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The Spanish real estate market recorded a very positive performance throughout the first half of the year, reaching a total investment of €7.3 billion. This figure, highlighted in the latest report by consultancy CBRE, represents a +15% increase compared to the average of the last 10 years (€6.37 billion), and a +22% year-on-year rise. The strong performance this semester was driven by the dynamism of all real estate segments, including office, logistics, retail, hospitality and residential, reflecting a sustained recovery in market activity overall.
Looking ahead to the second half of the year, the consultancy maintains an optimistic outlook and anticipates a further increase in investment volume, which could reach €16 billion by the end of 2025, provided that certain deals currently in advanced negotiation phases are finalised. This forecast supports the idea of a particularly active year, largely driven by macroeconomic growth and investor appetite for real estate assets in strategic locations.
However, the main risk remains the high level of global economic and political uncertainty, as well as ongoing geopolitical tensions, which could affect market performance in the second half of the year.
Living, the main investment destination
In line with these results, the living segment attracted more than €1.72 billion in investment (23% of the total). Moreover, the report showed a shift in purchasing behaviour, moving beyond the borders of Madrid and Barcelona, leading to greater diversification into secondary locations such as Valencia, Alicante, Seville, Guadalajara, or Zaragoza, which gained more prominence.
Still, over 60% of investment remains concentrated in the two main capitals, where land values rose by +4% in Madrid and up to +2% in Barcelona. CBRE forecasts that this trend will continue, “especially in major provincial capitals and coastal areas, due to the severe shortage of ready-to-build land and the increase in new-build housing prices”. The Costa del Sol appreciated by +4%, while prices in the Cantabrian Coast and Levante increased by +3%.
The Build to Rent segment continues to gain ground, with growing demand for long-term rentals boosting the living segment, also supported by the growing focus on sustainable and energy-efficient developments.
Performance by segment
According to the report, the performance of the other segments is as follows:
- Retail ranked second, attracting €1.7 billion between January and June, a +46% increase compared to the same period last year.
- The hospitality sector came in third, with €1.63 billion transacted, accounting for 22% of the total.
- In fourth place were offices, with €1.17 billion, a +40% rise compared to 2024.
- The industrial and logistics segment also saw significant growth, with a +37% year-on-year increase, reaching €550 million.
Retail is adapting to new trends, promoting formats that combine shopping, leisure, and dining, while offices are being revamped to be more flexible, sustainable, and tech-enabled—enhancing their appeal to investors.
Alternative products and Healthcare gain relevance
The report also highlights how the solid performance of the main segments extended to alternative assets, which recorded €180 million in transactions. These assets are becoming increasingly relevant as they adapt quickly to new consumer needs, offering benefits such as flexibility, sustainability, and digitalisation. Noteworthy transactions include student housing and data centres, which are becoming increasingly attractive to investors.
Similarly, the Healthcare segment experienced a significant boost, with more than €400 million invested over the last six months. Assets such as clinics, private hospitals and elderly care homes are seen as a major opportunity amid a growing ageing population and increasing demand for care services. Experts predict sustained growth in these segments, which are expected to gain more weight in the investment mix in the coming years.
Demographic ageing and rising awareness of sustainability and digital technologies are consolidating the importance of these sectors in real estate investment.
