Spain has, for the first time, positioned itself as the most attractive country in Europe for real estate investment. According to the European Investor Intentions Survey 2026, conducted by CBRE, Spain now leads the European ranking, surpassing traditionally dominant markets such as the United Kingdom, Germany, and France.
This milestone marks the culmination of an exceptional upward trajectory: Spain did not appear in the ranking in 2021, entered in seventh place for the first time in 2022, climbed to fourth place in 2024, reached second place in 2025, and now achieves the top position.
International investors highlight the combination of stable macroeconomic fundamentals, the dynamism of the tourism sector, and growing demand for residential and tertiary assets. The strength of the Spanish market is also reflected in the positioning of its two main cities. Madrid remains in second place among the most attractive European cities for investment in 2026 for the second consecutive year, while Barcelona holds fourth place, consolidating its relevance among the continent’s leading real estate hubs. Both cities outperform capitals such as Paris, Berlin, Amsterdam, and Stockholm, ranking only behind London, which maintains the lead.
For nearly half of cross-border investors, Spain ranks among their top three preferred destinations — an unprecedented figure in the survey’s history. This optimism is supported by a robust economic cycle, continued growth in tourism (particularly relevant for the hotel and retail sectors), and strong demand for rental and for-sale housing.
The report also highlights a gradual rebalancing of the Spanish office market. In cities like Madrid and Barcelona, building conversions to alternative uses and reduced available stock are creating, according to investors, favorable conditions for rental growth in the coming years.
Strong momentum from 2025
Spain’s leadership follows a strong 2025, with over €18.4 billion in investment — a 31% year-on-year increase (the highest since 2018) and above the European average. As outlined in CBRE’s Real Estate Market Outlook 2026, investment is expected to rise another 5–10% in 2026, reaching a range of €19–21 billion, supported by monetary stability and improved financing conditions that will facilitate deal closures and market liquidity.
Living sector continues to capture investor attention
Investor sentiment across Europe is improving. 89% of respondents anticipate purchase levels equal to or higher than in 2025, while 83% expect to maintain or increase their sales activity. This simultaneous rise in buying and selling intentions helps narrow the gap between buyer and seller price expectations, one of the main obstacles in recent years.
The Living sector remains the most attractive for European investors for the second consecutive year, accounting for 34% of responses, two percentage points higher than the previous year. It is followed by logistics and offices, with 25% and 13% of responses, respectively, while retail shows signs of recovery, attracting slightly more interest from institutional investors (12% of responses, up 2 points from 2025). This trend particularly benefits Madrid and Barcelona, where demand for housing, logistics, and prime offices exceeds available supply.
A window of opportunity for 2026
Europe enters a new recovery phase in 2026, with better alignment between prices, gradually decreasing debt costs, and increased investment activity. In this context, Spain emerges as a major beneficiary, leading yield expectations and positioning Madrid and Barcelona among the four most attractive European investment destinations. Along with Lisbon (ranked eighth), the Iberian Peninsula becomes a strategic region for investors in 2026.
The combination of solid fundamentals, sustained demand, and a growing focus on sustainability creates an especially favorable scenario for investment in the coming months. For investors, 2026 opens a window of opportunity in a European market that is regaining momentum, with Spain taking a leading role.
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