CBRE forecasts Spain real estate investment rising 5–10% in 2026 to €19–21bn, driven by living, logistics, hotels and data centres amid stable rates and improved financing.
Spain’s real estate market looks set to keep building momentum in 2026, with consultancy CBRE forecasting a 5–10% increase in investment that would lift total volumes to between €19 billion and €21 billion. That follows a strong 2025 close—more than €18.4 billion invested, up 31% year‑on‑year and the highest total since 2018.
CBRE flags a favourable environment underpinning the outlook: domestic demand, financing conditions that are easing, and interest rates broadly stable around 2%. Those factors, together with a return of core capital and sustained corporate activity, should support continued flows into Spanish property across traditional and alternative sectors.
Living remains the engine of growth. Rising rental demand and robust institutional interest keep residential at the top of investors’ agendas. Build‑to‑rent remains a focus, especially projects with an affordable component, while student housing, flex living and senior living continue to diversify the supply mix. CBRE notes a structural housing deficit of more than 700,000 homes and an anticipated annual delivery of 150,000–200,000 units—conditions that will sustain single‑digit price growth and keep transformation strategies (such as converting rental units to sale) attractive where land and development costs allow.
Logistics also had a banner 2025—absorption topped 2.7 million square metres, with Madrid exceeding one million and Barcelona around 600,000—making the sector a core play for 2026. Limited availability in key hubs is encouraging occupiers to plan earlier and favour more efficient, flexible formats.
Offices are consolidating as strategic assets in talent and innovation strategies. Combined leasing in Madrid and Barcelona surpassed 810,000 square metres in 2025, with Barcelona growing 15% and Madrid registering a modest adjustment. Central business districts maintain very low vacancies (below 4%), pushing demand toward redevelopment zones like 22@ in Barcelona and the edges of Madrid’s M‑30.
The hotel market remains attractive, with Spain consolidating its place among Europe’s top hospitality destinations. CBRE expects continued investment into conversion projects, mixed‑use developments and segments ranging from economic to ultra‑luxury as visitor spending increases even if arrival growth moderates.
High‑potential sectors move to the forefront in 2026. Data centres are scaling up, driven by AI and digitalisation, with Madrid cementing its hub role and new poles emerging where energy and grid access are stronger. Healthcare assets—particularly nursing homes, hospitals and life‑science laboratories—are set to expand alongside demographic pressures. Agribusiness and sports infrastructure (e.g., multi‑use stadia) are also gaining investor attention as strategic, long‑term plays.
Risks remain: product shortages, regulatory complexity, cost and labour tensions, and lingering geopolitical uncertainty could temper the pace of recovery. Still, CBRE expects prime returns to remain broadly stable across main segments, with slight adjustments in core assets and top locations.
In short, Spain enters 2026 with solid fundamentals—financial stability, improving liquidity and diverse investment opportunities—positioning the market to attract capital across traditional and emerging property types.
