Spain has established itself as one of the leading destinations for real estate investment. According to a Colliers report, in the first quarter of the year, it ranked as the top market in southern Europe – and one of the most dynamic across the wider EMEA region, which includes Europe, the Middle East and Africa.
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The consultancy places real estate investment in Spain at €6.39 billion in the first quarter of the year – a figure that exceeds the combined total recorded in Italy (€2.9 billion), France (€1.9 billion) and Portugal (€915 million) over the same period.
Spain’s leading position in southern Europe is largely driven by the strength of the residential sector, alongside solid performance in retail and hotels – all segments characterised by high demand and limited supply.
According to the report, the Spanish market entered 2026 “with an exceptional level of investment activity, reaching €6.39 billion” – representing a 45.4% increase compared with the quarterly average of the previous year. Growth was led by the residential segment (€2.38 billion, accounting for 37% of total investment), while retail (€1.14 billion) and offices (€923 million) regained momentum, and hotels (€811 million) maintained strong activity. Despite global volatility and geopolitical risks, investor appetite for Spain remains robust – with no significant delays reported in transaction activity.
Investment remains strong despite the context
The consultancy notes that real estate investment across Europe, the Middle East and Africa has remained resilient despite global geopolitical uncertainty and tighter financing conditions. It emphasises that “investors are adjusting their risk, not withdrawing”, which is why activity in the market continues.
“What has defined this quarter has not been caution, but commitment. Capital remains firmly present, and investors are increasingly willing to allocate funds where fundamentals are strong. This readiness to invest, even in an uncertain environment, is a positive signal for the next phase of the real estate cycle in EMEA,” said Luke Dawson, head of Global Capital Markets at Colliers.
The study highlights residential, hotel, retail and logistics assets as the most attractive sectors for investors, noting that Spain stands out as a particularly appealing market thanks to strong demand and limited supply across many segments, as well as the continued strength of its tourism sector.
In particular, the residential segment once again led activity – driven by structural demand for multi‑family housing, build‑to‑rent developments and student accommodation, with growing interest in large‑scale investment opportunities.
In the industrial and logistics sector, the report points to sustained investor appeal – given the limited availability of assets and demand that continues to outpace supply, supporting values in established locations.
Meanwhile, the retail and hotel sectors showed more selective investment patterns – focused on resilient formats and tourist destinations with consistently strong performance, a context in which Spain remains one of the most attractive markets.
Alternative assets are also gaining prominence, including data centres and prime real estate in cities with higher liquidity, reflecting a broader diversification of investment strategies.
A stable spring
For the second quarter, Colliers expects real estate investment to remain stable – without a clear acceleration or any significant decline in activity. “The market will continue to see transactions, with ongoing price negotiations and selective adjustments at the asset level, in a context where capital still needs to be deployed,” the firm explains.
As a result, it does not foresee a sharp drop in investment volumes or a broad‑based rebound – given the prevailing climate of caution, shaped by inflationary pressures, the prospect of interest rate rises and ongoing geopolitical uncertainty.
A potential risk to investment in the coming quarters would be a continuation of the conflict in Iran, although this scenario is not currently priced into the market outlook.
Looking ahead, and pending further developments, the consultancy expects investment opportunities to become increasingly polarised between assets that offer protection against inflation and those benefiting from structural supply shortages. “Tourism and population growth will continue to underpin demand in housing, hotels, retail and logistics. At the same time, healthcare – as a counter‑cyclical sector – and data centres, driven by growing demand linked to AI, remain key investment targets,” the report notes.
It concludes that liquidity will continue to concentrate in core markets and in sectors with strong fundamentals, characterised by greater visibility of income and limited supply.
