contracts signed by younger tenants is decreasing, and that the typical local tenant is now between 40 and 60 years old. "Young tenants are having a very difficult time," stated Homedes. As a result, the average cost of rent has risen from €15.09 per square meter per month in 2024 to €16.45 per square meter per month in 2025, an increase of 8.9%. Similarly, the average absolute rental income also increased from €1,384 to €1,482 per month, a rise of 7.1%.

Furthermore, according to Guifré Homedes, a market-distorting effect is occurring because some owners don't want to sell, but end up doing so, while tenants who wouldn't want to become owners end up giving up renting and buying an apartment. In the rental market, Amat notes, on the one hand, that there are fewer and fewer developers willing to invest in Catalonia to build rental properties and, on the other hand, that the supply comes from the turnover of existing housing, rather than investment in new properties.

In fact, the report confirms that the few active investors in the market who have decided to continue have focused primarily on seasonal rentals. In this regard, Amat asserts that there are "no signs of weakening demand," which comes mainly from students or doctors coming for internships. In this case, 64% of the contracts are signed by foreigners, confirming the international nature of this market.

Change in tenants and landlords

According to Homedes, the report also highlights changes in the profiles of both tenants and landlords. On the one hand, there is a growing number of foreigners among tenants. Foreigners signed 58% of the contracts managed by Amat in Barcelona, ​​a substantial increase compared to the 15% they represented before the COVID-19 pandemic. In Sant Cugat and Sant Just, foreigners already account for 48% of the contracts, approaching half. On the other hand, homebuyers are increasingly older. The fact that market activity is becoming more concentrated among older age groups is not a particularly positive indicator in terms of economic and social vitality, the report points out.