Despite an international context marked by geopolitical uncertainty and trade tensions, the outlook for the second half of the year remains positive, with growing interest in assets capable of generating value.
By mid-2025, the Spanish real estate sector shows a favorable balance, in line with the solid performance of the national economy, whose GDP growth forecast remains at 2.6%. This dynamism, driven by a strong labor market and the momentum of the external sector, has fostered an environment conducive to real estate investment. Despite an international backdrop marked by geopolitical uncertainty and trade tensions, the outlook for the second half remains positive, with increasing interest in value-generating assets.
The real estate market recorded an investment volume of €7.3 billion in the first half of the year, representing a 22% year-on-year increase and 15% above the average of the last ten years. At CBRE, we maintain our early-year forecast of exceeding last year’s volumes by 10% to 15%, excluding corporate transactions (some of which are already anticipated) that could further boost this figure.
- Office leasing in Madrid is expected to remain stable compared to the previous year, with around 510,000 sqm. In Barcelona, a growth of nearly 10% is expected, reaching around 300,000 sqm. Availability shows an uneven trend: in Madrid, it continues to decline gradually and is expected to settle around 10%, while in Barcelona it will reach its peak, around 15%, due to pending project deliveries.
- Residential market forecasts for 2025 indicate continued expansion, with a 9.6% increase in housing prices and around 742,000 home sales (+3.7%), figures revised upward following a strong start to the year. Although supply is expected to grow by 17%, it will still fall short of meeting the structural demand driven by the formation of new households.
- The Living sector remains the leading real estate investment destination in Spain, with solid prospects for the second half of the year thanks to strong investor interest, particularly in affordable rental housing and alternative segments such as student residences and Flex Living.
- Tourism in Spain held strong in the first half of 2025 and is expected to continue on this trajectory in the second half, with demand growth of around 3% and a significant boost from international travelers, leading to higher average spending per visitor. Hotel sector operating results will continue to rise, with increases in ADR and RevPAR, albeit at a more moderate pace than in previous years.
- The logistics market in Spain closed the first half of the year with strong performance, surpassing the average of recent years. According to our Logistics Confidence Index, sector confidence remains positive and tenants’ expansion plans are on the rise for the next 12 months. However, demand is expected to moderate in the second half, falling below the record levels of the past two years.
- Retail has confirmed the strength anticipated at the beginning of the year, supported by strong fundamentals and a favorable macroeconomic environment. Demand remains robust, backed by sustained growth in private consumption (+2% year-on-year) and record-breaking international tourism. This environment is driving investment, which is up 39% compared to H1 2024, with shopping centers standing out in particular.
Hospitals, educational centers and data centers are consolidating as strategic sectors, reflecting a strong focus on social impact and technological transformation.
- Risk diversification, along with structural market evolution and new demand patterns, is driving the role of alternative sectors in real estate, attracting growing interest from various stakeholders.
- The Data Center sector in the Iberian market is entering a new phase of maturity, characterized by geographical diversification and increasingly sophisticated demand. The next wave of growth will be defined by delivery agility, operational efficiency, and ESG commitments, consolidating Iberia as a strategic digital hub in Europe.
- Iberia stands as the most dynamic region in Agribusiness, driven by the prevalence of high value-added crops and optimal climate conditions for a wide range of agricultural products across the territory.
- Healthcare investment, particularly in hospitals and clinics, has seen strong momentum in the first half of 2025, with a 45% increase over the previous year and further corporate transactions expected in the second half.
- The Education sector is also showing notable evolution. More and more educational centers are choosing to locate in higher-quality buildings, generating positive externalities for other uses in the areas where they are located, boosting services, leisure, and research activities for students and faculty.
- Sports facilities are evolving toward more efficient, experience-focused management models, consolidating their role as key components of urban life.
- The growth of large cities in Spain, rising consumption levels, and limited home storage space have supported the maturation of the Self Storage sector, especially in urban areas where demand for flexible, accessible storage solutions has grown significantly.
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