The Iberian Peninsula accounted for 17% of retail investment in Europe during the first quarter of 2026, with a combined volume of €1.263 billion transacted between Spain and Portugal, according to JLL data. This figure places both markets ahead of the United Kingdom, with €1.225 billion, and Germany, with €1.129 billion.
Spain recorded €1.044 billion in retail investment between January and March, equivalent to 14% of the European total. This volume places it ahead of France, with €865 million, and Italy, with €1.027 billion. Portugal contributed another €219 million, 3% of the European volume.
The consulting firm attributes investor interest in both markets to factors such as their distance from hotspots of geopolitical instability, GDP growth above the European average, the importance of tourism, and demographic trends.
“The Iberian Peninsula is one of the most attractive markets for retail investment in Europe. Institutional capital, investment managers, and private wealth managers are closely monitoring the sector. Together, these two markets offer the critical mass, stability, and fundamentals needed to lead capital raising in Europe. The Spanish and Portuguese markets are also moving toward greater integration, and an increasing number of investors and managers are creating Iberian asset platforms”, noted Augusto Lobo, Director of Capital Markets Retail Iberia at JLL.
Shopping centres account for 65% of retail investment in Spain
In the Spanish market, shopping centres once again emerged as the primary asset class for retail investors. Between January and March, they reached €677 million in transaction volume, 6% more than in the first quarter of the previous year, and accounted for 65% of the total volume invested in the sector. Transactions during the quarter included the acquisitions of Islazul, Berceo, and Parque Astur, the latter brokered by JLL.
In the high street segment, the transaction volume was €14 million. Although these assets continue to attract investor interest, activity was limited by the scarcity of available properties on major shopping streets.
Meanwhile, investment in retail parks rose by 20%, reaching €136 million. Notable transactions in this segment included Redevco’s purchase of the Cemar, Ferrol, and Meixueiro retail parks, as well as Ares’ acquisition of the Janer retail park.
JLL forecasts that shopping centres and retail parks will continue to attract investor interest over the coming months, alongside growing interest in the supermarket segment. Activity will be driven primarily by fund managers and private investors, although the consulting firm also points to increased participation from institutional investors.
If the trend seen in the first quarter continues, the annual volume of retail investment in Spain could reach around 3.8 billion euros, according to JLL’s forecasts.
