Barcelona: incertidumbre en el alquiler

Barcelona, Spain is facing uncertainty in rental prices as a limit on rental rates has come into effect, impacting both Barcelona and 301 other municipalities in Catalonia. The average rental price fell by 0.7% year-over-year in September, according to data from Fotocasa. This has led to a decline in the supply of rental properties and new contracts, as highlighted by Òscar Gorgues, the manager of the Barcelona Urban Property Chamber.

The rental limit, applied since 2024, has impacted both season rental and room rentals, with the city requesting an extension to cover commercial properties. Gorgues argues that the legislation, through fiscal measures and price controls, has artificially killed a market that supported investors and tenants alike. The sharp rise in rental prices in the Eixample district, now the most expensive in Barcelona, has caused more affluent areas to see a decline, such as Sarrià-Sant Gervasi, where prices dropped by 0.6%.

Investors, however, are finding Barcelona less attractive due to limited income for property owners. A fiscal reform in the Parliament increased the Property Transfer Tax (ITP) to 20% for individuals and companies owning five or more assets. In Catalonia, the threshold for this tax is set at 10% for those with fewer assets. The limited supply of rental properties, exacerbated by railway chaos in neighboring regions, has caused a 90% drop in stock on real estate portals since the regulation went into effect.