Real estate investment in Spain reached €6.3 billion in the first quarter of 2026, representing a 93% increase compared to the same period of the previous year, according to data from the consultancy CBRE.
The volume transacted between January and March is also 103% above the average of the last 10 years and represents around a third of the total volume invested throughout 2025, which anticipates a particularly dynamic year in terms of investment activity.
With these figures, the first quarter of 2026 becomes the third highest in the entire historical series , only behind the volumes reached in the third and fourth quarters of 2018, which exceeded 6.8 billion and 6.3 billion euros respectively.
In the first three months of this year , 18 transactions exceeding 100 million euros have been recorded, compared to only four in the first quarter of 2025, reflecting the return of larger capital volumes to the Spanish real estate market.
Domestic capital leads the investment with 50% of the total, followed by Canadian (12%) and American (11%) investors. By location, Madrid and Barcelona accounted for 73% of total investment, followed by the Valencian Community, with almost 6%.
The 'living' sector (rental residential, student residences, 'flex living' and 'senior living') led real estate investment in Spain, representing 36% of the total and more than 2.25 billion euros, 98% more than the previous year.
The retail sector ranked second with 1.37 billion, 40% more than in the first quarter of 2025 and representing 22% of the total invested from January to March, with shopping centers standing out, concentrating more than half of the volume.
In third place was the office sector, which recorded its best start to the year since 2018 with a total of 869 million euros, 900% more and 14% of the total invested in real estate.
The hotel sector attracted 696 million euros, a 20% increase, with the Balearic Islands accounting for 30% of the total; the healthcare sector attracted another 646 million, after multiplying its investment volumes by 6; the industrial and logistics sector attracted 280 million euros and the alternative sector, 150 million euros.
