According to the latest report by BNP Paribas Real Estate, Spain broke a record for investment in real estate in the first half of 2026.
The total volume of purchase and sale transactions from January to June reached 10.166 billion euros, 36.1% more than in the same period last year.
These figures confirm renewed investor interest in Spanish real estate against a backdrop in which the national economy continues to grow faster than the European average and the market remains active across almost all segments.
The record was driven by major deals
This half-year record was achieved despite the fact that second-quarter figures did not improve significantly compared with 2025.
From April to June, investment volume amounted to 4.332 billion euros, 3.2% less than in the same period of 2025.
The number of transactions also fell slightly to 110, down 3.5%.
However, mega-deals – such as Brookfield’s purchase of a portfolio of 5,000 residential units owned by Blackstone for 1.05 billion euros, as well as HOOPP’s acquisition of another large apartment portfolio – made it possible to reach these record figures.
Funds and SOCIMI remain key market players
By buyer type, funds remain the dominant player in the Spanish real estate market, while SOCIMI, real estate investment companies, continue to act as the second major driver of activity.
The report also notes the growing share of real estate investment by financial institutions, which are diversifying their allocations across different segments, as well as the more visible role of hotel companies.
As for the origin of capital, domestic investment volume has already matched foreign investment.
Among foreign investors, the United States is the main country of origin, accounting for 16% of investment registered during the year; it is followed by the United Kingdom, France and Germany.
The residential sector became the main market driver
The residential sector became the main driver of the market, accounting for 30% of investment. Investment in this segment exceeded 3 billion euros, up 140% year-on-year.
Investor interest focused on build-to-rent projects and, in recent months, also on affordable rental housing.
Among the most significant deals, in addition to those already mentioned, was Patrizia’s sale of a portfolio of 1,200 apartments in Barcelona to Azora for 350 million euros.
The growing interest in the residential segment also reflects sustained demand for apartments in Spain and investment assets in the country’s largest cities.
The office segment regained investor interest
Another important development in the first half of the year was the return of capital to the office real estate segment.
By July, investment in this segment amounted to 1.768 billion euros, 92% more than in the first half of the previous year.
In just six months, office real estate had already accounted for 90% of the entire investment volume recorded in 2025.
The greatest activity was observed in Madrid, although major transactions were also recorded in Barcelona.
The largest deal since the start of 2026 was closed precisely in the Catalan capital: InmoCaixa acquired the Estel building for 385 million euros.
Two purchases by Atrea Real Estate in Madrid should also be highlighted: the Los Cubos building for 91 million euros and a new skyscraper in the north of the city, still under construction, for 200 million euros.
Hotels became the second major investment target
Hotels became the second major driver of investment.
Annual investment volume reached 2.216 billion euros, 37.6% more than in 2025.
BNP Paribas Real Estate links this momentum to favourable tourism conditions and interest in assets in Madrid, Barcelona, the Balearic and Canary Islands, Malaga, the Costa del Sol and Andalusia.
At the same time, interest is also noted in other destinations – in particular Asturias, Alicante, Bilbao, Galicia and Santander.
Logistics and retail real estate also grew
After a weaker start to the year, the logistics sector gained momentum again in the second quarter.
Investment volume in the first half rose to 918 million euros, 38% more than in the same period of 2025.
This growth is largely explained by M7 Real Estate’s acquisition of 12 complexes in Madrid and Barcelona for around 150 million euros, as well as WP Carey’s purchase of six assets for 97 million euros.
As for retail real estate, investment volume in the first half amounted to 1.598 billion euros – the best result since 2022.
This was driven by deals such as the sale of the Islazul shopping centre for 340 million euros and a portfolio of medium-sized shopping centres in various towns for 279 million euros.
Activity in these segments confirms sustained investor interest in commercial real estate in Spain.
Alternative assets generated 636 million euros
At the same time, alternative assets generated 636 million euros in the first half of the year, with student residences accounting for almost the entire amount.
These included deals such as Nuveen’s purchase of the Bravo portfolio for 330 million euros and the Straco Real Estate portfolio, comprising two assets acquired by Greystar.
Thus, the first half of 2026 confirmed that the Spanish real estate market remains one of the most active and diversified in Europe, with investor interest spread across several segments at once – from housing and offices to hotels, logistics, shopping centres and alternative assets.
