Foreign residents buy one of every ten new homes sold in Barcelona province

The profile of new home buyers in Catalonia is very diverse. In the province of Barcelona, one out of ten new builds sold was bought by a foreign resident living in Spain, according to an annual report published by Tinsa appraisal company on Wednesday.

According to the Catalan statistics institute, there are 1,015,934 foreign-born residents in Barcelona province, accounting for 17.28% of the region's inhabitants.

"During the inflation crisis in 2021 and 2022, the loss of purchasing power hampered buyers with average salaries' ability to buy homes," the report points out, which prompted people with "higher acquisition power, such as high incomes, foreigners, or enterprises" to buy newly constructed homes.

While in 2019, across Spain, foreigners accounted for 4% of new home buyers, in 2024, the figure increased to 6%.

Most non-resident foreigners bought houses in Spain due to "lower costs" than other countries.

€4,968 per square meter

After analyzing several municipalities in the Barcelona metropolitan area, the appraisal company states that new builds cost between €4,968 per square meter and €2,112 per square meter.

The most expensive municipality was Barcelona city, as newly constructed homes cost between 18% and 66% more than secondhand homes.

In 2024, the average price of new builds stood at €2,528 per square meter, which is 44% more than the average price of €1,750 per square meter registered on second-hand homes.

In Castelldefels, just south of the Catalan capital, 24.5% more sales of new home were registered in 2024 compared to the previous year. This was followed by Manresa's 16.2%, Santa Coloma de Gramanet's 12.5%, and Cerdanyola del Vallès' 11.9%. On the other hand, Montcada i Reixac and Montgat-Masnou saw a 1.2% drop in sales.

Barcelona city registered a 0.9% increase in new-build sales in 2024 compared to 2023 due to "the lack of new buildings."

Outside of the most populated province, Lleida province saw a 12% increase, Tarragona a 6.4% increase, and Girona a 5.2% increase. Catalonia saw 1.2% more new homes built and sold last year.