Press Release - July 2026

• Real estate activity has shown notable dynamism in recent years, boosting revenue among companies in the sector. Home sales exceeded 750,000 units in 2025, up 5% on 2024.

• The non-residential market also saw rising demand and higher rents. The vacancy rate fell in the office segment.

• INFORMA's DBK Sectoral Observatory recently published these insights in the 'Real Estate Companies' Special Basic Report.

Madrid, 7 July 2026.- According to INFORMA's (Cesce's subsidiary) DBK Sectoral Observatory, a leading provider of business, financial, sectoral, and marketing information in Spain and Portugal, in recent years real estate companies operated in a favourable environment, marked by new household formation and lower interest rates, factors that contributed to demand growth in both the residential and tertiary segments.

In 2025 as a whole, the number of home purchase and sale transactions in Spain stood at 752,098, up 5.1% on 2024. Second-hand home sales increased 5.2%, to 684,012 units, while growth in the new-build segment stood at 3.8%.

The non-residential real estate market also saw increased demand in some segments, such as retail premises and logistics warehouses, as well as higher rents. In the office market, meanwhile, the decline in the vacancy rate due to lower new supply continued to push prices higher, while other niches, such as student accommodation, flex living, data centres and senior housing, offer strong growth potential.

Based on the latest information available in commercial registers, aggregated revenue for the top forty real estate companies stood at €14.286 billion in 2024, representing an increase of 14% year-over-year on a comparable basis.

Population growth and the continued strength of the labour market will continue to support housing demand in the short term, albeit with some loss of momentum. Limited supply will continue to push prices higher, particularly for new-build homes, although with less intense increases than in previous years, while pressure persists in the residential rental market.

In January 2025, over 205,000 companies were registered under the real estate headings of the National Classification of Economic Activities (CNAE), slightly above the figure recorded a year earlier. Listed real estate investment companies (SOCIMIs) have consolidated their position as one of the main real estate investment vehicles in Spain.

Data Synthesis