President Illa challenges business leaders over housing as foreign firms in Catalonia hit record

Catalan President Salvador Illa has challenged business leaders who support intervention in energy markets to explain their opposition to rent controls.

"If people call for intervention in the energy market, why not in the housing market?" Illa asked on Monday at Passeu 2026, an event attended by more than 200 executives from multinational companies operating in Catalonia.

"When the energy market fails, people call for intervention, but when we propose intervening in the housing market, they say no. Does the law of supply and demand apply to one market but not the other? Let's be consistent," he said, defending rent caps in designated stressed areas.

Illa also criticised energy companies' profits as rising electricity, gas and oil prices put pressure on businesses.

He attributed the price increases to wars in Ukraine and the Middle East, questioning whether a world in which force becomes the norm was desirable given the consequences for living costs and the economy.

Nearly 10,000 foreign companies

The event also presented a study by the government's business agency – ACCIÓ: Catalonia Trade & Investment – showing that the number of foreign companies in Catalonia has risen by nearly 40% over the past decade, to a record 9,801 foreign companies operating in 2026.

Foreign subsidiaries account for 26.5% of employment, 33.1% of business turnover and 49.9% of exports.

US companies make up the largest share, at 15.7%, followed by France (13.5%) and Germany (11.5%).

Chinese subsidiaries have increased by 32% over the past two years, making China the leading Asian country by number of subsidiaries in Catalonia. Indian companies have also grown significantly, by around 27%.

"Thank you for choosing to invest and for your confidence in our country," Illa told executives, describing Catalonia as an open economy and society.

The government has set a target of attracting 600 foreign investment projects by 2030, generating €6 billion in investment and creating or sustaining 45,000 jobs.

It also aims to increase the number of foreign subsidiaries to 10,000.