Catalonia attracts €2.274 billion in real estate investment by September

Real estate transactions in Catalonia totalled €2.274 billion from January to September, accounting for 14% of the national total, according to CBRE.

The third quarter saw €708 million invested in Catalonia, a 38% increase compared to the previous quarter, as reported by observatorioinmobiliario.es. With this figure, the region has recorded three consecutive third quarters above €700 million, something that the consultancy CBRE highlights in its annual analysis.

From January to September, the total volume reached €2.274 billion, equivalent to 14% of all transactions in Spain. This is 13.5% less than the same period in 2025, when transactions amounted to €2.628 billion, but 3.5% above the average of the last five years.

“Activity is normalising after an exceptional 2025,” explains Xavier Güell, head of CBRE in Barcelona, who adds that volumes remain at elevated levels.

Offices, living and hotels account for around €1.755 billion, nearly 77% of the total. Within the office sector, investment nears €800 million, 35% of the overall total and 27% more than a year earlier, marking its best performance since 2022. CBRE attributes this boost to corporate demand and the scarcity of top-quality spaces.

Among the office transactions, the purchase of the Edificio Estel by InmoCaixa stands out as the largest of the year, along with the acquisition of the RBA building, both advised by the consultancy. In the living segment, investment totals €587 million, 26% of the volume, with four public land awards linked to the Plan 50,000 of the Generalitat de Catalunya.

Hotels received €368 million, 16% of the total, compared to €623 million in 2025. The purchase of ME Barcelona by Grupo Kaya is among the most significant transactions of the season. The living segment also includes the acquisition of Tower One-Diagonal Suits by M&G Real Estate.

Industrial and logistics investment reaches €255 million, 11% of the total, with the purchase of the Jupiter portfolio by Nuveen. Retail totals nearly €191 million, showing stable growth, which includes the acquisition of 50% of the Splau shopping centre by Castellana Properties. Healthcare records €74 million, almost the same as the entire year of 2025, with the sale of the Sanitas Rambla residence in Barcelona.

According to CBRE, the regulatory framework continues to limit investment in traditional rental housing and the creation of new residential offerings in the region, a factor that residents of Barcelona and the rest of Catalonia notice in the price and availability of flats.