Investment volume forecast for 2026
According to CBRE’s “Real Estate Market Outlook 2026” report, in 2026 investment in Spain’s real estate sector will grow by 5-10% and reach €19 to €21 billion. This means the current year is set to be the best for investing in Spanish real estate since 2018 and may even beat the record of €20,383 billion.
Growth drivers and investment climate
CBRE forecasts that the sector will develop in favorable conditions driven by domestic demand, stable interest rates (around 2%), and improved financing conditions. This should allow it to exceed the more than €18.4 billion in investment attracted last year. Despite geopolitical and economic “uncertainty”, Spain is well positioned to attract capital across all segments – from traditional to alternative.
Housing, rentals and the structural supply shortage
CBRE’s forecasts indicate that housing will remain the main engine of real estate investment in Spain, supported by growing rental demand and strong interest from institutional capital. In segments such as “Build to Rent” (construction for rental), investment will be directed mainly toward projects with an affordable component, while alternative formats (in particular, student housing) will continue to expand and diversify the market.
After the record results of 2025, the residential sector will enter a more balanced phase in 2026. The structural shortage – over 700,000 units and a projected annual increase of 150,000-200,000 – will continue to put pressure on prices, though with more moderate, single-digit growth.
This situation increases the appeal of transformation strategies – such as converting rental housing into units for sale – in a market constrained by land scarcity, complex regulations, and pressure on costs and labor. Added to this is the attractiveness of prime housing, which will further polarize the market between affordable and high-end product. The delivery of new projects in 2026 will expand supply, help improve affordability, and respond to new preferences in residential real estate.
Offices: Madrid and Barcelona
On the other hand, offices have established themselves as a key element in talent attraction and retention strategies, strengthening their role as spaces for innovation and collaboration. In 2026, CBRE expects activity to improve in both Madrid and Barcelona, where vacancy rates in business districts remain below 4% and rents are rising in higher-quality buildings.
Hotels and tourism
As for hotel-sector investment, Spain is positioned as one of the most attractive European markets. This points to positive prospects for 2026 in a context where tourist growth will be more moderate, offset by higher spending per visitor and continued dynamic growth in investment. Interest will remain in less mature destinations, redevelopment and mixed-use projects, as well as growing segments (luxury, ultra-luxury, and budget products).
Retail
Retail is also showing a positive trend thanks to rising private consumption and record tourism figures. Footfall and sales volume have maintained an upward trend since 2021. This year, the most competitive assets will stand out – those with upgraded spaces and a focus on delivering a better customer experience, effectively adapting to customers’ needs and preferences.
Logistics
In logistics, CBRE forecasts stable demand in the main hubs, although a lack of supply will continue to affect some markets after 2025 absorption reached a record of more than 2.7 million m2. The combination of stable demand and limited availability is prompting tenants to rethink expansion strategies, prioritizing more efficient and flexible solutions and planning further ahead.
Alternative assets: data centres, healthcare, sport and infrastructure
Finally, the company highlights alternative assets: data centres, healthcare, sports, and infrastructure-related assets. After consolidation in 2025, high-potential segments are entering a decisive growth phase, driven by structural trends such as population aging, digitalization, the expansion of artificial intelligence, and the growing importance of critical infrastructure.
- The data centre sector is moving toward a broader scale and greater maturity, supported by rising AI-related demand. And while Madrid retains its position as a strategic hub, new locations are emerging with better access to energy resources.
- The healthcare sector will continue to gain weight in 2026 due to population aging and the need to adapt infrastructure. Care-related assets (in particular, nursing homes) will still dominate, although momentum is expected in hospitals and “Life Sciences”, with growing lab development – especially in Madrid and Barcelona.
- In the sports sector, investment in stadiums and facilities is growing, with models that combine different uses and create more active communities. At the same time, infrastructure-related assets (for example, parking facilities) are becoming increasingly important in designing the urban mobility of the future through digital solutions.
To learn more about investment approaches and property selection, read “Buying property in Spain as an investment – what you need to know”, and also see the previous forecast: “Investment in Spain’s real estate in 2025 will grow by 15% – experts’ forecast”. For commercial projects, the commercial property catalog is available, and for a rental strategy – the service of renting out an apartment in Spain.
