As the INREV Annual Conference is currently being held in Barcelona, we zoom in to the region with some recent insights we’ve released. Southern Europe continues to command investor attention, underpinned by resilient performance, strong sentiment and a growing body of sector specific insights. These resources offer a nuanced picture of how capital, policy and delivery intersect across the region.
- Market Insights – March 2026:
Spain led asset level performance in Q4 2025 with a total return of 2.69%, driven primarily by retail (4.73%). Investor sentiment towards Spain reached a net balance of 39% in March 2026, matching its record high and remaining well above long term and 2025 averages. Italy and Portugal maintained positive sentiment at 9% and 3%, respectively, with Italy posting the second highest annual average sentiment in 2025. - Investment Intentions – Southern Europe national insights:
Spain ranks joint fourth globally, with 49% of investors identifying it as a preferred destination. Madrid and Barcelona are among the world’s top five cities. Italy remains eighth in Europe at 41%, while Portugal enters Europe’s top ten at 35%. Spain and Italy also attract strong interest from non European investors. - IQ blogs:
Italy on the rise highlights short‑ and mid‑term outperformance, while our latest blog, Affordable housing in Spain, explores how policy, capital and partnerships can unlock long‑term supply featuring Cristina Pérez Liz, Head of Spain at Octopus Capital. - Case studies:
PATRIZIA’s resident engagement pilot in Zaragoza demonstrates how community insight can inform scalable affordable housing strategies. Amro Partners’ BREEAM Outstanding development in Salamanca sets a new benchmark for sustainable living in Spain.
These insights highlight a Southern European market where performance, sentiment and investor intent remain closely aligned. Spain continues to stand out as a focal point for capital deployment, while Italy and Portugal demonstrate sustained relevance amid more nuanced dynamics. Additionally, real‑world case studies show how long‑term institutional capital can translate market conviction into delivery on the ground.