El ‘flex living’ y los apartahoteles, un nuevo imán para el inversor

Extrahotelera alojamiento, o "flex living," emerges as a new investment magnet, with 812 million euros mobilized this year alone and 4.5 billion euros invested in the last five years, according to Savills. This type of accommodation, situated between rental housing and hotels, provides short to medium-term rentals for tenants, with stays not exceeding a year and under the license of an apartment hotel or tourist apartment.

It caters to a variety of clientele, including professionals who have been displaced, postgraduate students, families of hospitalized patients near the properties, and individuals looking for temporary housing solutions, such as divorcees or those awaiting a move.

Data from Savills reveals that 1,500 units were sold by the end of 2025, with Meridia acquiring a 977-unit flexible living asset in the Carabanchel district of Madrid from a joint venture involving Bain Capital, Momentum Real Estate, and Episode. Additionally, Atitlan, led by Roberto Centeno and Aritza Rodero, purchased land in Villaverde district for constructing 1,500 units of short-term rental apartments alongside Momentum Real Estate.

The flexible living segment is primarily concentrated in Madrid, while apartment hotels have a more diversified distribution across Catalonia, Andalusia, Madrid, and the Valencian Community.

The current operating stock includes 16,500 beds, with a projection of reaching 40,500 by 2028, effectively doubling the bed capacity within two years. Carlos Pérez-Lanzac, founder of Vitur, a hub for European flexible accommodation industry professionals, emphasizes the need for operators who can scale profitably, along with access to financing and a stable regulatory and fiscal framework.

He attributes the sector's growth to a volatile housing market that lacks sufficient supply to meet demand, driving capital towards the tertiary market.