2025 results and what is driving the record dynamics
By the end of 2025, investment in the Spanish real estate market is expected to exceed 15 billion euros, setting a new record. This is being supported by more moderate interest rates, liquidity, and a more sophisticated investor profile than just a few years ago.
2026 outlook: the market will stay a priority, but capital will become more selective
According to Carlos Bajo, CEO of Laborde Marcet – a consulting firm specializing in asset management and real estate investment advisory – Spain will continue to be a priority destination for foreign investors in 2026. And this will happen not only because of the returns on offer, but also due to the strength of domestic consumption, the weight of tourism, and the growing professionalization of the sector. It is reasonable to expect the current momentum to continue, although with one nuance: investments will become increasingly selective and will focus on products that can offer active management and potential for value growth.
Three key pillars: housing, “premium” retail, and offices
Three key factors that already define 2025 – housing as the dominant axis, the revival of “premium” retail, and the return of offices to a strategic role – will remain fundamental next year as well. Capital will concentrate in strong locations, “premium” products, and assets with transformation potential.
This environment is especially favorable for investors who can adapt, optimize, and anticipate. The prevailing trend will be a combination of caution, sophistication, and a medium-term horizon.
Which segments are already being named the “winners”
From the standpoint of stability and returns, the market is already highlighting three major winners: residential real estate, which continues to be the backbone of institutional investment; retail, which is showing strong momentum; and efficient offices in prime locations, which are once again playing an important role in diversified portfolios.
Tactical investor focus and demand for hotel assets
However, when it comes to more tactical investors, the spotlight is clearly on commercial premises in established districts – especially in Barcelona, where stable contracts, legal certainty, and attractive revaluation potential come together. It should be added that other asset classes – such as the hotel sector – remain in very high demand, although supply in major markets is limited, as the lack of product turnover and regulatory constraints prevent as many deals as there are interested investors.
How the investor profile has changed over the past 5–10 years
Investor preferences have changed profoundly compared to what they were 5 or 10 years ago. Today, they are looking for more strategic, diversified portfolios with a higher share of value creation, reliable contracts, legal protection, control over management, and a real opportunity to reposition assets. Retail is once again becoming a segment where value creation is direct and tangible, perfectly matching this new, more active and sophisticated mindset.
