Credit: GRI ClubKey insights from España GRI 2025 reveal shifting trends - GRI Club Report
Key takeaways from top real estate industry investors, lenders, and developers navigating Spain’s evolving market landscape
June 5, 2025Real Estate
Written by Jorge Aguinaga
Spain’s real estate market stands at a pivotal juncture. While economic resilience, tourism strength, and capital inflows continue to underpin investor interest, the outlook for 2025 is marked by tightening credit, regulatory complexity, and a pressing need for operational excellence.
At España GRI 2025, senior leaders from across the real estate ecosystem gathered to assess the state of play. GRI Club’s latest report distils the frankest debates and most actionable insights on where opportunity lies, where risk lingers, and what it takes to succeed in today’s evolving Spanish market.
Alternative Lending Growth - With non-bank lenders now representing 21% of the market, up from 15%, explore how institutional players, insurers, and debt funds are stepping up to fill the gaps left by cautious banks. Learn how hybrid capital stacks, platform deals, and flexible underwriting are reshaping the lending environment.
Strategic Shifts in Refinancing - Despite maturity walls signalling a refinancing surge, activity has fallen short of expectations. Discussions revealed that banks are constrained by LTV thresholds, and why only select large-ticket deals are reaching the market. Yet, early signs of renewed momentum are emerging, particularly in hospitality and logistics.
Opportunistic vs. Value-Add - Distress is present but not at scale. Discover why investors are focusing on NOI growth, asset repositioning, and ESG-driven upgrades, rather than expecting deep discounts. With inflation stabilising and repricing still unfolding, 2025 could be a key window for nimble value-add strategies.
Spain’s Key Sectors - Spain’s hospitality sector continues to outperform, fuelled by tourism and lifestyle demand. Retail, often overlooked elsewhere, remains strong in select dominant centres, while logistics is benefiting from e-commerce and government-backed reshoring. But are scalability challenges limiting growth?
Operational Excellence - The report highlights the growing importance of operational excellence, as firms increasingly differentiate themselves by either building in-house platforms or outsourcing selectively. Discover why success now depends as much on execution as on acquisition.
Construction Bottlenecks - Labour shortages and permitting delays are throttling supply in Spain. Explore how nearly half the construction workforce is nearing retirement, and why concerns over scalability and cost escalation are intensifying. Can prefabrication and industrialised building offer viable solutions?
(GRI Club)
Regulatory Misalignment - Despite reforms like “Regime 20,” Spain’s fragmented planning and permitting system continues to present challenges. The report explores the urgent need for faster approvals and inter-municipal standardisation to meet demand and attract long-term capital.
PRS and Co-Living - Institutional appetite for build-to-rent (BTR) and co-living remains strong, yet feasibility is hindered by low yields, high costs, and policy uncertainty. Learn why some propose reclassifying PRS as infrastructure to unlock capital, while others argue that the sector must mature operationally to meet that standard.
Strategic Lookahead - The report concludes with a look at the shifting landscape, where the market is moving from a capital-led cycle to one driven by execution. Those who combine local insight, operational expertise, and structural creativity will be in the best position to outperform in the coming years.
Unlock the complete Spanish Real Estate Financing & Investment Outlook 2025 and learn how top decision-makers are preparing for the next phase of the market.
Access the report below!
Spain’s real estate market stands at a pivotal juncture. While economic resilience, tourism strength, and capital inflows continue to underpin investor interest, the outlook for 2025 is marked by tightening credit, regulatory complexity, and a pressing need for operational excellence.
At España GRI 2025, senior leaders from across the real estate ecosystem gathered to assess the state of play. GRI Club’s latest report distils the frankest debates and most actionable insights on where opportunity lies, where risk lingers, and what it takes to succeed in today’s evolving Spanish market.
What’s inside?
Debt Market Resilience - Despite the macroeconomic stability in Spain, lenders remain selective, particularly in development finance and residential. The report dives into how Basel IV and internal repricing models are influencing banks to favour borrowers with strong reputations and established relationships.Alternative Lending Growth - With non-bank lenders now representing 21% of the market, up from 15%, explore how institutional players, insurers, and debt funds are stepping up to fill the gaps left by cautious banks. Learn how hybrid capital stacks, platform deals, and flexible underwriting are reshaping the lending environment.
(GRI Club)
Strategic Shifts in Refinancing - Despite maturity walls signalling a refinancing surge, activity has fallen short of expectations. Discussions revealed that banks are constrained by LTV thresholds, and why only select large-ticket deals are reaching the market. Yet, early signs of renewed momentum are emerging, particularly in hospitality and logistics.
Opportunistic vs. Value-Add - Distress is present but not at scale. Discover why investors are focusing on NOI growth, asset repositioning, and ESG-driven upgrades, rather than expecting deep discounts. With inflation stabilising and repricing still unfolding, 2025 could be a key window for nimble value-add strategies.
Spain’s Key Sectors - Spain’s hospitality sector continues to outperform, fuelled by tourism and lifestyle demand. Retail, often overlooked elsewhere, remains strong in select dominant centres, while logistics is benefiting from e-commerce and government-backed reshoring. But are scalability challenges limiting growth?
Operational Excellence - The report highlights the growing importance of operational excellence, as firms increasingly differentiate themselves by either building in-house platforms or outsourcing selectively. Discover why success now depends as much on execution as on acquisition.
Construction Bottlenecks - Labour shortages and permitting delays are throttling supply in Spain. Explore how nearly half the construction workforce is nearing retirement, and why concerns over scalability and cost escalation are intensifying. Can prefabrication and industrialised building offer viable solutions?
(GRI Club)Regulatory Misalignment - Despite reforms like “Regime 20,” Spain’s fragmented planning and permitting system continues to present challenges. The report explores the urgent need for faster approvals and inter-municipal standardisation to meet demand and attract long-term capital.
PRS and Co-Living - Institutional appetite for build-to-rent (BTR) and co-living remains strong, yet feasibility is hindered by low yields, high costs, and policy uncertainty. Learn why some propose reclassifying PRS as infrastructure to unlock capital, while others argue that the sector must mature operationally to meet that standard.
Strategic Lookahead - The report concludes with a look at the shifting landscape, where the market is moving from a capital-led cycle to one driven by execution. Those who combine local insight, operational expertise, and structural creativity will be in the best position to outperform in the coming years.
Unlock the complete Spanish Real Estate Financing & Investment Outlook 2025 and learn how top decision-makers are preparing for the next phase of the market.
Access the report below!