2025年第四季度西班牙零售业快照

The sector indicators are compiled quarterly from a detailed andexhaustive study prepared by experts in the Knight Frank Spain officeand are based on real data and market trends. Q42025 Spain closes 2025 with annual GDPgrowth of 2.9%, showing solideconomic momentum In 2025, Spain reached 97 million tourists, 3.2% above2024 levels, a record high in both visitor numbers andbusiness volume, highlighting the sector’s key role in thenational economy. SITUATION IN SPAIN For 2026, national GDP growth isexpected to reach around 2%, a figurethat remains above the Europeanaverage. According to data from theInternational Monetary Fund, Spain’sannual GDP growth stood at 2.9% atthe end of 2025, significantly abovethe European average of 1.4%. The total business volume in 2025has doubled compared to 2024. This positive gap reinforces thecountry’s economic growth, driven byrising tourism (97 million visitors in2025), job creation, and domesticconsumption. At the end of 2025, consumerconfidence stood at 76 points,reflecting the continued positivetrend observed over the past twoyears. International tourists Millionsofpeople Spain The most notabletransaction of the lastquarter was theacquisition of the ParqueCorredor shoppingcenterin Torrejón de Ardoz(Madrid) by CBRE IM for€250 million.Additionally,Redevcocompleted the purchase ofthe Abadía Retail Park inToledo.Lastly, the acquisition ofThe Outlet Storesshoppingcenter in SanVicente deRaspeig(Alicante) stood out, for anamount close to€70million. INVESTMENTIN SPAIN The retail sector closed 2025with investment reaching nearly€2.4 billion, with more thanone-third of this amountcorresponding to the fourth quarterof the year.By segment, shoppingcenters Investmentvolume 2025 €2,365M(€748 M Q4 2025) Top 3investment dealsQ4 2025 once again stood out as the maindrivers of investment this year(as was also the case in 2024),accounting for around 65% oftotal retail investment. €250M|CC Parque Corredor, Torrejón deArdoz (Madrid)Vendot:Redevco y Ares |Purchaser: CBRE IMCapitalvalue: 2,033€/sqmSource: Observatorio Inmobiliario €104.2M|RetailPark Abadía, Toledo High street followed,accounting for nearly 20% of thetotal accumulated investment. (Castilla La Mancha)Vendor:HLRE Socimi|Purchaser:RedevcoCapitalvalue: 1,930€/sqmSource:Brainsre Meanwhile, retail parks andsupermarkets represented 11%and 6%, respectively, of theannual total. €70M|CCTheOutles Stores, San Vicente de Raspeig, AlicanteVendor: UBS |Purchaser:ViaOutletsCapitalvalue: 2,000€/sqmSource: Eje Prime By location, Madridconcentrated more than 40% ofthe sector’s investment for theyear. Meanwhile, the Valenciaregion captured around 25% oftotal investment. At the end of 2025, primeyields for both shoppingcentersand high-street retail unitsdeclined slightly, standing at6.50% and 3.60%, respectively. Retail park yields remainedstable at 6%. We like questions, if you’ve got one about our research, or would like some property advice,we would love to hear from you. Daniel CaprarinHead of Research, Marketing & PR+34 600 919 087daniel.caprarin@es.knightfrank.com Source: Knight Frank Research.Note:Updated commercial center yields in 2023 and2024 based on the latest market information.