Macroeconomic conditions remain supportive, particularly in terms of economic growth and financing conditions, contributing to a more predictable environment for real estate investment.
The stabilisation of interest rates at levels close to 2% is expected to improve financing conditions and support transaction activity. In this context, real estate investment volumes are forecast to continue growing in 2026, albeit at a more moderate pace than in the previous year, with estimates generally ranging between 5% and 10%. Institutional investors are expected to remain active in the market, while corporate transactions are likely to continue contributing to overall investment activity. Prime yields are expected to remain broadly stable, with adjustments largely dependent on asset quality and location, in a context marked by limited availability of prime product.
Beyond short-term economic factors, the evolution of the sector continues to be influenced by structural dynamics. Sustainability, digitalisation and the adaptation of real estate assets to new uses have become established elements in investment and management strategies. ESG-related criteria increasingly form part of standard decision-making processes, while technological and demographic trends continue to influence demand across the main real estate segments.
It is important to note that the sector's evolution is not uniform across the entire territory. The particular characteristics of each region and the regulatory capacity of autonomous communities and municipalities – especially in the areas of urban planning and housing – generate specific dynamics that condition investment and operational activity depending on location.
Living
Entering 2026, the residential market is supported by solid fundamentals. The persistent structural shortfall in housing supply continues to underpin demand; price growth is expected.
The living sector remains a central focus of real estate investment, supported by sustained demand for rental housing and continued interest from institutional investors. Build-to-rent strategies remain relevant, alongside the growing presence of alternative residential formats such as student housing, flex living and senior living. Prime residential assets continue to attract investment interest.
It is important to take into account recent housing regulations in force in certain communities and municipalities – such as Barcelona – due to their direct impact on the definition of the business model and the selection of locations. The most relevant measures include the following, among others:
- Rent restrictions in areas declared to be in a "stressed residential market";
- Pre-emptive rights for certain bodies of public administration in transactions that meet certain requirements; and
- New reporting obligations for large holders.
These regulations can influence the viability and profitability of certain projects, which is why they have become a key element in investment analysis.
Logistics and industrial
Following an exceptional performance in 2025, characterised by high absorption levels, the logistics sector approaches 2026 from a solid position. Demand is expected to remain stable in the main hubs, supported by factors such as e-commerce activity and supply-chain optimisation. In markets with limited availability, particularly Barcelona, supply constraints are expected to continue influencing occupier decisions, with increased focus on efficiency and alternative locations.
Data centres
Data centres continue to attract significant interest within the logistics and industrial segment, reflecting growing demand for digital infrastructure. Factors such as access to energy, grid connectivity and suitable land are central to development decisions. Madrid maintains its position as a key hub, while other locations with favourable conditions are gaining relevance. Energy efficiency and compliance with sustainability standards are increasingly important considerations in this segment.
Retail
Retail real estate is expected to continue the positive trend observed in recent years. Moderate growth in retail sales, supported by private consumption and tourism, underpins the sector’s operating performance. High occupancy levels and stable footfall continue to support investor interest across the main retail formats.
The competitiveness of retail assets is increasingly linked to their capacity to adapt to evolving consumer preferences. Refurbishment, improvements in tenant mix and the integration of digital and omnichannel elements are relevant factors in asset management and repositioning strategies.
Offices
Following a mixed performance in 2025, the office market is expected to show signs of improvement in 2026, particularly in Madrid and Barcelona. Demand remains focused on high-quality buildings, where limited availability in central locations continues to support rental levels. This dynamic is contributing to increased activity in certain emerging submarkets.
Office demand continues to be influenced by changes in workplace organisation, with greater emphasis on building quality, efficiency and sustainability. Flexible layouts and modern technical standards remain key considerations for occupiers.
Hospitality
Spain continues to be regarded as one of Europe’s most attractive hospitality markets. Although growth in tourist arrivals is expected to moderate, spending per visitor continues to support sector performance.
Investor interest remains focused on value-add strategies, asset repositioning and mixed-use projects, as well as on destinations that are less mature. Market polarisation is evident, with stronger performance observed in higher-quality assets. Sustainability, digitalisation of services and asset modernisation remain relevant factors in maintaining competitiveness.
Investment in infrastructure is shaping up to be an essential component for the coming years, especially in an environment where new demands for mobility, energy efficiency, and digitalisation are converging.
Likewise, other sectors are gaining weight and positioning themselves as strategic within the real estate sector:
- Agribusiness – driven by the growing global need for food and the attractiveness of Spain for investment in agricultural assets.
- Healthcare – expanding due to an ageing population, with a focus on nursing homes and hospitals.
- Life sciences – a fast-growing segment, especially in Madrid and Barcelona, with increasing demand for laboratories and specialised spaces.
