Residences and hotels will dominate among large investors by 2026.Companies | Five days

People in charge of large consulting companies believe that investments will remain at record levels and continue to grow next year

In 2026, the residential and hotel sector will attract major investors

The people responsible for major consulting firms estimate that investment will continue to grow next year, and will remain at record levels.

A record level of investment in real estate is expected next year, with particular interest in student accommodation, hotels and residential construction.This was revealed at the request of CincoDías by the heads of the main consulting companies in the sector.Most of these experts predict that the volume of transactions in 2026 will exceed that of 2025 by 10%, which is already the third year after 2019 and 2022. It has the highest volume of transactions. This will exceed the 17 billion euros that the Association of Real Estate Consultants (estimated for 2025 CI 2020).

Experts from BNP Paribas Real Estate, Catella, CBRE, Colliers, Cushman & Wakefield, Deloitte, EY, Knight Frank, KPMG, PwC and Savills rated different types of real estate from 0 to 10 depending on the interest of the main investors (see graph).Unlike last year, when they named hotels as the biggest appetite in 2025, 2026 is predicted to be most in demand for student housing, an asset type that is usually considered alternative, but is gaining popularity after the creation of real estate portfolios in recent years.

Indeed, one of the highlights of 2025 is the sale of the Livens brand by Brookfield, for which the Canadian fund CPPIB paid about 1.2 billion to acquire this portfolio of student housing.

After this type of real estate, hotels are the most in demand among investors, followed by residential developments (new construction sells very quickly due to high demand and short supply).Other properties such as data centers, flexible housing (residential hotels), business parks, and rental properties are the most sought after by potential buyers.

A less interesting aspect, however, is the construction of rental housing in the open market (due to the problem of making it profitable), property designated for science and health, housing for the elderly and offices.

In any case, experts indicate interest in Spanish real estate in the international capital, making it Europe's favorite destination.In addition, investment is expected to pick up next year thanks to major operations such as the sale of HIP to Blackstone;among others, the shopping centers of the Balkany family, and the rental of apartments by Fidere (also by Blackstone).

Look at Telleria.Real estate partner at PwC

"The evolution for 2026 is expected to be positive, although we are in a somewhat moderate trend as in 2025, we expect to be favorable for Spain," indicates the expert.

“The most dynamic daily living (dormitory) has been placed as a primary focus for the capital: student housing, senior living, healthcare, private residences and flexible housing models are attracting increasing attention,” he said.He stated that "traditional houses cannot satisfy due to limitations and type."

Jesús Silva.CEO de Cushman & Wakefield

“By 2026, our estimates indicate that the volume of investments could be higher than that recorded in 2025, in particular, it is expected to rise by almost 10%, thus strengthening the growth trajectory,” agrees the President of Cushman & Wakefield.

"Flex living has been identified as one of the buildings with the greatest potential. The change in lifestyle, the mobility of workers and the increasing demand for flexibility from users are driving mixed models between coliving, serviced apartments and traditional renting," he adds. "Data centers are also strengthening their place as an alternative asset. The high growth of data usage, the development of artificial intelligence and the need for reliable digital buildings continue to be attractive."

Alberto Valls.Partner in real estate at Deloitte

Deloitte's CEO predicted, "Real estate investment in 2026 will be driven mainly by independent sales plans and rental portfolio activities aimed at recovering the office market." Deloitte's CEO predicted 10% growth.

On the less attractive side, it indicates that the assets that generate the least interest are offshore assets, do not meet sustainability criteria and where capital investment (investment in long-term assets) does not guarantee a clear return.For example, offices in the suburbs, which have low demand outside the main areas and are affected by mixed work patterns, secondary shopping centers and senior living "due to operational complexity and uncertainty in the business plan".

Mikel Echavarren.President and HUB of Colliers

"Hotel and student accommodation will be the focus for investors in Spain in 2026, followed by flexible accommodation and data centres," said a Colliers executive.

“We believe the only ugly duckling in investing is that rent-to-own housing through free housing will continue – the numbers are not comparable to the option of selling directly to end users. However, affordable rental housing will increase interest from institutional investors,” he says.

