Property investment in Catalonia exceeded €1.5 billion during the first half of 2026, representing the third-highest volume recorded between January and June since 2007, according to data from CBRE. Only the corresponding periods in 2022, when the figure reached €1,899 million, and in 2025, with €1,662 million, recorded higher figures.
Activity was around 40% above the average for the last ten years, driven mainly by the office market, which accounted for more than half of the capital transacted. This segment exceeded €780 million, 40% more than during the first half of 2025 and above the €760 million recorded for the whole of the previous financial year.
Among the largest transactions were the acquisition of the Estel complex for €385 million and the purchase of Torre RBA for over €100 million, both brokered by CBRE through off-market processes. These transactions accounted for a significant proportion of the activity recorded in Barcelona during the period.
Living came second, with more than €200 million invested, a 43% increase year-on-year. Student accommodation accounted for 62% of the segment’s volume, while the shortage of available assets and regulatory uncertainty continued to limit, according to the consultancy firm, the development of new rental housing.
During the half-year, Meridia also acquired two office buildings in Sant Just Desvern with a view to converting them into serviced apartments, a strategy of change of use that is more widespread in Madrid than in the Catalan market.
Retail investment exceeded €190 million, equivalent to more than 70% of all investment in the segment in Catalonia during 2025. Hotels accounted for just over €180 million, with transactions taking place both in Barcelona and in various coastal tourist destinations, while the industrial and logistics market reached nearly €170 million. Alternative and healthcare assets together exceeded €100 million.
This volume reflects an improvement in Barcelona’s standing amongst the European destinations considered by investors. The Catalan capital ranks fourth in CBRE’s European Investor Intentions Survey 2026, behind three other European cities, while Madrid comes in second place.
The survey also ranks Spain as the European market with the highest expectations for property returns amongst the investors surveyed, ahead of the United Kingdom.
For the second half of the year, CBRE forecasts that activity will remain buoyed by transactions currently in the pipeline, the availability of finance and interest in sectors such as offices, retail and hotels. The final outcome will, however, depend on the actual completion of these transactions and the conditions for accessing capital over the coming months.
