November proved to be a dynamic month for the Madrid region, confirming both the depth of investor appetite and the city’s capacity to attract capital across multiple asset classes. According to Iberian Property estimates, 43% of the total volume of investment in Spanish real estate was channeled to Madrid during November. The market combined solid transactional activity with the launch of major sales processes and several milestones in the development pipeline sends a clear signal that Madrid remains one of Europe’s most liquid and resilient investment destinations.
The living sector set the tone, anchored by the closing of Acciona’s large residential portfolio sale to Argis. The €324 million transaction, one of the year’s largest, included more than 1,000 homes nationwide, with around €130 million attributable to Madrid assets alone. These include a cluster of seven buildings in Tetuán and a substantial project near Herrera Oria – both areas where residential demand continues to outpace supply. The deal underscores the strength of Madrid’s multifamily fundamentals and confirms Argis as one of the most active buyers in Spain’s residential market this year.
Complementing this headline transaction, November also saw a series of mid-cap residential trades - Impar Capital expanded its presence in the city with the acquisition of a building in Malasaña for €16 million, while private investors purchased Persépolis’ newly delivered tourist apartment building in Palos de Moguer for close to €18 million (according to Iberian Property estimates). Ktesios added another block to its affordable rental strategy in Ciempozuelos. These transactions, though smaller in scale, reflect a steady flow of capital into the city’s rental and redevelopment submarkets, driven by strong occupancy and structural demand from both residents and visitors.
The office market also delivered one of the most significant corporate transactions of recent years. Renfe finalised its €109 million acquisition of the Faro Building in Méndez Álvaro, a 13,688 sqm asset fully redeveloped by Ardian and now positioned as the future headquarters of the rail operator. The purchase stands out not only for its size but also for its public-sector nature, and it reinforces Méndez Álvaro’s transformation into one of the capital’s most dynamic business districts. Additional office sales included Santa Catalina 6 – acquired for €31.5 million by Be Grand and Admara Capital, who intend to reposition the historic property into luxury residences – and two divestments by Meridia in the MADBIT district, together reflecting continued investor interest in well-located assets with repositioning potential.
Beyond completed trades, several large portfolios entered exclusivity or advanced in due diligence, signalling a potentially active December. Blackstone’s exclusive negotiations with CapitaLand for the €130 million Alba logistics portfolio place Madrid’s Torrejón de Ardoz submarket once more in the spotlight, at a moment when logistics investment has slowed across Europe. Meanwhile, Harrison Street progressed with the €140 million acquisition of a 1,400-bed student housing portfolio across four cities, including Madrid. Mapfre is also in advanced negotiations to acquire Acciona’s fully refurbished Ombú offices in Méndez Álvaro for around €110 million, a transaction that would add further weight to the district’s growing appeal among institutional investors.
There were also several relevant movements on the development and land fronts. Dazia Capital secured two plots in Ermita del Santo for €50 million, reinforcing the surge of regeneration-led investment in the Latina district. The approval of Valgrande in Alcobendas – one of Spain’s largest urban developments, with 8,600 future homes and a total investment of €2.3 billion – marked a pivotal moment for the northern Madrid market and will shape residential supply for the next decade. On the occupier side, IWG’s opening of its 12,000 sqm Spaces Bernabéu centre highlighted continued demand for premium flexible workspace near the city’s most strategic hubs.
Taken together, November’s activity demonstrates that Madrid is ending 2025 with a level of transactional energy and buyer landscape diverse, ranging from institutional heavyweights to a wide spectrum of private investors and international developers.
Looking ahead, several significant closings may still land before year-end, particularly within the logistics and hotel segments, where high-profile assets such as the Aloft Gran Vía portfolio have already entered the market. If these transactions materialise, December could consolidate 2025 as the year in which Madrid regained its position as one of Europe’s most compelling real estate investment hubs — a market characterised by strong demographic momentum, robust occupier demand and an increasingly ambitious urban development pipeline.
*disclaimer: Iberian Property followed the criteria of date of deals announcement, the official signing & conclusion might be subject to due diligence processes.