Real estate investment in 2026 will close the year in Spain at between €17bn and €20bn, up from €15.4bn in 2025, according to the latest analysis from Cushman & Wakefield. €10.5bn has already moved in the first half of the year, and the money is not spread evenly: hotels and rental housing account for close to €6.5bn between them and have become the engines of the market.
That detail is the one worth looking at from the Costa del Sol. The two segments attracting the most institutional capital in Spain are precisely the two products that define our coastline: tourist accommodation and homes bought to rent out. When large funds are buying exactly what a private purchaser is looking for, something shifts in the market.
How much will be invested in Spanish real estate in 2026?
The year is on track to be one of the strongest on record. The rolling twelve-month total, from the second quarter of 2025 to the second quarter of 2026, is already around €18bn. And there is an important nuance: in 2025 much of the volume came from large corporate deals, whereas in 2026 the split between corporate transactions and pure real estate investment is far more balanced. In other words, more actual property is changing hands and fewer companies that happen to hold property.
| Period | Real estate investment in Spain |
|---|---|
| Full year 2025 | €15.4bn |
| First half of 2026 | €10.5bn |
| Rolling twelve months (Q2 2025 – Q2 2026) | Around €18bn |
| Full-year 2026 forecast | Between €17bn and €20bn |
Which segments are absorbing the money?
Every segment is improving, but two stand out clearly. Living, which covers rental housing, flex living and student accommodation, is above €3.8bn. Hospitality, meaning hotels, stands at €2.6bn. Together they approach €6.5bn and account for most of the year's momentum.
| Segment | Volume to date | Full-year 2026 forecast |
|---|---|---|
| Living (rental, flex living, student housing) | Over €3.8bn | — |
| Hospitality (hotels) | €2.6bn | — |
| Retail | Over €1.7bn | Around €3bn |
| Offices | Around €1.5bn | Over €2bn |
| Logistics | Reactivating strongly | Over €1.5bn |
| Whole market | €10.5bn in the first half | Between €17bn and €20bn |
There is movement in the other segments too. Logistics has been closing significant portfolios and is on course for its best year since 2021, with the door open to fresh records in 2027 and 2028 if the macroeconomic backdrop cooperates. Retail, meanwhile, could jump to €3bn thanks to Norges and Sonae Sierra's purchase of the Balkany family's shopping centre portfolio, valued at around €1.5bn.
Why does capital keep choosing Spain?
Through a mix of liquidity and shelter. There is more money available globally and Spain offers relative stability compared with other European markets. On top of that, in an environment of geopolitical uncertainty and financial volatility, property is recovering its role as a safe-haven asset: it generates stable income, partly hedges inflation and holds up better than other financial assets when conditions turn.
The capital coming in also has a specific profile: core and core plus strategies, meaning quality assets that are already stabilised and backed by structural demand. This is not opportunistic money hunting for bargains, it is patient money hunting for income.
What all this means if you are buying on the Costa del Sol
The report's conclusion is the most useful part for a private buyer, even though it was written for funds: as valuations tighten, returns will depend less and less on prices simply rising and more and more on income growth, asset quality and disciplined selection. Translated to the scale of an apartment in Fuengirola or a villa in Marbella, it means automatic appreciation stops being the plan and the specific asset becomes the plan.
- Competition for the same product: if funds are buying rental housing, the flat with solid rental demand is exactly the one most fought over. Expect less room to negotiate on that profile.
- Yield beats appreciation: ask for real income figures, not optimistic projections, before buying to let.
- Asset quality matters more than ever: location, condition, the building's management and energy efficiency now separate two properties with the same price per square metre.
- Watch the large rental portfolios: if they come to market they will move volume between institutions, but they do not free up stock for the private buyer.
And this is where local data matters more than national headlines. On the Costa del Sol the price per square metre ranges from €5,952 in Marbella to €3,231 in Manilva, with Estepona at €4,674 and Mijas at €4,182, according to our tracking of active supply in August 2026. That range is, quite literally, the space where the disciplined selection the consultancy talks about actually happens.
The underlying message is reasonably good news for anyone who already owns on the coast or is thinking of buying: institutional capital is validating, with billions of euros, the same thesis that underpins the local market — that demand for accommodation on the Spanish coast is structural rather than cyclical. The difference is that a fund can afford to buy the average asset and a private buyer cannot: they have to get it right. At EVS PROPERTY GROUP we analyse every purchase with the specific municipality's figures on the table. If you are weighing up a buy-to-let on the Costa del Sol, get in touch and we will go through the numbers.
Frequently asked questions
How much will be invested in Spanish real estate in 2026?
Cushman & Wakefield forecasts that 2026 will close at between €17bn and €20bn, up from €15.4bn in 2025. The first half of the year already reached €10.5bn.
Which real estate segment attracts the most investment in Spain?
Living, which covers rental housing, flex living and student accommodation, with over €3.8bn. Hotels follow with €2.6bn. Together they add up to close to €6.5bn.
Do house prices rise when funds invest more?
Not automatically, but it does add pressure. Institutional investment concentrates on rental assets in areas with stable demand, which are the same ones private buyers target. In those specific segments there is less available stock and less room to negotiate.
Is it a good time to buy to let on the Costa del Sol?
The fundamentals are supportive, because demand for accommodation on the coast is structural. But the report itself warns that valuations are tighter, so returns will no longer come from price growth alone: they will depend on the asset's real income and on choosing the right municipality and property type.
What does it mean for an investor to buy core or core plus?
That they are looking for quality assets, already let or stabilised, with predictable income and low risk, rather than opportunistic deals requiring major refurbishment. It is the patient-money profile that comes in to collect rent, not to speculate on a quick resale.
Source for the investment figures: market analysis by Cushman & Wakefield, published in August 2026. The Costa del Sol municipal prices come from our own tracking of active supply.
What next? The most useful thing after reading is to look at the real market: browse properties by city or tell us on WhatsApp what you are looking for — area, budget, timing — and we will prepare a tailored selection, with no obligation.
You may also find useful: sell your property invest on the Costa del Sol free valuation monthly price report
