Where to invest in Catalonia

1. Catalonia is just a small corner of Spain, however, for its size, it has a big impact on the country’s economy and is considered one of the wealthiest regions in the country. Its economy is larger than many countries within the Eurozone.¹
2. It has a population of 7.5million people which is nearly 16% of Spain’s total population. Barcelona is the second most populated city in the country (after Madrid) and has the highest person per square metre count in Europe at 53,000.²
3. Catalonia has a controversial history with some fighting to have it declared as independent from Spain. It is described as a “semi-autonomous” state and has its own flag, parliament, and language. However, a bid to declare its independence back in 2017, was declared illegal by the Spanish Government.³
4. Three languages are spoken throughout the region: Catalan, Spanish and Occitan.

Catalonia is situated in the northeast of Spain and in the south of the Pyrenees Mountain range. The region is split into four provinces: Barcelona, Tarragona, Girona, and Lleida. It borders France and Andorra to the north, Valencia to the South and Aragon to the west.

Though classed as one region, the landscape of Catalonia is a real wonder of nature. There are mountains of 3000m, green meadows, rice paddies, golden sand beaches and a warm sea all within a few kilometres of one another.

Catalonia is hard to characterise due to the diverse landscape and different regions. It has been described as a “country-within-a country”⁴ due to its different languages, customs, and architecture.

In this region, investors are spoilt for choice when it comes to the styles of property available. From sea view apartments in Girona’s Costa Brava, city flats and townhouses in Barcelona, to farmhouses and countryside homes surrounded by lush greenery. In the next section, we will explore the different regions and their individual property markets.

For more information, speak to our team of iad Overseas Property Consultants* who can help you find the right region and style of property to suits your needs.

The second largest city in Spain and easily one of the most visited parts of the country, Barcelona is bursting with colour, flavours, and an exciting nightlife. The vibrant buildings designed by Catalonian architect Gaudi are recognised all over the world and add to the city’s artistic charm.

Popular with tourists, an estimated 12 million people visited Barcelona in 2023.⁵ With a busy international airport just 15km from the city, flight times from the UK are just 2.5 hours.⁶ It also has a busy port and metro system, making it easy to get around.

The city is split into 10 districts, all with their own distinct characteristics. To find out more about Barcelona, check out our guide about where to invest here.

Barcelona offers a range of property types from studio apartments and luxury penthouses in the city centre and more traditional houses and townhouses in the outer, older neighbourhoods. The suburbs of Barcelona offer larger and more spacious properties.⁷

The below table displays average property prices and rent in February 2023 and February 2024 per m².

All pricing data has been sourced from Indomio.

The average rental yield in Barcelona is 6.17% in 2024⁸ and has been rising steadily over the last few years due to tourism, a growing community of expats and people relocating for work. Whilst this is good news for property investors, it does mean that the price of purchase will also be high compared to other regions.

There is always demand for short-term and long-term rental properties. However, it’s good to be aware that the Spanish government have introduced rent control measures throughout the country to prevent the ongoing housing crisis. This may impact upon your property hunt so it’s worth finding out if rent restrictions may affect your investment plans.

With a colourful medieval city, full of Gothic churches, cobbled lanes, rivers and historical sites, Girona City is an exciting and much overlooked part of Catalonia. It’s a great place to enjoy authentic Catalonian life without the crowds of tourists.

Head north and just an hour away from Girona, you can find snow and skiing resorts in the Pyrenees. If beaches are your preference, then the Costa Brava is also a short drive from the city.

Costa Brava is a popular coastal area and home to many expats. From Blue Flag beaches, cliffs and rocky coves, there’s so much beautiful scenery to take in, it’s hardly surprising that Costa Brava is a sought-after location for holiday rentals, second homes and retirement properties.

From seaside apartments and secluded farmhouses to huge sprawling luxury villas, Girona offers buyers huge choice when it comes to available property.

The below table displays average property prices and rent in February 2023 and February 2024 per m².

All pricing data has been sourced from Indomio.

Rental yields in Girona differ widely, so it is difficult to give an average figure, but investors can expect around 4-5%.¹⁰

Whilst short term rentals in Costa Brava may achieve higher rents in the holiday season, they may also experience periods of vacancy off season.

In Girona City and surrounding towns, there is more demand for long term rentals. However, landlords have found the increase in rent regulations difficult to navigate due to licensing requirements and the length of time a property can be rented out for.

If you’re a history buff, then Tarragona is the city for you. Classed as one of Spain’s most important Roman sites¹², Tarragona is a magical mix of historical ruins, a beautiful port and plenty of beaches.

Situated on the Costa Dorada, this is a true beach destination, with miles of sun-drenched sand, warm sea, and plenty of water activities to keep holidaymakers busy. There are numerous resorts dotted along the coastline and the summer season is busy with tourists – so it’s a great investment for people hoping to attract short term tenants.

Prices are lower here compared to Barcelona and Girona, and although increasing, there are still enough attractive deals to entice foreign investors.

Investors can choose from unique architectural styles, older properties as well as new builds as the city is still growing. There are also many residential complexes located outside of the city offering spacious villas.¹³]

The below table displays average property prices and rent in February 2023 and February 2024 per m²:

All pricing data has been sourced from Indomio.

With the number of foreign visitors to the city increasing every year, the rental market is showing an upward trend. In 2022, the rental yield for short term lets in the area was around 6%. In the city centre, rental yields are estimated at around 7.22%.¹⁴

The historical region of Lleida offers something completely different to the rest of Catalonia. This is mainly due to the climate as it’s colder here than other areas. While the summer is warm, the winter is cold with heavy snowfall. Visitors have the choice of several ski resorts to hone their skills.

This is probably the least-explored province of Catalonia, so property prices are lower. However, it is a mountainous region so it’s not for everyone.

Ideal for investors looking for somewhere relaxed and away from the hustle and bustle of busy Barcelona. The city offers a variety of property styles from apartments to older houses.

The below table displays average property prices and rent in February 2023 and February 2024 per m².

All pricing data has been sourced from Indomio.

In 2023, Lleida offered a rental yield of 8.3% and was considered the most profitable city in Spain for rental property.¹⁵ As the city develops and attracts more tourism, there is a growing demand for rental property which makes it a great place for investors to start their search.

If you’ve always wanted to invest in Catalonia, then now is a great time to get in touch. Speak to one of our iad Overseas property consultants* to discuss your options and get your foot on the Spanish property ladder.