In just a few years, the number of occupied properties offered for sale has grown sharply. A large proportion are located in Catalonia, where transactions are increasing. Most buyers are investors or professionals familiar with this niche and with managing occupied homes, but the phenomenon is spreading, driven by attractive prices and a shortage of available housing.
According to Sandra Aurrecoechea, a partner at Marín & Mateo Abogados, the market for occupied properties has evolved from a marginal niche into a growing segment of real estate investment in a short space of time. “The limited housing supply and the prices of these properties – clearly below market value – are attracting buyers in search of returns, particularly in a context of high interest rates and constrained supply.”
However, the lawyer cautions that behind this apparent financial appeal lies a far more complex reality. These transactions involve a significant legal dimension and levels of legal risk that investors do not always perceive – or assess correctly.
Why are so many occupied homes being sold?
The situation is becoming more acute in Catalonia, where regional regulations have created greater legal uncertainty than in other parts of Spain. This is the view of Arantxa Goenaga, a real estate lawyer and partner at AF Legis. “Catalan regulations are more permissive in cases of squatting and place additional obstacles in the way of property owners,” she warns.
Goenaga points to the Generalitat’s interpretation of the concept of the large landlord, which differs from that set out in state law. “This creates confusion, increases litigation and gives the impression that squatters enjoy greater protection than the legitimate owner.”
According to AF Legis, the growing sale of occupied homes is the result of a combination of structural and cyclical factors. “On the one hand, the shortage of public social housing, rising rents and tighter mortgage conditions have pushed many vulnerable households out of the market, increasing pressure on squatting as a way of accessing housing.”
On the other hand, the proliferation of large landlords – such as banks, investment funds and financial institutions – with portfolios of vacant or properties awaiting legalisation has created fertile ground for squatting, as these assets are often perceived as "unused" or "unguarded". This is further exacerbated by the slow pace of judicial proceedings, barriers to accessing justice, stronger legal protections for certain vulnerable groups and an ambiguous social perception that oscillates between humanitarian sympathy and the defence of private property.
This sense of helplessness helps to explain why many owners choose to sell rather than continue waiting for legal action. “The buying and selling of occupied properties is becoming the default exit route, not only because of the slowness of the justice system, but also due to penalties imposed on owners of empty homes and the obligation on large landlords to offer social rents,” Goenaga explains.
According to the lawyer, large investment funds – which hold a significant share of properties in this situation – prefer to sell to avoid these administrative burdens. This has led to a sharp increase in such transactions in recent months.
Who buys occupied homes?
Eva González-Nebreda, Secretary General of FIABCI Spain, notes that a large share of transactions involving occupied homes consist of sales to the occupants themselves. These are typically carried out by large landlords who acquired the debt from another financial institution or as a result of a mortgage default with the same entity.
Another significant segment involves the sale of occupied homes through the transfer of debt, whereby a third party purchases the debt to avoid maintaining highly leveraged property portfolios. This may be for purely financial reasons or to avoid, whether for reputational, social or economic motives, the eviction process, which is often costly and time-consuming," she explains.
At this stage, and although such cases are rarely made public, there are already examples of transactions reached by mutual agreement with occupants. In this context, modern dispute-resolution methods are helping to unlock situations that had become entrenched in practice, based on the mistaken belief that transferring the property to a third party was the best solution.
Where are the most occupied homes sold in Catalonia?
According to idealista data for Q3 2025, Catalonia accounts for 39% of all occupied homes for sale in Spain, with 8,926 properties in this situation.
By province, Barcelona (7.9%), Tarragona (4.4%), Lleida (4.3%) and Girona (3.7%) all exceed the national average. The phenomenon is even more pronounced in the provincial capitals: Girona (8.9%) and Tarragona (8.8%) top the national ranking, followed by Lleida (5.7%) and Barcelona (3.7%). Girona thus stands out as the Spanish provincial capital where the sale of occupied properties is most widespread, with almost one in ten homes on the market listed as occupied.
According to the Secretary General of FIABCI Spain, around 80% of illegally occupied homes in Catalonia are concentrated in the province of Barcelona. “Nationwide, more than a third of illegally occupied homes currently for sale are located in Catalonia, although this figure only reflects properties that have entered the market and does not represent the full stock of occupied housing,” she explains.