According to research by consulting firm Colliers, Spain’s real estate sector attracted €12.914 billion in investment in the first nine months of 2025. That is 57% more than in the same period last year and 31% above the average quarterly level of 2024.
Contrast with global markets
These figures stand in sharp contrast to declines recorded across major markets. Real estate investment in the eurozone fell 12.6% year on year versus the average quarterly level of 2024, while:
- Canada was down 18%;
- Japan – down 20%;
- the United Kingdom – down 25%;
- China and Taiwan – almost 40% down.
The United States also posted negative results, though the decline was more moderate (3%). The only country showing growth was Sweden, up 2%.
Leading sectors in Spain
By volume, residential real estate leads in Spain, alongside hotels and alternative assets, supported by favorable macroeconomic factors such as economic growth, labor-market stability, and dynamic consumption. Colliers’ leadership notes that “this is underpinned by demographic growth; the very positive performance of tourism, which for the fourth consecutive year will attract the largest investment volumes with Spanish hotel chains as key investors; strong consumption bolstering interest in major shopping centers; and Spain’s appeal as a European digital hub, reflected in rising investment in such assets.”
Read more on residential-segment trends in our article “Spanish Residential Property Investment Could Hit a Record in 2025”. Explore a selection of new-builds for investment in our property catalog.
Residential market and rental formats
Colliers’ data indicates that residential-market investment will exceed €3 billion this year. That represents 99% year-on-year growth and nearly one quarter of total real estate investment. Within this segment, key formats include build-to-rent, student accommodation, flex-living, and rental housing.
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Hotels and alternative assets
From January to September, hotel investment rose 41% year on year to €2.826 billion. Alternative assets—including healthcare-related real estate and data centers—posted the highest growth at 329% year on year, drawing roughly €2.278 billion.
At the intersection of hotel and residential segments, branded residences are expanding rapidly—learn more in “Spain Leads Europe in Branded Residences”.
Retail, offices, and logistics
Retail ranks fourth by investment volume (€1.734 billion), though it is the only sector below last year’s level (–4%). Offices, by contrast, attracted €1.693 billion (+35% year on year), while industrial and logistics added another €1.372 billion (+23%).
Top by asset type
- Urban hotels – 58% of hotel-sector investment, €1.639 billion;
- Student housing – 52% of residential-sector investment, €1.565 billion;
- Resort hotels – about €1.187 billion;
- Data centers – €1.002 billion.
Appeal to foreign investors and outlook
Colliers states that in the current fiscal year, Spain’s real estate is drawing strong interest from foreign investors seeking growth markets. For the full year, the firm forecasts around €17 billion in investment—about 30% annual growth—driven mainly by lower financing costs. If this scenario materializes, 2025 would be the second-best year on record, behind only 2022, when €18.18 billion was invested in the sector.
Useful Alegria Premium sections:
- New builds in Madrid, in Malaga, in Marbella
- Investing in Spain: where and how to invest in 2025
- Taxes on tourist-rental income
- How to pay for property in Spain
