A 1,000 square metre apartment at number 3 Serrano Street, in the heart of the Salamanca district, has been empty and unused by the General State Administration for at least ten years. Its current market value is estimated at €12.3 million.
In the heart of Madrid's golden mile, just a hundred metres from the Puerta de Alcalá and the Retiro Park, there is an apartment that real estate agents would covet. But it is neither for sale nor for rent: it is owned by the State and has remained untouched for over a decade. This property, over 1,000 square metres in size, is located at number 3 Serrano Street in the Salamanca district, and its current value could approach €12.3 million according to market prices.
A Failed Auction in 2016
The State Real Estate Management Company (Segipsa), under the Ministry of Finance, put this apartment up for public auction in September 2016 for €5.3 million. Alongside it, a mansion on Paseo de la Castellana (for €7.02 million) and the former RTVE headquarters on Paseo de la Habana (for €6.7 million) were also auctioned. However, no bids were submitted for the Serrano apartment, and the auction ended without any offers.
Ten years later, that €5.3 million seems like a joke. With the revaluation of the Salamanca district, the same property could now be worth €12.3 million, according to market estimates based on the average price per square metre in the area. The statistical portal of the Notary's Office places the square metre in postal code 28001 at around €12,000, which drives the value of the apartment up to that figure.
The building's concierge, who prefers not to give many details, recalls that before the pandemic, there was indeed some movement at that door. "I think there was movement before the pandemic," he says, although he cannot specify who or which organisation occupied it. Currently, the double wooden door still bears a sign that reads: "Secretary of State for Public Administrations. Delegated Intervention. Ministry of Finance and Public Administrations." There is no bell, just a box for entering a code.
Over 800 State Properties Unused Across Spain
This apartment is part of a list of over 800 state-owned properties that the Ministry of Finance has provided to the Transparency Portal, in response to a request regarding known unused assets. Of the 28 properties listed in Madrid, this one is undoubtedly the most notable due to its prime location at the intersection of Serrano and Recoletos.
An employee of a real estate company that has its office in the same building sums up the paradox: "I haven't seen anyone come out of that door for at least ten years. With how sought-after the area is," he shrugs, unable to understand. And while the Salamanca district is experiencing a real estate boom with rising prices and extremely high demand, the State keeps this 'megapartment' unused, neither renting nor selling it.
The situation has generated some discontent among local residents and professionals, who see how a public asset of enormous value remains idle while the housing crisis tightens. "It's a shame," comments a resident of Serrano Street. "It could be used for something, for a school, for a day centre, or even to sell it and raise money for more necessary things."
The Ministry of Finance has not provided explanations as to why it has not been put back on the market for sale or rent. The reality is that, in the very centre of Madrid, a 1,000 square metre apartment continues to wait for a purpose that seems never to arrive.
For the average citizen, this case exemplifies the lack of agility of the Administration in managing its assets. Meanwhile, the apartment remains there, silent, with its sign from the Secretary of State and its noble woods, waiting for someone to finally decide what to do with it.
