Between January and June 2026, investment in Spanish real estate reached a record €12.034 billion, 59% more than in the same period last year. This is the best first-half result ever recorded, surpassing the previous high of €9.7 billion set in 2022.
Madrid and Barcelona concentrated most investment activity
The largest share of investment activity was concentrated in Madrid and Barcelona – 56%, or €6 billion, and 13%, or €1.4 billion, respectively. Andalusia also stood out with 8%, followed by the Valencian Community with 5%, the Balearic Islands with 5% and the Canary Islands with 3%.
According to CBRE, institutional investors accounted for almost a quarter of investment – 23% – followed by SOCIMIs, specialised listed property investment companies, with 20%, and asset managers with 17%. Spanish investors led the market with almost 50%, ahead of Canadian investors with 17% and US investors with 10%.
CBRE raised its forecast for 2026
At the beginning of 2026, CBRE forecast investment growth of 5–10% for the full financial year. However, activity during the first six months, together with ongoing transactions, led the company to raise its forecast to more than 15%.
This figure could increase further if corporate deals are completed.
The residential sector became the main destination for capital
By market segment, the residential sector led investment volume with more than €4.58 billion, accounting for 38% of the total. It recorded growth of 156% compared with last year. One notable transaction was the sale of 5,000 rental apartments by Fidere, owned by Blackstone, to Brookfield for around €1 billion.
The growth in interest in the residential sector confirms sustained demand for apartments in Spain, rental housing and other living formats.
Hotels, offices and commercial property also attracted major investment
The hotel sector accounted for another €2.09 billion, or 17% of total investment. Offices attracted €1.621 billion – 14% – while commercial property received €1.63 billion, also 14%.
Alternative segments, including universities, car parks, sports complexes and other assets, attracted more than €1.4 billion, or 12%. Industrial and logistics property attracted €690 million, representing 6% of total investment.
This structure confirms the high diversification of the Spanish real estate market and continued investor interest in different types of assets – from housing to hotels, offices, logistics and commercial premises.