Adolfo Ramírez-Escudero.President of CBRE

"The Spanish real estate market has shown great resilience and international appeal," recalls Martínez-Escudero, noting that large companies such as Livensa and Vitalia (residences for the elderly) have played a decisive role in increasing investment in Spain.

"In 2026, Spain will continue to be a good market thanks to the GDP that will grow above the European average, driven by work and private consumption," he confirms, but points out that there are still risks related to political instability and the possible simplification of tourism and the labor market.

As for what investors are least interested in, he is clear: "As seen in all sectors, obsolete assets, high positions or the wrong models will be the most likely."

Enrique Losantos, JLL JO صder

Which assets are the most attractive?"Without a doubt everything related to beds is due to the lack of structural supply that we suffer in Spain," he highlighted.

Similarly, it seems that regulatory pressure, lack of land and lack of primary production will accelerate the conversion of obsolete goods to use according to real needs, such as housing, urban planning or flexible living.

In terms of investment, "the outlook is expected due to slightly lower interest rates and greater liquidity available for investment in the real estate market."

Javier García-Mateo.EY Immobilienpartner

"The residential segment will continue to lead investment with growth rates close to 30% and benefit from the strong imbalances between supply and demand," agrees partner EY, who points out that there will be land available for the construction of traditional homes and also for affordable rents, as well as student housing and flexible housing, "which continues to gain strength due to structural demand."

He also mentions the continued importance of hotel investment due to the "unique underlying conditions" and "specificity of a country as dependent on tourism as Spain".García-Mateo estimates that hoteliers will account for 32% of all commercial real estate investment in Spain in 2025, far below the European average.logistics.

"In 2026, the opinion is positive, whether there is a drop in prices or not. If prices decrease, the historical relationship shows an increase in the volume of real estate investment," he said.

Humphrey White.Chairman of Knight Frank

It is also voicing that it will play an important role due to the increasing need for different types of housing."Low quality and outdated service."Low quality and outdated service."Low quality and maintained accommodation".Low quality and outdated service."Low quality and outdated service."Low quality and noticeable accommodation."Low quality and maintained accommodation".Low quality and noticeable accommodation."Low quality and outdated," says a Knight Frank manager.

For 2026, he highlights that forecasts show more moderate growth.“A favorable macroeconomic environment, where expected GDP growth continues to be very positive, between 2% and 2.4% in 2026, and lower rates will favor more investments, although with more selectivity in assets and more competition for premiums.

carlos lopez.ceo catella

Investments are expected to remain positive in 2026, supported by economic growth, with GDP at 2.3%, low interest rates, inflation and a continuing environment in the real estate market in Spain, despite restrictions on housing regulations," he emphasized. "The most attractive assets are those related to beds," he admitted, in school buildings, flex-living and hotels. "As for school facilities, we are seeing investment records,as it is a sector that has a lot of money waiting to be invested", he added.

"The land for the BTS [housing development] also stands out. In recent years the construction of houses has been around 100,000, which is clearly insufficient for the 500,000 new residents we have in Spain. That is why land prices have risen a lot in recent months and we believe that this trend will continue," he reveals.

On the negative side, he put shopping centers, despite the data that their operating data remains strong, because "the number of interested investors is very small."

Carlos Bardavio.KPMG Real estate partner

“We expect investments to increase by 9% in 2026 compared to 2025,” KPMG’s president estimates."We believe that in a low interest rate environment, this will be a very positive year due to good economic conditions and continued growth in demand. We also believe that some autonomous regions and city councils will pursue policies to promote investment more decisively."

This expert shows that the demand for hotels and places to stay is based on "the great demand of tourists, students, immigrants and seniors."

Gunzalo Ladron de Guevara |Director of Seville Capital Markets.

“The main economic and real estate fundamentals lead us to believe that 2026 will be a very positive year, with investments likely to reach record levels. Supply remains controlled in almost all sectors in Spain, and investment interest in our market remains very strong at both institutional and national levels, especially among private investors,” he predicted.

These experts point out that, in addition, we should not forget that there are "forecasts of several large corporate operations" in the coming months, for example, in the hotel business, in 2025.