The real estate investment market closed the second quarter with 462 million euros transacted, bringing the first half total to 1.4 billion euros, 11% above the same period in 2025. The total invested in the quarter was, however, below 500 million euros, almost half of the first quarter and 18% below the same period last year, reflecting geopolitical uncertainty and a more selective approach from investors. International capital represented 76% of invested volume and core and core plus strategies continued to dominate activity, concentrating more than 80% of total invested this year.
Hospitality remained the most active segment, concentrating 36% of investment in the quarter, with the cumulative volume in the first half already surpassing the annual totals recorded in 2024 and 2025. Industrial & Logistics took second place among the sectors that attracted the most capital, while offices suffered from a residual total investment volume, with only three transactions below 10 million euros, reflecting the ongoing price discovery process in this segment.
The data reveal a cross-cutting trend: the market is becoming increasingly selective. Liquidity gained ground again, but in a much more selective way, with the focus shifting from the amount of capital available to the quality of assets capable of attracting it. Investors remain active, but more disciplined in risk analysis, favouring assets with solid fundamentals, predictable returns and value creation potential, which increases polarization between prime and secondary assets.
In the residential market, demand remains active, but buyers are more selective regarding location, product quality, predictability of delivery timelines and appreciation potential. Supply continues to grow at an insufficient pace: despite an estimated 3% increase in the number of units licensed and completed in the first half, the ratio remains at just one home completed for every six sold, which maintains upward pressure on prices.
