Real estate investment in Spain reached €16.383 billion between January and September, up 25% on the same period of 2025 and the highest volume on record for the first nine months of the year, according to CBRE. The figure exceeds other years of strong activity, such as 2022, with €14.6 billion, and 2018, with €14 billion.
The third quarter contributed €4.199 billion. Unlike the first half, which was marked by large deals, activity between July and September was driven by a higher number of mid-sized transactions spread across more sectors. Corporate deals totalled more than €2.8 billion, compared with an annual average of €2.1 billion over the past five years, but even excluding them, the market grew by more than 30% year-on-year.
CBRE maintains its forecast that investment will close 2026 up more than 15%, above the 5% to 10% range it expected at the start of the year. Across Iberia, investment grew by 22% to September, with increases of 25% in Spain and 6% in Portugal.
“We are seeing greater diversification of investment by sector, location and investor profile”, noted Miriam Goicoechea, Head of Research at CBRE Iberia, adding that growth is extending beyond large corporate deals.
Living and hotels attract more than half of capital
Living was once again the main destination for investment, with €5.856 billion, 36% of the total and up 56% on January to September 2025. The volume is also 89% above the average for the same period between 2022 and 2025. The Fidere and Hoop-Ares deals contributed around €2 billion, while Madrid attracted 67% of the capital invested in the segment.
Within living, multifamily accounted for €3.916 billion, student housing for €1.27 billion, flex living for €618 million and senior living for €50 million. CBRE warns that uncertainty could slow residential rental activity in the final quarter, although the volume to date already exceeds previous annual records.
Hotels ranked second, with €2.922 billion, or 18% of investment, bringing living and hotels together to 54% of the total. Four and five-star hotels accounted for 81% of deals, while urban hotels attracted 52% of capital. Madrid led the segment with €800 million, followed by the Balearic Islands with €566 million and the Canary Islands with €382 million.
Retail and offices continue to grow
Retail attracted €2.452 billion, 15% of the total and up 25% year-on-year. Investment was supported by strong consumer spending, tourism and brand demand, with particular interest in dominant shopping centres and retail parks.
Alternatives and healthcare totalled around €1.979 billion, 12% of the market and 94% above the average for the first nine months of 2022 to 2025. Activity was driven by deals including the Cofinimmo-Aedifica integration and the sports and mixed-use project around the Metropolitano stadium. In healthcare, activity remains focused on care homes, with greenfield developments playing a growing role.
Office investment reached €1.962 billion, up 21% on the same period of 2025. Including owner-occupier purchases of €165 million and change-of-use deals of €372 million, total activity in the segment comes to around €2.5 billion. Industrial and logistics exceeded €1.2 billion, in a market with take-up close to record levels, low availability and rental growth in the main hubs.
Madrid and Barcelona account for 61%
Madrid attracted around €8 billion, 48% of the total, and Barcelona €2.1 billion, 13%. Other markets accounted for around 40%, in line with the average of the past five years. Andalusia recorded €1.3 billion, the Valencia region €871 million, the Balearic Islands €579 million and the Canary Islands €383 million.
By investor type, institutions accounted for 26% of capital, followed by socimis (Spanish REITs) with 17% and asset managers with 14%. Family offices and private investors made up 6%. Domestic capital accounted for half of total investment, ahead of Canadian and US capital.
