Property investment in Spain will exceed €10 billion in the first half of 2026, 50% more than in the same period last year, according to figures compiled by JLL. The consultancy noted that this will be the highest volume recorded in a first half of the year in its historical series.
This growth is taking place against an international backdrop marked by geopolitical uncertainty, although JLL noticed that the Spanish economy is weathering its effects better than other neighbouring economies. GDP growth, population growth in major urban areas, the attraction of international talent and demographic ageing are among the factors underpinning investment activity.
Juan Manuel Pardo, Head of Capital Markets at JLL Spain, explained that “these figures reflect the success of a market position built up over many years and confirm Spain’s status as one of the most attractive and resilient markets in Europe. The country’s robust economic growth, which exceeds the European average, coupled with strong demographic and economic fundamentals, continues to attract international capital. Even in an environment marked by geopolitical uncertainty and volatility in financing costs, investors see Spain as offering a combination of stability, growth and opportunities, cementing its status as a strategic destination for global capital”.
The residential segment accounts for the largest volume, with over €4.375 billion, representing 44% of the total. Within this category, the multifamily sector recorded a 625% increase compared to the first half of 2025, driven by eight transactions exceeding €100 million.
Transactions during the period included the acquisition of 5,000 homes by Brookfield for over €1 billion, and the purchase of another portfolio by Hoopp, Healthcare of Ontario Pension Plan, for over €600 million. Affordable housing, meanwhile, exceeded €800 million in six months, representing an annual high already reached in the first half of the financial year.
Within the residential sector, healthcare properties are valued at €485 million, up 47% on the previous year. Investor interest remains linked to the ageing population, although the lack of properties for sale and the gap between buyers’ and sellers’ expectations are limiting the number of deals being closed.
Student accommodation, or PBSA, totals €201 million, down 14%, a decline that JLL attributed to a shortage of available stock rather than lower investor demand. Flex living reaches €176 million, up 71%, with activity in both operational assets and land, as well as office conversions.
Office investment will reach €1.792 billion in the first half of the year, 5% more than a year earlier. Barcelona accounts for around 45% of the sector’s volume, with year-on-year growth of over 30%, driven by the Estel building transaction, closed for €385 million during the first quarter.
Retail will total €1.675 billion, 11% more than between January and June 2025. Shopping centres account for 51% of the volume, with transactions such as Ares’ purchase of a portfolio of retail parks from Castellana Properties for €279 million.
Logistics will also see its volume rise to €779 million. Transactions involving large portfolios account for 40% of investment in the segment, with deals such as Ares’ purchase of Project ACE or M7 Real Estate’s acquisition of the Pine portfolio.
The hotel sector is set to reach €1.431 billion, 14% less than in the first half of 2025, although it will still account for 14% of total investment. Notable transactions during the period include the acquisition of a holiday portfolio by Calena Partners for €200 million, and the purchase of the Travelodge Poblenou hotel by M&G for €50 million.
