Investment from Latin America in the Spanish real estate sector has experienced significant growth in recent years, reaching its highest volume on record in 2024, with 523 million euros transacted. According to CBRE data, this figure represents an increase of 200% compared to the 173 million recorded in 2023 and represents 3.7% of total investment in the Spanish real estate market, the highest percentage to date.
Since 2019, Latin American capital has injected more than €1.75 billion into the sector in Spain, with Madrid as the main destination. The Spanish capital has concentrated more than 60% of the total investment since 2019 (€1.125 billion) and in 2024 absorbed more than 75% of the annual volume, with close to €400 million. Other notable locations have been the Balearic Islands and Andalusia, in addition to investments in portfolios with assets spread across several locations.
The analysis of the investment sectors shows that offices were the main asset type in 2024, with 50% of the total Latin American capital invested in Spain. This was followed by hotels (21%), retail (18%) and the living sector (11%). In cumulative terms since 2019, the hotel sector has been the most attractive, concentrating €709 million, equivalent to 40% of the total, while offices have attracted €550 million in the last six years. Retail investment reached €321 million, driven by the acquisition of shopping centres, while the BTS residential segment has begun to gain prominence, with €179 million invested.
In addition to the investment in profitable assets, there was an increase in the sale and purchase of residential properties by Latin American investors, especially in luxury residential refurbishment projects. Madrid, within the M-30, has concentrated all transactions of this type in 2024.
Brazil and Mexico, the main players in the market
By origin of capital, Brazil (43%) and Mexico (40%) led Latin American investment in Spain in 2024, followed by Venezuela (15%). In the cumulative figure since 2019, Mexico has been the largest investor, with €1,003 million, followed by Brazil with €340 million. Argentina, although it reduced its investment in 2024, has reached a total volume of 287 million euros in this period. For its part, Venezuela has increased its transactional activity in the last year, while Chile and Peru have maintained a reduced presence, with less than €30 million invested since 2019.
Five large transactions in excess of €100m have accounted for half of the investment volume since 2019. These include Safra's takeover bid for Árima in 2023. CBRE has participated in several recent transactions, such as the sale of the Zurich Seguros building on Calle Alcalá to Besant Capital, advising Admara Capital and BeGrand on the purchase of a property in Antonio Maura for luxury housing, the purchase of three shopping centres by the Mexican group Cojab or the sale of premises on Calle Fuencarral 77 in Madrid to a private investor managed by Elcano IM.
According to Miguel Moraes-Palmeiro, director of CBRE's Cross Border Latam-Iberia platform, ‘2025 looks set to be a year of great opportunities for Latin American investors in Spain, with sustained growth in investment and a clear preference for strategic sectors. The combination of a favourable environment and the diversification of investment sources suggests that this flow of capital will continue to strengthen in the coming years’.
CBRE expects Latin American investment in Spain to continue to increase, supported by its Cross Border Latam-Iberia platform, which facilitates capital inflows between the two regions and advises on investment, financing, leasing and real estate portfolio management transactions.
