Investment in healthcare real estate in Spain exceeded €900 million in the first nine months of 2026, according to preliminary data from CBRE. That is around 67% of the total recorded in the whole of last year. In 2025, the market reached a record €1.416 billion, up 229% year-on-year and more than five times the 2020 figure.
Care homes continue to account for most of the activity. In the first half of the year, they attracted around €737 million, more than 80% of the capital invested in the sector over the period. According to the consultancy, this reflects demand for care places, stable income and the potential to expand portfolios through new developments and acquisitions.
Spain’s growth is also visible in its share of the European market. According to CBRE’s European Healthcare Real Estate 2026 report, Spain received 16% of European healthcare real estate investment in the first half of the year, when volumes across the continent reached €5.6 billion, up 27% year-on-year. Since 2019, Spain’s share has been around 7%, similar to the Netherlands and ahead of France, Belgium and Italy. The UK and Germany still lead in cumulative activity, with 31% and 19% respectively.
CBRE estimates that Spain has a shortfall of 100,000 care home places, which could rise to 250,000 in the coming years as the population ages. This need for more supply comes in a fragmented and less institutional market than in other European countries, where the consultancy expects further corporate deals and consolidation.
“Spain has some of the main growth drivers investors are looking for: strong structural demand, an infrastructure shortfall, increasingly professional operators and a growing need for investment to adapt healthcare and care provision to the population’s needs”, explained Nuria Ochoa, Senior Director and Head of Healthcare & Life Sciences at CBRE.
The firm puts healthcare at around 10% of total real estate investment in Spain. It links the sector’s long-term growth both to residential care needs and to demand for hospitals, specialist clinics and outpatient centres.
In the hospital segment, the report highlights the growth of private health insurance, from 11 million policyholders in 2020 to more than 12.8 million in 2025, around 26% of the population. CBRE attributes this to longer waiting lists, capacity constraints in the public system and higher demand for care. Spain also has around three hospital beds per 1,000 inhabitants, compared with an EU average of 4.7. The consultancy sees investment opportunities in hospitals and other specialist facilities to meet these needs.
Beyond care, Madrid and Barcelona are home to Spain’s main life sciences hubs. The presence of hospitals, universities, research centres and biotech companies, along with R&D investment, is driving demand for laboratories and specialist scientific facilities.
