Spain's empty €12 million Serrano street apartment sits unused

The Spanish State owns a more than 1,000 m² luxury apartment at number 3 Calle Serrano in Madrid’s upscale Salamanca district. The flat has been vacant for at least ten years after the State‑run agency Segipsa put it up for public auction in 2016 with a reserve price of €5.3 million, but no buyer emerged.

Current market data suggest the property could now be worth around €12.3 million. Real‑estate agents report interest from investment funds and entrepreneurs from Venezuela and Mexico, who see the apartment as a status symbol close to the Puerta de Alcalá and the Retiro Park. The flat is one of more than 800 state‑owned assets listed by the Ministry of Finance, but it remains the most prominent empty property in Madrid.

If sold at market rates, the transaction would generate a significant windfall for the public treasury, while its prolonged vacancy highlights inefficiencies in the management of state‑held real‑estate.