Real estate investment in Barcelona has shown signs of recovery in 2024, reaching a total volume of €1.5 billion between January and September, according to data from CBRE, a leading global real estate consultancy and services firm. This marks a 12% increase compared to the same period in 2023, although it remains 12% below the average for the past decade.
By sector, the hotel industry recorded an investment volume of €141 million in Q3, bringing the total for the year to €426 million. However, this figure is 21% lower than during the same period in 2023, despite significant transactions such as the sales of the Mandarin Oriental Barcelona, Hotel Dolce Sitges and Hotel Sofia Barcelona. Despite this decline, the hotel segment continues to dominate the Catalan market, accounting for 28% of the total investment volume in Q3. Furthermore, Barcelona has solidified its position as the most attractive destination for hotel investment in Spain, representing 25% of the country's total.
The living sector closely follows the hotel sector, accounting for 25% of total investment with a volume of €377 million in the first nine months, marking a 29% year-on-year increase. This growth is primarily driven by the surge in student accommodation, which has reached €276 million, more than double the volume recorded in 2023. However, the Build-to-Rent (BTR) and Flex Living segments have declined compared to the previous year – a trend that contrasts with the national landscape, where Flex Living continues to grow, surpassing €974 million by September.
The office sector has also regained traction in the investment market, ranking as the third largest sector by volume, with €357 million – a 44% increase compared to the same period in 2023. According to Xavier Güell, Head of CBRE Barcelona, this recovery is attributed to improved space leasing activity and strong fundamentals across key sectors, particularly in the hotel and Living markets.
Conversely, the retail sector achieved €90 million in investment, surpassing the €76 million recorded for the entirety of the previous year. Meanwhile, the industrial and logistics sector reached a volume of €80 million, significantly below the €199 million reported last year. However, an upturn is anticipated that could push the total to €300 million by year-end.
In the context of falling interest rates, Marta Tarrío, Head of Research at CBRE Barcelona, highlights the renewed interest from institutional investors. The average transaction size has risen from €18.3 million in 2023 to €30 million in Q3 2024, indicating a shift towards higher-value deals.
Since December 2021, yields across the main sectors have experienced upward adjustments, particularly in 2022. However, data from Q3 2024 suggest a stabilisation in yields compared to the first half of the year, a trend that may persist in the coming months.
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