Catalonia closed 2025 by consolidating a clearly positive trend for the second consecutive year, reinforcing its position as one of the most dynamic real estate markets in Spain. Investment volume, excluding corporate transactions, exceeded €2.1 billion, and forecasts point to 2026 maintaining this upward trend, supported by solid fundamentals and renewed investor appetite.
It is worth noting that throughout the year the market was shaped by large-scale corporate transactions with a significant impact on the region. These include Nido Living’s acquisition of Livensa Living in the student housing segment, for an amount close to €1 billion; the major transaction by Vitalia in the healthcare sector, close to €500 million; and the transaction led by DeepLabs, all of which had a significant Catalonia component. Including these deals, total investment volume would exceed €3 billion.
By sector, hotels led investment activity in Catalonia, with around €800 million invested, the highest figure since 2021, which marked a record year for the sector in the region. Among the most significant transactions were The Hoxton Poblenou, Generator Barcelona and Barceló Raval, as well as Azora’s acquisition of the MedPlaya portfolio, with a strong presence in Tarragona and Girona.
The office segment recorded investment of over €600 million in single-use assets, excluding change-of-use transactions. This represents growth of nearly 50% compared with 2024 and triples the investment volume recorded in Catalonia in 2023. The transaction involving the D Garden building, formerly the Planeta headquarters, stands out. In addition, several transactions already underway for 2026 confirm a clear recovery in interest in offices, supported by healthy market fundamentals.
The logistics sector reached €300 million in investment, consolidating stable investment levels in the region. Looking ahead to 2026, greater participation from core funds is expected, with Spain—and particularly Catalonia—high on the priority radar for these strategies.
In the living sector, the market has been affected by regulatory uncertainty and the impact of regional policies, which has limited investment volume. Nevertheless, investor interest in the region remains, and there are ongoing transactions that demonstrate the structural attractiveness of the Catalan market.
Retail, for its part, adjusted downward, exceeding €200 million in a year marked by major shopping centre transactions in other regions of Spain. In Catalonia, notable deals included the acquisition of the asset at Passeig de Gràcia 88 by Punta Na, and the purchase of the La Farga shopping centre in L’Hospitalet de Llobregat.
Eusebi Carles, Partner, Office Investment and Consulting at Cushman & Wakefield, stated: “Overall, the close of 2025 confirms Catalonia as a deep, resilient market with significant growth potential, supported by an active and diversified investor base and outlook for 2026 that clearly points to the continuation of the upward cycle.”
