Property investment in Spain could close 2026 with growth of over 15% compared with the previous year, according to CBRE’s Mid-Year Outlook 2026. This forecast represents a substantial improvement on CBRE’s estimate at the start of the financial year.
CBRE’s data show that property investment reached a record figure of €12,034 million between January and June, 59% more than in the same period the previous year and the best half-year result on record, followed by 2022, with €9,700 million invested in the first half of the year.
At the start of 2026, CBRE had forecast investment growth of between 5% and 10% for the year as a whole. However, the activity observed during the first six months, combined with a solid pipeline of transactions currently in progress, suggests growth of over 15% for the full year, a figure that could rise further if corporate deals are finalised.
CBRE’s European Investor Intentions Survey 2026 ranks Spain as the most attractive country in Europe for property investment, ahead of the United Kingdom.
“Despite global uncertainty, the Spanish property market is demonstrating a resilience that sets it apart from the rest of Europe. The record level of investment recorded in the first half of the year allows us to anticipate growth for 2026 that is well above what was forecast at the start of the year. Spain has established itself as one of the continent’s top destinations for capital, thanks to its sound fundamentals, the depth of its market and a debt and financing market that is among the most dynamic in Europe. The sector is heading into the second half of the year with a solid operational foundation and very active investor demand”, said Miriam Goicoechea, Head of Research for Iberia at CBRE.
Large-scale transactions have been one of the main drivers of investment growth during the first half of the year. Between January and June, seven transactions worth over €300 million were completed, spread across the residential, healthcare, alternative, office and retail sectors, compared with the five recorded in the whole of 2025. There were also 27 transactions worth over €100 million, almost double the figure for the same period last year, when 15 were recorded.
Madrid and Barcelona accounted for the bulk of investment activity, with 56% (€6,000 million) and 13% (€1,400 million) of the total, respectively. However, investment remains widely distributed across the country and reaches significant levels in other markets. Notable regions include Andalusia (8% of the total invested), the Valencian Community (5%), the Balearic Islands (5%) and the Canary Islands (3%).
In terms of buyer profile, institutional capital consolidated its position this year as the main player in the Spanish market, accounting for nearly a quarter of investment (23%), driven by corporate transactions. They are followed by SOCIMI's, which gained prominence to reach 20%, and asset managers, with 17%. Domestic investors led the market with almost half of the total volume invested, ahead of Canadian capital (17%) and US capital (10%).
Residential property remains the main investment destination
Residential property led property investment in Spain in the first half of 2026, with over €4,580 million (38% of the total and representing a 156% year-on-year increase), with the sale of Fidere (Blackstone) to Brookfield for nearly €1 billion standing out.
The multifamily segment accounted for 73% of the volume, through both BTR/PRS strategies and sale-oriented models (privatisation), while interest in social housing grew. The consultancy noted solid fundamentals for this segment: a shortage of supply, population growth and strong institutional demand for rental properties and alternative options such as student accommodation and flex living.
Hotels reinforce Spain’s appeal to international capital
Hotel investment reached €2.09 billion up to June, accounting for 17% of total investment and ranking as the second most active sector of the half-year. Investor preference was concentrated on 4- and 5-star establishments, which accounted for 85% of the total volume, driven by luxury hotels. The holiday segment once again outperformed the urban segment, accounting for 54% of the total investment.
Spain continues to establish itself as one of Europe’s most attractive hotel destinations thanks to strong tourist demand, growth in spending per visitor and investor interest in holiday, urban and luxury properties. This is reflected in the results of the European Hotel Investor Intentions Survey 2026, in which Spain is ranked as the most attractive market for hotel investment in Europe.
Office property regains prominence, driven by high-volume transactions
Investment in office property reached €1,621 million in the first half of the year, 37% higher than in the same period last year and representing a 69% increase compared with the average for the first half of the past four years. This figure is in line with the levels recorded in 2019 (€1,655 million) and is particularly significant as it exceeds the total investment recorded throughout 2024 (€1,597 million) and 2023 (€1,242 million).
CBRE was involved in the seven most significant investment transactions of the half-year, all of which exceeded €80 million. In addition to direct investment, there were purchases for own use, totalling €165 million, and changes of use, totalling €175 million, bringing the total volume to just under €2 billion.
Retail continues its recovery
The retail sector recorded investment of €1,630 million between January and June, equivalent to 14% of the total volume and a figure very similar to that of the first half of 2025. The sector continues to benefit from positive trends in consumer spending, buoyant tourism, high demand for brands and an improvement in the operational indicators of the assets.
Shopping centres and retail parks are the segments attracting the most interest from investors, thanks to their ability to generate stable income and adapt to new consumer demands.
Industrial and Logistics maintains solid fundamentals
The industrial and logistics sector attracted more than €690 million in investment in the first half of the year, accounting for 6% of the total market. Despite the current climate, the sector’s fundamentals remain solid and underpin its appeal.
Occupancy demand is at record levels, driven by structural trends such as e-commerce, the reconfiguration of supply chains and nearshoring, while rent growth, although more moderate, remains positive. Vacancy rates continue to be low in the country’s main logistics hubs.
Alternative sectors continue to gain ground
Healthcare and other alternative sectors such as sports complexes, universities and car parks collectively attracted more than €1.4 billion in investment during the first six months of the year, accounting for over 12% of total investment for the half-year.
Highlights of the half-year included corporate transactions in the healthcare sector and the multi-purpose sports project near the Metropolitano stadium. Interest in these types of assets continues to grow, driven by structural trends such as an ageing population, digitalisation, artificial intelligence and the development of new technological infrastructure.
