Spain's office, hotel and rental housing investment surges 2026

Office investment in Spain rebounded to €1.614 billion in the first half of 2026, a 37 % rise over the same period in 2025 and surpassing the total invested in 2024. Including €400 million for owner‑occupied assets, total office‑related spending exceeds €2 billion, outpacing the European average with a 142 % YoY increase versus 13 % across the bloc. Major transactions included the sale of Torre Sevilla and the acquisition of the Estel complex in Barcelona.

In the hotel sector, premium 4‑ and 5‑star assets captured 86 % of all hotel investment, amounting to €2.108 billion across 55 deals in H1 2026. The Balearic Islands led with €556 million, followed by Madrid and the Costa del Sol at 17 % each. National investors accounted for 63.4 % of the capital, with Spanish hotel chains responsible for a third of the activity.

Rental‑housing investment reached a record €3.8 billion in the same period, up 36 % year‑on‑year. Institutional investors contributed 85 % of the funding, driven by large portfolios from Fidere, Patrizia and Ares. Investment is concentrated in Madrid (66 % of new assets) and Barcelona (13 %).

Tourism demand reflected the investment momentum: hotel reservations for June‑September 2026 grew 11.5 % in Spain, far ahead of the 2.9 % average across major European markets. Domestic bookings accounted for about one‑third of the total, average room rates rose to €264.3 and bookings were made on average 161 days in advance.