Spanish REITs rose 18.3% to €31.01bn in 2025, driven by consolidation, diversification and corporate deals. 2026 set to see Fibras arrival and blockchain tokenisation.
Spain’s listed REIT sector closed 2025 with renewed momentum and a clearer strategic profile: combined market capitalisation reached €31,010 million, an 18.3% increase year‑on‑year, according to the X Socimi 2025 Study by ArmanexT. The boost reflects market consolidation, asset rotation and a rise in corporate operations as the sector enters a phase of greater maturity.
Numbers and listings
At year‑end, ArmanexT records 157 listed REITs after 19 new incorporations in 2025 — down from 31 additions in 2024. Of the 19 newcomers, 8 listed on BME Scale Up, 4 on Euronext and 7 on Portfolio. The total value of assets contributed by these listings reached €1,916 million, with Student Property Income alone accounting for €780 million (over 40% of the annual total).
A parallel report by Abbaco Markets (‘Radiography of REITs in Spain’) paints a largely consistent picture: it notes a slightly different headcount of 158 entities and a collective market cap exceeding €29 billion, highlighting a market that has normalised after an exceptional 2024 and become more selective in new listings.
Portfolio composition and capitalization
Investment policies are diversifying. Around 38% of new REITs adopt mixed investment strategies, while residential specialisation represented roughly 24% of 2025 incorporations — evidence of a shift away from pure residential plays toward broader, multi‑asset models. Capital structure remains balanced between domestic and foreign investors.
Capitalisation is skewed toward smaller vehicles: nearly 60% of REITs ended the year with market caps below €50 million, concentrated mainly between €11m and €50m. About 11% stood below €10m and roughly 22% topped €100m, including a notable group with caps above €500m. Nine out of ten listings (90%) were launched with capitalization under €100m — the same share as in 2024 — though 2025 also saw the entry of two new companies exceeding €400m.
Outlook for 2026
Looking ahead, industry analysts expect continuity rather than abrupt change. The market’s growing maturity suggests a normalized pace of incorporations, still favouring smaller, more accessible listed vehicles. Two developments could reshape the landscape in 2026: the likely entry into Spain of Fibras (the Latin American equivalent of REITs), touted for “very attractive” returns, and the CNMV’s approval for Securitize’s blockchain platform — a move that could widen options for tokenised securities and intensify competition among listing venues.
Risks and opportunities
Regulatory and fiscal uncertainty — particularly affecting the residential segment — remains a key risk, but both ArmanexT and Abbaco highlight the sector’s resilience, underpinned by macroeconomic stabilization, high liquidity and the structural appeal of Spanish property. For investors, the message is clear: expect more diversified product offerings, selective new issuances, and growing alternatives such as Fibras and tokenisation tools that could expand access and liquidity in 2026.
Takeaway
2025 marked a consolidation year for Spanish REITs: healthy market growth, fewer but higher‑quality incorporations, and a shift toward mixed, diversified portfolios. The coming year looks set to build on that maturity with new market entrants and technological avenues that may reshape how real estate investments are packaged and traded.
