Aragón on the radar for investment in housing, and data centers
Aragón is becoming an increasingly sought-after destination for housing investment. Property prices remain more affordable than in other major cities, with strong growth potential, particularly in Zaragoza and its surrounding areas. Alongside the residential market, the logistics sector is also emerging as a key area of development. Having established itself as a hub for major corporate operations, Aragón is set to host a gigafactory for electric vehicle batteries, where the Stellantis-CATL alliance will invest more than €4 billion. At the same time, Aragón is positioning itself as one of the largest data center hubs, largely driven by major investments announced by Amazon Web Services and Microsoft.
The “Aragón Real Estate Market Report,“ led by the Real Estate Market Chair of the University of Zaragoza, quantifies and analyzes the main figures of the sector in the region:
- Residential
Housing transactions in 2024 reached 16,434 operations, an 8.8% increase compared to 2023. As for prices, in the fourth quarter of the year, the average stood at €1,576 per square meter, reflecting a 4% year-on-year increase. Second-hand housing was the main driver of this sector, with an 8.6% increase in transactions. However, the new construction market also showed great resilience, with sales reaching their highest levels in the past ten years.
Experts agree that housing demand will remain strong despite rising prices, driven by strong demand, stable interest rates, and the growing purchasing power of the local population.
- Logistics
The development of logistics infrastructure remains one of the main pillars of Aragón’s real estate sector. In 2024, 717 logistics asset transactions took place, reflecting a 6.3% increase compared to the previous year. The average price stood at €427 per square meter, with a -3.4% decline. The total surface area transacted was 575,171 square meters, marking a 34.8% year-on-year increase.
Many companies have already chosen Aragón as their logistics hub. Giants such as Inditex and Amazon Web Services, along with logistics specialists Dachser and Ontime, have recently announced expansion plans.
- Retail
The retail sector remained stable in 2024, with 1,564 transactions, reflecting a 0.4% positive variation. The total surface area transacted in the past year reached 146,455 square meters, with a -1.9% year-on-year adjustment. One of the most significant ongoing projects is the transformation of the former Plaza Imperial shopping center into the new Plaza Park. With a €56 million investment, the new development is designed as an open-air space with a refreshed commercial offering and green areas, while also updating the cinema facilities and restaurant zones.
- Storage Units and Parking Spaces
These segments have shown mixed trends. Storage unit sales reached 1,989 transactions in the past twelve months, reflecting a 14.2% increase compared to the previous year. In contrast, parking space transactions totaled 6,029, showing a -3.9% decline.
A leader in data center development
Within Spain, Aragón is becoming a key player in the data center industry. A report by real estate consultancy Colliers highlights that this region and the Community of Madrid are the two leading locations for data centers, attracting a significant portion of investments.
The provinces of Zaragoza and Huesca already boast an installed capacity of 108MW IT, thanks to the launch of the first phase of Amazon Web Services (AWS)’s project, which is expected to generate €15.7 billion in economic impact over the coming years, supporting the development of a network of mega data centers in the region. As a result, Aragón is beginning to establish itself as Europe’s new data center hub.
New developments, such as Microsoft’s third facility in Villamayor de Gállego (Zaragoza), along with two additional centers in Parque Tecnológico del Reciclaje and La Muela, will represent a €25 billion investment over the next 10 years.