More than 92% of completed non-performing loan (NPL) transactions in Spain involve tickets below €250,000, highlighting the depth and liquidity of the country’s secondary market for smaller assets.

According to the latest Inmubi Index, which analyses a database of 14,764 active NPLs with a combined gross book value (GBV) of €2.8 billion, the median loan size has increased by 16% since the end of 2025, reaching €104,628. This suggests that lower-value assets are being absorbed more quickly, while investors are increasingly targeting larger and more complex opportunities.

The €100,000–€250,000 segment remains the largest category, representing 36.7% of all active NPL opportunities. In contrast, loans with a nominal value above €1 million account for just 1.5% of the total number of loans but represent 28.4% of the total outstanding value, underscoring their importance for institutional investors.

Madrid has become Spain’s largest NPL market by nominal outstanding balance, with €310.7 million (11.1% of the national total), while Barcelona continues to lead in the number of available assets. Toledo has also emerged as one of the fastest-growing provincial markets.

Overall, the data indicates that Spain’s NPL market remains highly fragmented, with retail investors driving activity in smaller-ticket transactions and institutional investors concentrating on larger, higher-value portfolios.

Original story: EJE Prime
Edition and translation: Prime Yield