Discover how Spain’s healthcare property investment soared to €1,358 million in 2025, reflecting strong investor interest and significant market developments.
Spain’s healthcare property investment surged to €1,358 million in 2025, marking a record year for the sector, as highlighted in the Healthcare in Spain report by Colliers.
The consultancy attributes this unprecedented level of investment to a more stable economic environment and underlying factors like an aging population, increased private insurance uptake, and a more professional approach within the industry.
The growing interest from investors, notably from family offices and returning traditional financiers, has led to reduced yields and a heightened demand for prime properties and new projects, especially in areas with significant demographic and insurance demands. Despite reaching this milestone, the sector remains in a phase of structural evolution, necessitating a more discerning and strategic investment approach.
Nursing Homes
Nursing homes once again dominated healthcare investment in 2025, accounting for €867 million, largely propelled by Stepstone and Greykite’s involvement with Vitalia and active participation from family offices in both established assets and new developments.
Current data indicates a coverage ratio of 4.01 beds per 100 people aged 65 and older, below the benchmark, revealing a shortage of 103,000 beds. “The demand for investment in nursing homes stems from a critical unmet need. The key challenge is to expedite new developments in high-demand areas,” states Laura Díaz, Director of Healthcare at Colliers.
Hospitals
The hospital sector experienced significant developments, notably the renewal of the MUFACE 2025-2027 agreement with a budget of €4.808 billion and a consistent rise in private insurance, now covering 13 million people, or 26.5% of the population. Investment in hospital assets reached €411 million in 2025, solidifying the positions of leading operators in their markets. However, projections suggest that the ratio of private hospital beds will drop to 3.68 by 2031, requiring the creation of 5,500 new beds over the next two years, necessitating an annual investment around €1.23 billion to maintain current levels.
Senior Living
The senior living market in Spain is gaining momentum, establishing the country as an appealing destination for European seniors. Currently, there are over 4,000 operational units, but with increasing investment interest and upcoming projects, this capacity could potentially double to 8,000 units within the next five years. In 2025, investments in this sector totaled €80 million, enriched by new residential models and strategic partnerships catering to both urban and coastal preferences.
Investment Outlook
Colliers emphasizes the long-term appeal of the sector, with ongoing investment growth underscoring this trend. Understanding future demands in healthcare, along with identifying uncovered niches—like senior living and mental health—will be crucial for optimizing the risk-return balance in the years to come.
The Spain’s healthcare property investment highs recorded in 2025 affirm the enduring interest in the Spanish healthcare sector. For investors, the challenge will be adeptly reading market demands while implementing operational strategies and selecting locations that consistently provide value.
