Only a small fraction of Sareb’s properties listed for sale appear in markets with strong demand. An analysis by Idealista, a leading real estate agency, indicates that the market impact of bringing the so‑called “bad bank” homes to market is unlikely to significantly shift rental availability or price levels.
Idealista reviews Sareb’s housing portfolio in depth, noting that the majority of remaining assets have lingered on the market for years and show considerable wear. The firm’s specialists point to the properties Sareb reports owning on its own site, without differentiating by legal protection status or occupancy conditions. The takeaway is clear: marketing these homes will probably require targeted action and investment, potentially by tenants or by authorities responsible for property management or expropriation processes.
In practical terms, about two-thirds of Sareb’s homes are located in municipalities with low or very low rental demand. In Aragon, Asturias, and La Rioja, virtually all of the current inventory has struggled to attract buyers over recent years. Around 27% of Sareb’s real estate stock sits in higher‑demand areas, with only about 10% located in the highest demand zones.
Castilla y León and Andalucia account for the largest clusters of properties in very low demand regions, comprising roughly 6% and 5% respectively. Other low-demand areas include Extremadura (3%), Castilla‑La Mancha (2%), and both Galicia and Asturias (1%). In most low‑demand markets, Sareb’s share of listings is concentrated across many areas with limited appeal, particularly in Aragon, Asturias, and La Rioja where demand remains subdued. Extremadura (97%), Galicia (96%), Castilla y León (94%), and Cantabria (90%) also show high concentrations of listings in low‑interest zones. Navarra has no listings in low‑demand areas, while Madrid holds a relatively small share, at about 3% in this category.
On the flip side, Sareb’s properties are more prevalent in markets experiencing stronger activity. Madrid stands out with the largest share of such listings, followed by the Balearic Islands, Catalonia, and Navarra. In Navarra, the portfolio also includes a notable number of homes in very high demand regions, reflecting a dual pattern of activity across the country. The Canary Islands, Madrid, Catalonia, and the Basque Country are among the jurisdictions with meaningful presence in these higher‑demand segments.
Idealista’s examination of the 46,540 Sareb homes that are claimed to be owned in various municipalities, geolocated and tracked for the first quarter of 2023, shows that relative demand in many municipalities remained below the national median. Using Idealista’s demand benchmarks, areas with demand registering 2.5 points below the median are considered low, and more than 7 points below median is very low. Conversely, markets that sit above the median by up to 3 points are categorized as high, and those more than 8 points above the median are perceived as very high demand. This framework helps explain why certain Sareb listings struggle in some regions while performing better in others, even within the same country.
Overall, the data suggest a nuanced landscape where the cancer of supply in some regions meets persistent demand in others. The implications for policy, investment, and property management are clear: improving occupancy and rent stability will depend on regional conditions, targeted refurbishment, and coordinated efforts among local authorities, property managers, and market participants. In the near term, the diversified distribution of Sareb’s portfolio across varying demand levels implies that a one‑size‑fits‑all approach is unlikely to succeed; instead, strategies that align asset condition, location, and tenant needs will be essential for achieving favorable rental and market outcomes.