Real Estate Investment, market data - Figures fourth quarter 2025 Spain

Real estate investment in Spain closed 2025 with exceptional results, exceeding €18.45 billion, 31% more than in 2024, consolidating itself as the best year since 2018. The fourth quarter ranked among the top three in the historical series, driven by large corporate transactions in alternative segments.

Domestic investors remained the main players in the market, accounting for almost 50% of the total volume, followed by US capital (15%) and British capital (8%). In geographical terms, Madrid and Barcelona together accounted for 58% of total investment (36% and 22%, respectively), while secondary locations, particularly the Valencian Community, Andalusia and the Canary Islands, accounted for 42%, in line with the average for the last five years.

Living, Hotels and Retail accounted for more than two-thirds of investment

The 2025 financial year confirmed a rebalancing of the market with strong multi-sector momentum. Living led real estate investment in Spain, exceeding €5.4 billion (29%), driven by the Multifamily and student residence segments. The hotel sector closed with €4.2 billion (23%), its second-best historical record, followed by Retail, which reached €2.8 billion (15%).

The healthcare and alternative sectors totalled €2.5 billion (14%), bolstered by transactions involving healthcare assets, schools and infrastructure. The office sector recorded more than €2.2 billion (12%), with transactions in Madrid's CBD standing out. Industrial & Logistics reached €1.3 billion (7%), although still below the historical average, the greater availability of product anticipates a recovery in 2026.

Prime yields showed signs of stabilisation, with slight adjustments in certain sectors and renewed interest in core assets in prime locations. By 2026, investment growth of +5/+10% is forecast, supported by the strength shown in 2025, improved investor sentiment and the progress of corporate transactions already underway.