Strong real estate pressure reduces vacant apartments to a ten-year low.

The country's strong real estate pressure, with the highest volume of home sales since the bubble and accelerating price increases, is reducing the number of vacant apartments in Catalonia. This is happening with assets held by both banks and companies, as well as individuals, given the favorable market conditions for selling properties at this time, according to market experts and sources. Supply is not meeting demand, and home values ​​are rising. Profitability is practically assured.

The issue of vacant housing generated heated debate during the worst years of the economic crisis, with the tragedy of evictions unfolding. This was one of the reasons that led to the creation, in 2015, of the registry of vacant and occupied apartments without a permit and the tax levied on them if they remain unused for more than two years in stressed areas.

In the first year of activation, nearly 50,000 homes were unveiled, fewer than expected. The number has fluctuated over the last decade, reaching its lowest point in 2024, with 25,443 units, according to updated data published this April. This represents 0.65% of Catalonia's housing stock.

This registry contains vacant apartments owned by banks and companies resulting from foreclosures. Therefore, it does not include all vacant homes owned by legal entities—they can also be purchased on the open market. Furthermore, it also includes apartments that are occupied, but not by their legitimate owner. In 2015, it was estimated that around 25% of these were in this situation. "There are few vacant apartments where they are needed, and this registry captures many occupied or vandalized homes," says Josep Maria Raya, director of the APCE-UPF Habitatge i Futur Chair.

This newspaper has attempted to obtain the Department of Territory and Housing's assessment of the current situation, but has been unsuccessful.

Despite the decline, there are still 25,000 homes in this situation owned by banks and corporations; many are squatted.

For his part, UPF economics professor José García Montalvo explains that, given current market conditions, with high rental prices and high demand for apartments for sale, the proportion of vacant housing is "residual."

Regarding vacant homes owned by individuals, there are also signs of a decline due to the acceleration in real estate activity, according to data provided by Fotocasa through surveys.

Catalonia is, in fact, the region with the lowest percentage of owners with unused apartments among the larger markets. The rate is 1.7% in Catalonia, compared to 2.5% in Andalusia, 2.1% in the Community of Madrid, and 2% in the Community of Valencia.

In Spain as a whole, this percentage will reach 3% by the start of 2025, while three years ago it reached 4%.

Among the main reasons for keeping apartments empty, private owners cite the poor condition of the property and its high cost of repair, as well as disputes between heirs. To a lesser extent, they highlight the desire to keep the property for a child.

"The market is currently in their favor for landlords to move their properties, and if they don't rent them out, it's because they're afraid of not being able to recover their funds if they need to," Raya says.

On the other hand, Fotocasa's analysis continues, owners of unused apartments cite fear of squatting or the high costs of maintaining a home as reasons driving them to put their assets up for sale or rent. Vacant apartments, with a squeezed market, are beginning to become a residual issue.

Statistics with contradictory data

Both Josep Maria Raya and José García Montalvo lament the lack of official and reliable statistics to accurately determine the number of vacant apartments, both those owned by legal entities—these are more closely monitored—and those owned by individuals. “Without reliable data, housing policies cannot be designed,” Montalvo points out. Both point out that the INE (National Institute of Statistics and Census) published information on vacant apartments based on electricity consumption in 2021, but with data obtained in 2020, in the midst of the pandemic and with population lockdowns. According to this study, Catalonia reportedly has more than 9% of vacant apartments, but these figures “are distorted” by the time they were obtained, they maintain.