Last Friday, Spain’s National Institute of Statistics released updated figures on vacant housing. The data show 3.83 million unoccupied homes, representing 14.4% of the total housing stock, which now exceeds 26.6 million properties. The tally marks a rise of about 400,000 units since the last census conducted by the public agency in 2011, underscoring a growing discrepancy between supply and demand in many parts of the country.
The core takeaway from the INE study is clear: most idle properties are in smaller municipalities. About 45% of vacant homes are located in towns with fewer than 10,000 residents. In larger municipalities, specifically those with populations above 250,000, only 10.5% of the stock remains unused. In cities with fewer than 50,000 residents, roughly 2.2 million dwellings sit idle, highlighting a surplus in smaller markets that may not align with the strongest demand signals.
The Housing Act defines a stressed housing market as one where either purchase or rental prices have risen more than 3% above the consumer price index (CPI) over the past five years, or where housing costs consume more than 30% of the median household income. Atlas Real Estate, a firm specializing in data science for real estate markets, notes that a striking 81.20% of vacant homes are found in areas whose effort rates remain below 30% — an observation suggesting that unemployment or underemployment might be a more significant driver of vacancies than affordability alone. This pattern indicates that simply launching more housing supply in these markets may not automatically relieve tensions in Spain’s housing market.
Atlas Real Estate’s consultants also report that 44% of vacant homes lie in non-stressed areas that nonetheless have a high vacancy rate, and 37% sit in areas that do not meet the stress criteria even though vacant stock remains substantial. Conversely, 19% of vacant homes fall within zones where the Housing Law could impose price restrictions. Of these, 13% show relatively few empty homes, while the remaining 6% have limited inventories. These distributions highlight how geography, local income, and regulatory frameworks interact in shaping vacancy patterns across the country.
Is there a link between vacancy levels and local prices?
Atlas Real Estate’s analysis also examines how vacancies relate to rent, prices, and local wage dynamics. The study finds a negative association between regional price levels and vacancy rates: higher-priced regions tend to have fewer vacant homes. This pattern supports the hypothesis that stressed markets often coincide with a scarcity of available units in high-price areas. Several explanations may account for this trend: owners in pricey regions may hold assets that are difficult to sell or rent profitably, or the liquidity of the market may be so high that properties move quickly, reducing the share that sits idle for long periods.
Income levels also appear influential. The consultant’s results show that higher per-household income correlates with lower vacancy rates, suggesting that stronger purchasing power fuels the market and reduces the number of obsolete or idle dwellings. In practical terms, regions with healthier incomes tend to convert vacant stock into active use more rapidly, whether through sale or rental markets.
The overall picture indicates that vacancy is not simply a matter of too many homes and not enough buyers. It reflects a nuanced mix of local economic strength, regulatory terrain, and the distinctive characteristics of each municipality. Policymakers and market participants may need to consider targeted incentives for conversion, stabilization programs in high-need areas, and careful calibration of price controls to avoid unintended distortions that could keep vacant stock trapped in certain zones while others struggle with affordability.
In summary, the latest data reveal a country with uneven vacancy patterns. Small towns bear the heaviest burden of idle properties, while higher-income and higher-priced areas show tighter vacancy markets. The interaction between vacancy, price, and income underscores the complexity of Spain’s housing dynamics and the challenge of crafting policies that promote productive use of existing stock without undermining affordability in the most at-risk communities. Analysts argue that a one-size-fits-all solution is unlikely to work, and a mix of market-informed strategies will be essential to address regional disparities and long-term housing resilience.