Real estate investment in Spain could grow between 5% and 10% in 2026, after closing 2025 with more than €18.4 billion, representing an increase of 31% compared to 2024 and the highest volume recorded since 2018. This is according to the Real Estate Market Outlook 2026 report prepared by CBRE, which places the total volume forecast for the coming year between €19 billion and €21 billion.
The analysis points to an environment of greater visibility for investment decisions, supported by stable interest rates of around 2% and improved financing conditions. This context is favouring the revival of both traditional banking and alternative lenders, in a scenario in which the Spanish economy will continue to grow at a faster rate than the Eurozone.
The consultancy firm also points to a gradual revival of core capital, after a period dominated by private capital, as well as a sustained flow of corporate transactions that will help to boost the market. In this context, Paloma Relinque, head of Capital Markets at CBRE, explains that "the Spanish real estate market is starting 2026 conditioned by global macro trends and certain structural imbalances, but with asset performance that, in many cases, is exceeding expectations".
According to Relinque, factors such as product quality, asset repositioning and ESG criteria will continue to influence the attraction of capital, in a year marked by greater liquidity and new social and technological needs that are broadening the range of investment opportunities.
Along the same lines, Miriam Goicoechea, head of Research at CBRE Iberia, points out that Spain "will once again lead European growth in an environment of monetary stability," although she warns that the geopolitical and economic context will continue to condition the pace of activity. Even so, the firm's forecasts point to positive developments supported by solid fundamentals in the main segments.
Prime yields and traditional segments
The report forecasts that prime yields will remain stable throughout 2026 in the main segments, with occasional adjustments in core assets and prime locations. Product scarcity and macroeconomic volatility will continue to set the pace for market recovery.
Living will continue to be the main destination for capital, driven by structural rental demand and institutional investor interest. In the Build to Rent segment, investment will be particularly focused on projects with an affordable component, while alternative formulas—such as student residences, flex living and senior living—will continue to gain ground. The structural housing deficit, estimated at more than 700,000 units, together with an annual need for between 150,000 and 200,000 new homes, will keep pressure on prices, albeit with more moderate, single-digit growth.
In offices, combined take-up in Madrid and Barcelona exceeded 810,000 sqm in 2025. Barcelona recorded an increase of 15%, while Madrid experienced an adjustment of 6%. Looking ahead to 2026, CBRE anticipates an improvement in activity, with availability below 4% in business districts and an increase in rents in higher quality buildings. The lack of space in central areas is driving the development of areas undergoing transformation, such as 22@ in Barcelona and the area around the M-30 in Madrid.
The hotel sector will remain attractive to investors this year, with Spain positioned among the top European destinations. The forecast points to more moderate growth in tourist arrivals, offset by higher spending per visitor and interest in conversion projects, mixed-use developments and less mature destinations.
In logistics, the market closed 2025 with take-up exceeding 2.7 million sqm, an all-time high. Madrid once again exceeded one million sqm and Barcelona reached nearly 600,000 sqm, constrained by limited availability. Demand is expected to remain strong in the new financial year, although the lack of supply will continue to influence occupiers' expansion strategies.
Retail will continue the positive trend observed since 2021, supported by private consumption and high levels of tourism. Footfall and sales continue to rise, which is favouring occupancy and the operational performance of assets, with a growing differentiation between the most competitive and the rest.
Consolidation of alternative segments
The report highlights that segments such as data centres, healthcare, agribusiness, life sciences and sports will enter a phase of consolidation in 2026, following the progress made in 2025. In the case of data centres, demand associated with the development of artificial intelligence is driving larger-scale projects, with Madrid as the main hub and the emergence of new centres linked to energy access.
Healthcare will continue to gain importance due to the ageing population and the need to adapt healthcare infrastructure, while agribusiness is consolidating its position as a strategic area in the face of growing global demand for food. At the same time, investment in sports infrastructure and assets linked to urban mobility, such as car parks, is moving towards mixed-use models and more efficient and digitised solutions.
