Property investment in the healthcare sector reached €471 million in Spain during the first quarter of 2026, according to data from JLL. This figure represents the highest volume recorded for this period in the historical series and marks a 1,029% increase compared with the same quarter of the previous year.
The sector, which encompasses medical facilities and hospitals, continues to attract investor interest due to the imbalance between supply and demand, the ageing population and the professionalisation of operators.
Across the EMEA region as a whole, investment in healthcare grew by 28.3% in 2025, while Spain ranked as the fourth-largest European market by investment volume.
Notable transactions impacting the Spanish market include the merger between Cofinimmo and Aedifica and the acquisition of ISEMIA by TwentyTwo Real Estate and Farallon Capital. Although both transactions were pan-European in scope, their presence in Spain helped to boost the volume recorded in the domestic market to €471 million.
Paola Erhardt, Head of Living at JLL Spain, attributes investor interest to the imbalance between supply and demand and to the sector’s growing professionalisation. The care home sector remains one of the main areas of interest for investors. Spain currently has around 10.3 million people aged over 65 and a total of approximately 413,000 beds, putting the coverage rate at around 4%, below the 5% benchmark.
To maintain current coverage levels and move closer to that threshold, around 240,000 new beds will need to be added over the next decade. According to JLL’s estimates, meeting this demand will require an investment of between €16,000 and €19,000 million.
The market remains highly fragmented. The ten leading operators of care homes for the elderly in Spain – DomusVi, Vitalia Home, Ballesol, Grupo EMEIS, Sanitas, Clece, Caser Residencial, La Saleta, Albertia and Savia – account for around 20% of the existing supply. This fragmentation may encourage further consolidation and the entry of specialised platforms and institutional investors.
The hospital segment is also gaining prominence within the healthcare sector. Pressure on the public healthcare system, an ageing population and rising private spending are driving the development of new healthcare infrastructure.
Waiting lists average 101 days in Spain, while private spending accounts for around 30% of total healthcare expenditure. At the same time, private health insurance now covers 25.9% of the population, following a decade of sustained growth.
According to data compiled by JLL, there are currently more than 70 hospital projects at various stages of development in Spain, which will add more than 10,000 new beds to the healthcare system over the coming years. Operators with facilities under development include Quirónsalud, HM Hospitales and Vithas.
