Healthcare: The Real Estate Bet Gaining Ground in the Spanish Market
Healthcare is the real estate investment focus within the healthcare sector, reaching record figures in Spain. According to the latest report “Healthcare in Spain” by Colliers, the total investment volume in 2024 reached €628 million, distributed across nursing homes, hospitals, and senior living facilities. This market has experienced remarkable growth in recent years, driven by a more favorable macroeconomic environment, an aging population, and the arrival of new investors attracted by the healthcare sector’s resilience in the face of potential economic crises.
By the first quarter of 2025, aggregate investment is approaching €180 million, confirming the strong positive momentum of the Healthcare segment. This dynamism, if sustained, could push investment beyond €700 million, according to the consultancy firm.
Nursing Homes: A Market in Constant Expansion
This subsegment leads the healthcare market, with over €404 million invested since January 2024, representing approximately two-thirds of the total. Sustained growth is evident in the increase of 22,000 beds since 2018, reaching 399,000 operational beds in 2024, which represents a 6% increase in total supply.
However, the coverage rate remains insufficient: it stands at 4.02%, below the 5% minimum recommended by the WHO, highlighting a structural shortfall that requires continued investment attention. Additionally, to maintain the current rate through 2030, around 20,000 beds will need to be added over the next three years.
Among the most notable transactions, according to the report, is the entry of the Azora fund—through its Romano Senior vehicle—with the acquisition of 15 residences and over 2,000 beds in high-density urban areas. In the first quarter of 2025, two new deals have already been closed with Sanitas Mayores, adding 223 beds to its portfolio.
“Demand for these types of healthcare assets will continue to grow, driven by an aging population and the need to modernize existing facilities. Investment prospects for 2025 are significantly optimistic,” states Laura Díaz, Director of Healthcare at Colliers.
Hospitals: Record Investment in Private Hospitals
Investment in hospitals reached €174 million in 2024, and is expected to exceed €100 million in the first quarter of 2025 alone. This growth is directly tied to the democratization of private health insurance, which now covers 26% of the Spanish population.
The need for expansion is evident: by 2030, 4,000 new private hospital beds are expected to be added. Just to maintain current coverage, 18 new hospitals would need to be built, requiring an investment of €1 billion.
The trend is clear: new construction dominates, especially in high-income areas such as Madrid, Catalonia, and the Balearic Islands, where private health insurance usage is highest.
“Hospital investment reflects two key trends: the scarcity of hospital groups and the concentration in higher-income areas. This shows a preference for new developments in strategic locations,” adds Laura Díaz.
Senior Living: Future Potential
Senior Living is establishing itself as an increasingly viable alternative to traditional nursing homes, especially among the older foreign population choosing Spain as a retirement destination. The growth outlook is ambitious: 8,000 operational beds are expected by 2030.
In 2024, joint ventures totaling more than €600 million were announced to develop over 2,000 apartments, although effective investment amounted to just €50 million. This reflects a gap between investor interest and actual execution.
The main barriers remain the immaturity of the market and the shortage of specialized operators, unlike countries such as the U.S., the U.K., or France.
“Despite the announcements, most projects have yet to materialize. The potential is there, but raising capital and attracting experienced operators is still necessary,” notes Díaz.
Colliers forecasts the supply will double by 2030, driven by the aging population, which is projected to reach 26% by 2037 according to INE data. The consultancy indicates that more than €600 million worth of projects are in the pipeline in this segment. And despite the lack of specialized operators—unlike the U.S., U.K., or France—the Spanish market holds great potential.
Outlook for 2025
Spain’s healthcare real estate sector is therefore on an upward trajectory. With total investment potentially exceeding €700 million in 2025, the Healthcare sector is increasingly attractive to investors due to its resilience and direct connection to long-term demographic trends.
