Real estate investment, market data - Figures second quarter 2026 Spain

Real estate investment in Spain recorded the strongest first half on record, exceeding €12 billion, 59% above the same period in 2025. Market momentum was underpinned by several large-scale transactions across almost all real estate sectors, consolidating the recovery that began during the previous year.

Spain continues to position itself as one of Europe’s most attractive markets for real estate capital. Over the last 12 months, investment reached €23 billion, up 47% year-on-year, placing the country among the European markets with the strongest growth in investment activity.

Madrid and Barcelona reinforced their position as the main investment destinations. Together, both cities accounted for 70% of allocated investment, with close to €6 billion in Madrid and €1.4 billion in Barcelona during the first half of the year. The remainder was mainly distributed across Andalusia, the Valencian Community, the Balearic Islands and the Canary Islands, markets that continue to gain relevance within investors’ geographic diversification strategies.

Living and Hotels lead investment activity

Living led real estate investment in Spain during the first half of 2026, with more than €4.5 billion and 38% of total volume transacted, followed by Hotels with more than €2.0 billion, up 18% year-on-year. Retail and Offices each recorded around €1.6 billion, driven respectively by investor interest in shopping centres and retail parks, and by large-scale transactions in the main office urban markets. Alternatives and Healthcare exceeded €1.4 billion combined. The Industrial and Logistics sector reached €695 million, underpinned by solid occupational demand, rental growth and limited availability across the main logistics hubs.

Institutional capital and stable yields

Institutional capital once again led the largest transactions in the market and consolidated its position as the most active investor profile, accounting for 23% of total investment volume. REITs represented 20% of activity, while asset managers significantly increased their share to 17% of the total. By origin, domestic capital led investment with close to 50% of total volume, followed by US and Canadian investors.

Prime yields remained notably stable across all sectors during the second quarter. High levels of liquidity, together with solid fundamentals across most real estate sectors, continue to support investment activity despite the caution still surrounding expectations for monetary policy.

Overall, the Spanish real estate market enters the second half of 2026 from a position of strength, supported by high investor interest, increasing sector diversification and Spain’s appeal as one of Europe’s leading real estate investment destinations.