A Catalan real estate agency's warning: "Rental access will be extremely limited in the next decade."

Barcelona"Our forecast is pessimistic; access to rental supply will be extremely limited over the next decade." This is the umpteenth warning from Amat Immobiliaris about the decline in rental supply, which has been ongoing for years and has already been reflected in its tenant portfolio in the last two years: more rentals are being sold than are being brought in, a situation that the city of Barcelona is experiencing. already lived in the third quarter of 2024.

In its now traditional annual press conference, the real estate company has taken the market's pulse through its internal data: fewer apartments on the rental market, with a drop in new contracts of 18% compared to 2024; fewer advertisements posted – they have only published 26% of the available supply, which has also been the most expensive, with an average price of 2,300 euros – and, however, higher demand – they have received 6% more contacts than the previous year. "We have started managing a list of potential candidates," said the general manager, Guifré Homedes.

Foreigners on the rise

Two data points illustrate this change in trend. The first: the average surface area of ​​rental homes in 2024 is 20% higher than in 2023, which means that prices have also been higher and, therefore, the negative impact on real estate portals is caused by cases like this. "Small homes rotate less or are the ones that, when they become empty, are sold," Homedes added. The second figure has to do with foreigners: 59% of the contracts Amat Immobiliaris closed last year in Barcelona were for foreigners. This doesn't mean, however, that they are more eligible, but rather that they are better.

"They are the best candidates, especially economically. Therefore, these are the people who capitalize on the regulation," Homedes added, referring to the rent cap, which he criticized because, according to his data, the results of current policies are contrary to what was desired, as access to housing has not improved. He provided another piece of information that also contrasts with what is seen on the portals: there has been no transfer from traditional to seasonal rentals. This real estate agency manages 2,500 rental apartments between Barcelona, ​​Sant Cugat, Sant Just Desvern, and surrounding areas, some of them luxury apartments, worth over one million euros, and precisely the majority of the demand (85%) is local.

The sales market is no stranger to the rental market: last year, Amat Immobiliaris increased sales by 13% and transaction volume by 21%. "More and more sales have been at higher prices, both for new construction and second-hand properties. The market has been improving with financing conditions," said Homedes, who adds that they have noticed a rising profile: couples under 40 who are not entering the rental market and who have financial support from their families. In the case of Amat Immobiliaris, the announcement of the end of golden visas for foreigners accelerated sales by foreign buyers, with the aggravating factor that they were the main buyers of the homes leaving the rental market.

Landlords, as "allies"

All of this has led the company to record almost its lowest revenues of this century. "We've gone back 25 years," Homedes said. At that time, Amat Immobiliaris managed 1,300 fewer homes, had only two offices, and rents were half of what they are today. For all these reasons, he has called on the government to reach out to the private sector to address the housing shortage. "We not only need to build public rental housing; we must consider property owners as allies and encourage their investment." "more," he added. He also called for reconsideration of stressed areas and the role of the large landowner, who in Catalonia are owners with five or more homes. "We must stop referring to speculation, rentiers, invisible evictions, illegal occupation, and illegitimate occupation," he argued.