Spain’s residential real estate sector is on the brink of a “flex living” boom, with the number of flexible accommodation units expected to more than double over the next four years to exceed 38,000 by 2028. Global real estate consultancy JLL forecasts that investment in Spain’s flex living segment will reach €500 million by the end of 2025, setting the stage for even greater activity in 2026 and beyond as new players enter the market and large-scale deals are signed.
Flex Living Accelerates: Numbers and Investment
JLL projects 2025 will close with around 19,089 operational flex living beds—accommodation that combines flexibility of tenure with services attractive to young professionals, students, and digital nomads. An additional 19,627 beds are firmly in the development pipeline, poised to be delivered by 2028. By then, Spain will host 38,716 beds distributed across 431 buildings—surpassing the current flex living bed count in more mature markets like France and the UK, which each boast about 17,000 beds.
Laura Caballero, JLL’s director of research & strategy and head of the firm’s Barcelona office, highlights “the strong combination of scarcity and opportunity,” which is driving Spain’s remarkable growth compared to other European nations. The pipeline expansion represents a potential additional investment of over €1.5 billion, with units averaging €80,000 apiece.
Who’s Leading the Market? A Shift in Players
Currently, five key operators manage most of Spain’s flex living beds:
- Be Casa (21%)
- Livensa Living (18%)
- Cotown (8%)
- SmartRental (7%)
- Node Living (7%)
The remaining 47% is managed by various smaller players.
However, JLL notes that market leadership is shifting. Among the new beds in the pipeline, emerging names are gaining ground:
- The Flexy Living (22%)
- Kora (11%)
- Warm (10%)
- Be Casa (5%)
- Nuva Living (4%)
- 48% by other operators
JLL also points to the market’s increasing diversity and consolidation as new investors and platforms eye opportunities, expecting fierce competition and innovative offerings ahead.
Major Deals and Investment Highlights
A standout investment example is Greystar’s acquisition of 2,000 units—formerly owned by Bain Capital—for around €300 million. These developments are located in prime municipalities such as Alcobendas (Madrid), Barakaldo (Vizcaya), and Sant Cugat del Vallés (Barcelona). Additionally, GMP’s €Bext Vallecas acquisition from M&G and Stoneweg set a benchmark for the market, recording a prime yield of 5.25%.
In terms of capital share among current players:
- Greystar controls 23% of beds
- Cppib, 10%
- Patrón Capital, 8%
- SmartRental, 7%
- Bain Capital, 5%
- Others, 47%
Meanwhile, Stoneshield stands out among pipeline investors, poised for explosive growth from 170 to 4,321 units, with other significant players including Kategora, Dazia-Aermont, and Twin Peaks Capital.
Where Is Flex Living Growing Fastest?
Spain’s largest cities are leading both population and investment growth. Madrid alone accounts for 60% of operational beds (11,375) and boasts 72% of units under construction, with neighborhoods like Valdebebas and Sanchinarro in demand. Barcelona offers nearly 3,300 operational beds and has 1,800 more in development. Valencia is also expanding, with its stock set to rise beyond 2,500 beds.
It’s not just the big cities—sought-after sun-and-beach destinations (Malaga, Alicante), university cities (Seville, Pamplona), and northern hotspots (Guipúzcoa) are seeing new developments. Malaga, for example, will nearly double its offering, adding 1,300 new beds; Alicante, Guipúzcoa, Seville, and Pamplona are also ramping up supply, capturing both domestic and international demand.
As Spain’s flex living market heads into a phase of unprecedented growth, both investors and residents can expect more choices, higher quality, and a rapidly diversifying sector. Stay tuned for updates on Spain’s evolving residential landscape.
