In risk management, apart from projecting a base scenario, it is also advisable to never lose sight of what could be the most pessimistic outcome, even if it is unlikely to happen. In this report we outline the top ten risks facing the Spanish residential real estate sector, in other words ‘what could go wrong’ in the coming years. Thus, we analyse the key risk factors that economic agents should keep an eye on going forward, which will allow them to better anticipate unexpected negative developments and give them more time to react.