Real estate investment in Spain reached €10.868 billion in the first nine months of 2025, an increase of 46% over the same period last year, according to data from BNP Paribas Real Estate. In the third quarter, €3.346 billion was recorded, 37% more than in the same period in 2024. The consultancy firm forecasts that the year will close at around €14 billion, representing annual growth of close to 28%.
The hotel sector accounted for €943 million in the quarter, 28% of the total, with transactions of around €30 million in traditional destinations —the islands, Madrid, Barcelona and the Costa del Sol— and smaller transactions in other locations, mostly involving French SOCIMIs and vehicles.
The living segment totalled €636 million in the quarter, compared to €456 million a year earlier, and represents almost 60% of the cumulative investment in 2025. Of particular note is the interest in rental housing portfolios, future developments and buildings acquired for conversion into rental residences. Madrid and its surrounding area accounted for 62.5% of transactions.
In logistics, investment amounted to €495 million, the highest figure of the year, driven by transactions such as P3 Capital's purchase of a portfolio of platforms in Madrid for €146 million and the acquisition of Mango's logistics complex in Catalonia for €170 million.
The office segment recorded an upturn with €514 million, 64% more than in the same period last year. 80% of the capital was concentrated in Madrid, with transactions such as the purchase of the KOI complex by Mutualidad de la Abogacía and the acquisition of Serrano 240.
The retail sector mobilised €436 million in the quarter and is expected to increase its activity for the rest of the year due to the volume of transactions in advanced stages of negotiation. High street commercial premises continue to attract the interest of private investors, while retail parks and medium-sized commercial properties have been the subject of significant transactions, especially by French SCPIs.
In terms of investor profile, institutional funds accounted for 50% of the volume, mainly in logistics portfolios, rental housing and hotels, while private investors had a greater presence in retail and offices. By origin, French capital led the activity thanks to the dynamism of SCPIs.
