Investment Volume Forecast for 2026
According to CBRE’s Real Estate Market Outlook 2026 report, investment in Spain’s real estate sector is projected to increase by 5–10% in 2026, reaching between €19 billion and €21 billion. This growth would mark 2026 as the strongest year for real estate investment in Spain since 2018, potentially surpassing the record investment volume of €20.383 billion.
Growth Drivers and Investment Climate
CBRE anticipates favorable market conditions fueled by robust domestic demand, stable interest rates around 2%, and improved financing accessibility. These factors are expected to push investment beyond the €18.4 billion attracted in 2025. Despite ongoing geopolitical and economic uncertainties, Spain remains well-positioned to draw capital across both traditional and alternative real estate segments.
Housing, Rental Demand, and Structural Supply Shortage
Housing is forecasted to remain the primary driver of real estate investment in Spain, supported by strong rental demand and significant institutional interest. The Build to Rent segment will focus primarily on projects incorporating affordable housing components, while alternative formats such as student housing continue to expand and diversify the market.
Following record results in 2025, the residential sector is expected to enter a more balanced phase in 2026. A structural shortage of over 700,000 housing units, with an anticipated annual increase of 150,000 to 200,000 units, will continue to exert upward pressure on prices, though growth is expected to moderate to single-digit percentages.
This environment enhances the attractiveness of transformation strategies, such as converting rental units into properties for sale, especially in a market constrained by limited land availability, complex regulations, and rising costs and labor challenges. Additionally, prime housing will continue to polarize the market between affordable and luxury segments. The delivery of new projects in 2026 is expected to expand supply, improve affordability, and respond to evolving residential preferences.
Office Market: Madrid and Barcelona
Offices have become crucial in attracting and retaining talent, reinforcing their role as hubs for innovation and collaboration. CBRE expects office market activity to improve in both Madrid and Barcelona in 2026, where vacancy rates in key business districts remain below 4%, and rents are rising for high-quality buildings.
Hotels and Tourism
Spain’s hotel sector continues to be one of the most attractive in Europe. For 2026, positive prospects are anticipated despite more moderate tourist growth, supported by increased spending per visitor and sustained dynamic investment. Interest will focus on less mature destinations, redevelopment and mixed-use projects, as well as expanding segments such as luxury, ultra-luxury, and budget accommodations.
Retail Sector
The retail sector is also on an upward trajectory, buoyed by rising private consumption and record tourism figures. Since 2021, footfall and sales volumes have steadily increased. The most competitive retail assets will be those that have upgraded their spaces and prioritized enhanced customer experiences, effectively adapting to evolving consumer needs and preferences.
Logistics
In logistics, demand is expected to remain stable in major hubs, although supply constraints will persist following a record absorption of over 2.7 million m² in 2025. This combination of steady demand and limited availability is prompting tenants to reconsider expansion strategies, emphasizing more efficient, flexible solutions and longer-term planning.
Alternative Assets: Data Centres, Healthcare, Sports, and Infrastructure
CBRE highlights the growing importance of alternative asset classes such as data centres, healthcare, sports facilities, and infrastructure. After a consolidation phase in 2025, these high-potential sectors are entering a decisive growth stage, driven by structural trends including population aging, digitalization, artificial intelligence expansion, and the increasing significance of critical infrastructure.
- Data centres are scaling up and maturing, supported by rising AI-related demand. While Madrid remains a strategic hub, new locations with better energy access are emerging.
- The healthcare sector is expected to gain further prominence in 2026 due to demographic aging and infrastructure adaptation needs. Care-related assets, particularly nursing homes, will continue to dominate, with growing momentum in hospitals and Life Sciences, especially in Madrid and Barcelona.
- Investment in sports infrastructure, including stadiums and multi-use facilities, is increasing, fostering more active communities. Infrastructure assets such as parking facilities are also gaining importance in shaping future urban mobility through digital solutions.