In Catalunya, there are 34,856 empty or illegally occupied apartments owned by large property holders, defined as those who own at least 10 properties. These properties are mainly owned by banks and investment funds, with the Sareb, the Asset Management Company from Bank Restructuring, also being a significant player. The banking trident formed by BBVA, CaixaBank, and Santander, along with their respective networks of real estate and affiliated companies, are the top three groups with the most empty properties, totaling more than 14,500. The Sareb, majority-owned by the State, tops the list with 6,672 empty properties in all of Catalunya, accounting for 19% of the total.
Accessing territorialized data on empty properties through a request for public information from the Housing Agency of Catalunya, CRÍTIC reveals that the majority of the 34,856 properties are empty but suitable for living (11,827), pending rehabilitation (3,639), or have unknown status (11,493). The remaining 23% are occupied without legal authorization, with or without the consent of the property owner.
The Barcelonès region holds the highest concentration of empty properties, with 4,311 properties. Barcelona leads the way with 1,956 properties, followed by L’Hospitalet de Llobregat (915) and Badalona (833). Outside of Barcelonès, Terrassa and Sabadell rank second and third in municipalities with the most empty properties, accumulating 1,264 and 968 properties, respectively. The Vallès Occidental and Vallès Oriental regions also have a significant number of empty properties, with 3,640 and 2,012 properties, respectively.
When it comes to property ownership, CRÍTIC’s access to data from the Housing Agency of Catalunya reveals that a small group of companies, mainly banks and investment funds, own the majority of the 35,000 properties owned by corporate entities. The BBVA, CaixaBank (now controlling Bankia’s portfolio), and Santander are the top three banking groups controlling a significant portion of the properties, totaling 7,826 properties. Additionally, companies like Divarian, a joint venture between Cerberus and BBVA, and Aliseda, owned by Santander and Blackstone, also hold a substantial number of properties.
Furthermore, American investment funds Blackstone and Cerberus have positioned themselves as major property holders in Catalunya, with Blackstone owning over 4,200 properties through various subsidiaries and Cerberus owning nearly 3,500 properties through entities like Divarian Propiedad and Haya Real Estate.
In conclusion, the issue of empty properties owned by large property holders in Catalunya is a complex one, with banks, investment funds, and real estate companies playing a significant role in the housing market. The concentration of properties in certain regions and the strategies employed by these entities raise questions about housing affordability and access in the region.