As of January 23, 2026 , the non-performing debt market in Spain shows a downward stabilization trend, but it remains one of the main focuses for investors in Europe due to its total volume.
1. Historical Decline in Delinquency
According to the latest data published by the Bank of Spain at the beginning of this month (January 5, 2026), the non-performing loan ratio in the Spanish banking sector stands at 2.84% .
- Milestone: This is the lowest level recorded since September 2008.
- Causes: This decrease is due to an increase in the granting of new credit and the net reduction of unpaid loans, which now stand at around 34,523 million euros .
2. Spain, the Second Largest Market in the EU
Despite the improvement in the ratio, Spain remains the second largest economy in the European Union in terms of non-performing loans (NPLs ), second only to France. The total stock of non-performing assets (including those not on banks' balance sheets) is estimated at around €70.4 billion at the beginning of this year.
3. Recent Movements and Trends
- Relevant Transactions: Recently, firms like Indotek have closed acquisitions of NPL real estate portfolios for values close to 43.5 million euros , which confirms that interest in the secondary market and portfolio rotation remains active.
- Regulatory Change: This month has been key for the implementation of the new Law on Credit Administrators and Purchasers , which transposes European Directive 2021/2167. This regulation is transforming the sector by requiring:
- New supervisory obligations by the Bank of Spain for servicers .
- Greater transparency in the sale of loan portfolios to protect debtors.
- Consumer Credit: Unlike the real estate sector, delinquency in financial credit establishments (consumer) has shown a slight increase, standing at around 5.49% .
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