Real estate investment, market data - Figures first quarter 2026 Spain

The Spanish real estate market has started the year with strong momentum, driven by the closing of large-volume transactions and the return of capital to the main segments. During the first quarter, investment reached 6.3 billion euros, representing a year-over-year increase of 93% and more than double the average for the past ten years.

 

This result makes the period one of the most active in the historical record, confirming the shift in the market cycle that began in 2025 and the renewed investor interest in the Spanish market.

 

Domestic capital led investment activity, accounting for nearly 50% of the total volume, while international investors maintained a significant presence, particularly from Canada (11%) and the United States (10%).

 

Geographically, Madrid and Barcelona accounted for 73% of investment (55% and 18%, respectively), reinforcing their role as the main hubs for attracting capital. Meanwhile, secondary locations saw their share drop to 27%, although markets such as Andalusia, the Balearic Islands, and the Valencian Community continue to show significant activity.

 

Living and retail lead the way

 

By asset type, the Living sector emerged as the main driver of investment, with more than €2.2 billion (36% of the total), driven by large-scale transactions.

 

Retail, meanwhile, also had a standout quarter, exceeding €1.3 billion (22%), driven by both shopping centers and the growth of retail parks.

 

The office market reached over €800 million (14%), significantly surpassing the volume recorded a year earlier thanks to large-scale transactions in prime locations.

 

Outlook for yield stabilization and continued investor appetite

 

Prime yields are beginning to show signs of stabilization, with occasional adjustments in certain segments, against a backdrop marked by the gradual return of liquidity and increased appetite for core assets in prime locations.

 

Overall, the start of 2026 confirms the strengthening of the Spanish real estate market, supported by greater market visibility, the resumption of large-scale transactions, and sustained interest from domestic and international investors.