Real estate investment in Catalonia: positive outlook for 2025
Real estate investment in Catalonia is in good health. After the turning point caused by the pandemic, this market experienced notable growth in 2021 and 2022, surpassing €3.5 billion annually. Although 2023 saw a decline, the “Real Estate Market Outlook 2025“ report by CBRE indicates that 2024 closed with a 33% increase, reaching €2.5 billion.
For this year, the consulting firm expects real estate investment in Catalonia to grow between 15% and 20%, potentially reaching a total investment of €3 billion. Low financing costs and the euro’s appeal against the dollar are among the factors driving this renewed momentum. The most prominent segments are expected to be hotels, offices, and logistics, acting as the main growth drivers.
How has real estate investment started in 2025?
Retail
During the first three months of the year, the retail segment accounted for nearly 30% of total real estate investment, with €982 million, according to CBRE. Shopping centers stood out, representing around 70% of the total transaction volume. Trends include the consolidation of physical stores and the expansion of commercial spaces. In Barcelona specifically, the high street market played a key role, with Portal de l’Àngel being the most in-demand street and commanding the highest rents (€265/m²/month), according to Savills.
Offices
Catalonia ended 2024 as a historic year for office investment. The average leased space was 855 m², and major transactions took place—most notably AstraZeneca’s mega-deal involving the 25,000 m² Estel building, which drove total office investment to €1.6 billion. In the first quarter of 2025, however, investment fell year-on-year by 58%, according to JLL. Nonetheless, the firm believes this does not reflect a trend shift, stating that “the strong interest seen in the Catalan market last year has led to a more moderate start to this year” and noting that “deals are on the radar and expected to materialize in the coming months.”
Hotels
Hotel assets continued the strong performance seen in 2024, when they drew €627 million in investment and accounted for up to 25% of total investment in Catalonia. In 2025, Catalonia has so far captured half of all national hotel investment, with €292 million, according to CBRE. This represents a 91% increase over the previous year, with Barcelona leading the way, concentrating 80% of the capital transacted. One notable deal was the €75 million sale of the AC Barcelona Forum hotel.
Logistics
The industrial logistics sector began the year with strong momentum, recording total take-up of 147,673 m² in Q1, according to BNP Paribas Real Estate’s latest report on the region. The firm notes that “demand for logistics space in Catalonia shows renewed dynamism,” with take-up increasing by nearly 60% compared to the same period last year. It also highlights that build-to-suit and self-developed projects were the most sought-after by investors.
Living
Finally, the living segment continues to fall short of meeting more than half of current demand, according to CBRE. As a result, access to homeownership remains very constrained. In this environment, the firm forecasts a price increase of over 5%, with transaction volumes around 680,000 home sales. Meanwhile, property portal Idealista reports that the average home price in May 2025 reached €2,560/m², representing a 6.5% increase over the same period last year.
Barcelona in the spotlight of institutional investors
Regarding the performance of the Catalan capital, Xavier Güell, director of CBRE in Barcelona, affirms that “it continues to climb the ranks and is now among the preferred European cities for institutional investors. This demonstrates the strong outlook for real estate investment in Catalonia.” However, he expressed concern about some uncertainty in the living sector, warning that “excessive regulation and constant regulatory changes are affecting investment.”
