The Shared Equity Scheme Explained Step by Step

Barcelona's city council has launched a shared equity scheme to help first home buyers access the city's expensive property market, with prices averaging EUR 4,000 per square meter.

The scheme's launch is timely, as the city's property market continues to feel the pressure of tourist rentals and rising prices, making it difficult for locals to purchase their first home. With the Eixample neighborhood being a premium area and Poblenou emerging as a tech district, prices are only expected to rise, making affordable housing options crucial for the city's residents.

In Barcelona, the shared equity scheme will be administered by the Institut Municipal d'Habitatge i Rehabilitació de Barcelona (IMHAB), which will partner with local organizations such as the Barcelona Housing Department and the Catalan Government's Housing Agency to provide financing options to first home buyers. The scheme will be available to buyers in neighborhoods such as Gracia and Sant Marti, where prices are slightly lower than in the city center, but still out of reach for many first-time buyers. For example, a 60-square-meter apartment on Carrer de Astúries in the Sant Marti neighborhood could be eligible for the scheme, with a price tag of around EUR 240,000.

According to data from the Barcelona City Council, the average price of a new home in the city is EUR 430,000, while the average salary is around EUR 26,000 per year. This makes it difficult for first home buyers to save for a down payment, let alone qualify for a mortgage. The shared equity scheme aims to address this issue by providing financing options to buyers who can afford to pay 30% of the purchase price, with the remaining 70% covered by the scheme. As of June 2026, 250 applicants have already expressed interest in the scheme, with 50 applications approved so far.

How the Scheme Works

The shared equity scheme will work by allowing first home buyers to purchase a property with a 30% down payment, while the scheme covers the remaining 70%. The buyer will then repay the scheme over a period of 30 years, with interest rates fixed at 2% per annum. The scheme will be available to buyers who meet certain eligibility criteria, including being a first-time buyer, having a stable income, and being able to afford the monthly repayments. Buyers can apply for the scheme through the IMHAB website, with applications being processed on a first-come, first-served basis.

For those interested in applying for the scheme, it is essential to act quickly, as the number of available spots is limited. Buyers should start by checking their eligibility on the IMHAB website and gathering the necessary documents, including proof of income and employment. They should also research the available properties in neighborhoods such as Poblenou and Gracia, which offer a range of affordable options. With the scheme's launch, first home buyers in Barcelona may finally have a chance to access the city's expensive property market and achieve their dream of owning their own home.