- According to the Spain Living Investor Survey 2025, prepared by Cushman & Wakefield, Build to Rent and student residences attract the most investor interest.
- Funds are prioritizing the development of greenfield projects (from scratch) and value-add projects (with potential for appreciation).
Residential real estate is consolidating as one of the main investment magnets in Spain, in a context marked by limited supply, new urban living models, and a macroeconomic environment showing signs of strength. This is confirmed by the Spain Living Investor Survey 2025, prepared by Cushman & Wakefield, which reveals that the “Living” segment—including Build to Rent, flex living, co-living, and senior living—attracted €2.7 billion in investment in 2024, representing 30% of the country’s total real estate investment.
The study highlights that capital is shifting toward more accessible, flexible, and sustainable housing solutions, in line with new urban living models. Among the most attractive segments for investors are Build to Rent (88%) and Purpose-Built Student Accommodation (PBSA) with 85%, followed by co-living (66%) and affordable housing (54%).
Additionally, funds are prioritizing the development of greenfield projects (from scratch) and value-add projects (with potential for appreciation), with 29%, followed by strategic joint ventures (23%) and opportunistic land acquisitions (15%), reflecting a balanced strategy between risk and growth potential.
“Interest in the Living sector continues to rise and is intensifying in this new scenario, where the challenge is not just to build more, but to build better: aligned with real demand, designed for long-term use, and capable of delivering sustainable returns over time,” explains Geoff McCabe, Associate, Capital Markets Group at Cushman & Wakefield.
The report also highlights a shift in the investment landscape. While Madrid and Barcelona remain key hubs, cities like Valencia, Málaga, Seville, and Bilbao are gaining prominence, thanks to their economic dynamism, quality of life, and development opportunities.
More than half of respondents expect unleveraged returns of 11–15% over the next five years, reinforcing the perception of stability and resilience in the sector. Against this backdrop, the Living sector is emerging as a key pillar to address the challenges of the residential market and to channel investment toward long-term housing solutions.
