Half of homes in Catalonia are purchased without a mortgage.
During 2024, foreigners purchased 7% more homes.
BarcelonaHome purchases by foreigners increased by 7% last year in Catalonia compared to 2023 levels. In total, foreigners purchased 21,642 properties in Catalonia, compared to 20,177 the previous year. This represents 14% of total sales, as 145,878 homes were sold in the Principality for the year as a whole, 11% more than in 2023. The price per square meter of homes also rose, up by 5%.
These are data from the Notarial Association, which indicates that, by nationality, those who have purchased the most properties in Catalonia between 2020 and 2024 are French (15.8% of total foreigners), Italians (9.4%), and Moroccans (9.2%). Furthermore, Catalonia accounts for 15.6% of all purchases made by foreigners across the country.
In 2024, 19% more mortgages were issued, but almost half (up to 49%) of homes were purchased without a mortgage. This category includes "self-financing, local aid, or, in some cases, minimal financing without a mortgage," explained Raquel Iglesias, vice-dean of the Notarial Association. The figure drops slightly compared to recent years: in 2023, the proportion of mortgage-free purchases was 51%, in 2022, 55%, and in 2021, 52%.
"Paralyzed" transactions
Iglesias also referred to the administration's right to preemptive purchase—the right of first refusal and redemption—of a home when the seller is a legal entity with five or more properties. When it came into effect in February, Iglesias recalls, "all planned transactions were halted" because they couldn't go ahead until the Generalitat (Catalan government) certified that it was waiving the right of first refusal. This had a significant impact on sales transactions, although the agency hasn't quantified the impact.
Halting the purchase and sale process impacted buyers who were unable to complete the contract. "Some had already left their previous apartment or were in the middle of moving. Furthermore, they lost the bank's offer, which offered certain financing terms if they accepted within a few days," Iglesias explained.
The vice-dean of notaries stressed that the Generalitat (Catalan government) "has made a huge effort" to deliver the certificates "in record time," but insisted that the change "has been very problematic" for notaries and that the legal change generated "distrust." Data from the Notarial Association indicate that home purchases by foreigners in February fell by 38% compared to the same month in 2023.
