According to consulting company CBRE, between January and March of this year, the volume of investment in Spanish real estate reached €6.3 billion, second only to the figures recorded in the third and fourth quarters of 2018 (€6.8 billion and €6.3 billion, respectively). This is 93% more than in the same period last year, 103% above the average for the past 10 years, and represents around one third of the total investment volume for all of 2025.
In the first three months of the year, 18 transactions worth more than €100 million were registered, compared with only four in the first quarter of 2025, indicating the return of major capital to the Spanish real estate market.
National Capital Leads by Investment Volume
National capital leads investment with a 50% share of the total volume, followed by Canadian (12%) and American (11%) investors. By region, Madrid and Barcelona accounted for 73% of the total investment volume, followed by the Valencian Community with a share of almost 6%.
The Living Sector Took First Place
The top sector by investment volume was “living” (residential real estate for rental, student residences, flex living and senior living) – 36% and more than €2.25 billion, which is 98% more than a year earlier.
Retail and Office Real Estate Also Showed Growth
In second place, with €1.37 billion, was the retail sector. This is 40% more than in the first quarter of 2025 and accounts for 22% of the total investment volume from January to March. Shopping centers attracted particular attention, accounting for more than half of this volume.
In third place was the office real estate sector, which recorded its best start to the year since 2018, with a total volume of €869 million (+900% and 14%). The hotel sector accounted for €696 million (+20% year-on-year), of which 30% went to the Balearic Islands; the healthcare sector attracted another €646 million, increasing its investment volume sixfold; €280 million was invested in the industrial and logistics sectors, and €150 million in alternative sectors.
