The investor bets on changes of use to make the properties profitable
Investment in building conversions, mainly from offices to hotels or housing, soars 115% up to June and reaches 390 million in a record six-month period.
In Spain, the conversion of obsolete offices into homes and hotels has become a significant opportunity in the real estate market. During the first half of 2026, a record 46 conversions were identified, affecting over 224,000 square meters, with a total investment of €390 million, a 115% increase from the same period in 2025. Madrid remains the main destination for investment, with €283 million, or 73% of the total volume, but secondary locations are also gaining traction.
The hotel and residential sectors account for 91% of conversions, with a focus on luxury and flex living projects, and offices continue to be the primary source of conversions.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
