Catalonia is on the verge of changes that could reshape the real estate market. Amid a severe shortage of affordable housing and rapidly rising prices, experts have proposed that authorities introduce temporary restrictions on speculative purchases of apartments and houses in the most pressured areas. This initiative could become a key step toward stabilizing the situation and protecting the interests of ordinary residents.
Four independent reports commissioned by the Catalan government have reached the same conclusion: state intervention in the housing market is not only permissible but necessary. Lawyers and economists—including Carles Viver Pi-Sunyer, Fuensanta Alcalá, Pablo Feu, and Jaime Palomera—analyzed both international experience and local legislation. They concluded that restricting speculative transactions is possible within existing law and does not violate the Constitution.
Legal arguments
One of the reports emphasizes that the real estate market has failed to prevent speculation, as required by Article 47 of the Spanish Constitution. The authors note that the state has the right to introduce temporary and targeted measures to ease market pressure and ensure housing fulfills its social function. As an example, they cite Constitutional Court decisions that have previously supported similar restrictions in the rental sector.
Particular attention is given to the need for clear and transparent rules. Experts advise not only limiting the number of purchases in certain zones, but also imposing strict penalties for attempts to circumvent the law through complicated schemes or fictitious transactions. In their view, such measures won’t harm the market, but rather help restore balance between the interests of investors and local residents.
Practical proposals
The reports suggest focusing on two types of buyers: those purchasing housing for their own residence, and government agencies increasing the stock of social housing. To monitor compliance with the new rules, experts recommend creating a dedicated inspectorate to track transactions and identify violations.
There is also discussion about introducing tax incentives for those who use real estate as intended, as well as tougher fiscal measures for vacant apartments, tourist rentals, and properties not used for permanent residence. According to specialists, this approach would reduce artificial demand and make housing more affordable for local families.
International experience
The analysis cites examples from Denmark, the Netherlands, Austria, Switzerland, and Singapore, where various forms of restrictions on speculative purchases are already in place. In these countries, such measures have helped contain price growth and reduce social inequality. Catalan experts believe that adapting these practices to local conditions could bring fast and tangible results.
The Catalan authorities have already begun discussing legislative changes that would enable the proposed measures. A draft law introducing a temporary restriction on speculative transactions in the most problematic areas is expected to be prepared in the coming months. For political parties supporting the government, the adoption of these measures has become a condition for ongoing cooperation and budget approval.
Context and consequences
In recent years, there has been increasing discussion in Spain about ways to curb the rise in housing prices and the shrinking number of homes available for permanent residence. Various regions have already tried to limit short-term rentals and introduce additional taxes on vacant properties. However, such large-scale restrictions on speculative purchases, as currently discussed in Catalonia, have not previously been implemented. These initiatives spark debate among experts and market participants, but more regions are considering them a necessary step to protect citizens’ interests.
