FORCADELL and the UB present to the real estate sector the conclusions of the 2025 Report

FORCADELL and the University of Barcelona have presented to the real estate sector the conclusions of the Real Estate Market Report: Current Situation and Outlook 2025. This edition, held at the headquarters of Foment del Treball, was particularly special as it celebrated 25 years of collaboration between FORCADELL and the University of Barcelona — a partnership that has produced this report, now a benchmark in the sector.

The presentation took place over a session that brought together more than 700 professionals from the industry, who followed the event both in person and via streaming. The conference provided an overview of the current market and the key trends that will shape real estate in 2026, combining presentations and debates led by FORCADELL experts in the Residential and Tertiary sectors.

The event, hosted by journalist Ana Boadas, began with an introduction by Ivan Vaqué, CEO of FORCADELL, who welcomed attendees and offered an overview of the current market situation. Dr. Gonzalo Bernardos, editorial director of the report, associate professor of Economics at the University of Barcelona, and director of the Master’s in Real Estate Advisory, Management and Promotion at the UB, delivered presentations on the current and future outlook for both segments of the real estate market.

The report is structured into seven chapters that review the national and international economic context of the year. It also provides an in-depth analysis of the outlook for Spain’s property sales, rental, office, retail, and logistics/industrial markets.

Real estate boom with no signs of a bubble

Among the conclusions of the FORCADELL – UB 2025 Report, the study identifies a boom in Spain’s residential sales market while ruling out the existence of a real estate bubble.

The report highlights a very different situation from 2007, dismissing both economic and real estate factors that could justify a bubble. Today, banks are far more prudent, and the volume of mortgage lending forecast for 2025 will reach €85 billion — 50% less than in 2006 in nominal terms. In addition, household and corporate deposits exceed the loans granted, reflecting a balanced financial system. This, together with an economic surplus close to 4% of GDP and the expectation of an ECB interest rate cut, paints a picture of stability that rules out a sudden drop in prices or transactions.

Likewise, the sharp rise in housing prices stems from limited supply rather than excessive demand, with no signs of a significant increase in the former or an abrupt decline in the latter. The conclusion is that Spain is experiencing a real estate boom that will continue at least until the final quarter of 2027, driven by a massive shift of young buyers (under 40) from the rental to the purchase market.

Regarding the rental market, the report shows a clear contraction in supply, driven by regulatory uncertainty and the lack of incentives for landlords.

Meanwhile, the tertiary sector faces 2026 with a solid foundation and progressive adaptation to new market needs. Overall, Spain’s corporate real estate market remains attractive to investors and strengthens its role as a key indicator of economic recovery.

Full presentation video: