Building conversions double in Spain in 2024

The phenomenon of building conversion has proven to be a booming trend in the Spanish real estate sector in the last year. Changes in the use of properties have reached record figures, driven by high tourist and residential demand. This trend continues to position itself as a key strategy for investors and owners looking to maximize the value of their properties.

The growing demand for Living and Hotels triggers conversions

In 2024, a total of seventy changes of use were identified in Spain, resulting in more than 390,000 square meters of surface area that began a transformation process. The last quarter of the year was particularly active, with more than twenty conversions registered.

The Living and Hotels sector accounted for 80% of these transformations due to the growing demand in these segments, while around 60% of the buildings were for initial use in offices.

Alternative sectors, on the other hand, were also relevant, accounting for 15% of the total, driven by the reconversion towards the Healthcare segment, especially hospitals and nursing homes.

€900 million invested in the purchase of assets for changes of use throughout 2024

Investment in the purchase of assets for changes of use has also grown significantly, reaching €900 million in 2024, compared to €330 million the previous year. This increase reflects investors' interest in maximising the potential of assets through these transformations, despite the technical challenges and urban constraints that come with it.

The Living sector has established itself as the most attractive end use of conversions with associated real estate transactions in 2024, with 74% of cases, while offices also repeated as the most common initial use (81% of all cases).

These results are in line with CBRE's recently published European Investor Survey 2025 report, which points to Living as the most attractive sector for investment in Europe.

Madrid leads conversions in Spain

The Spanish capital stands out as the leading city in conversions, accumulating 60% of the national total, with a notable concentration within the M-30 area. However, other locations such as Malaga, Barcelona, Seville and Zaragoza also showed an increase in this trend, accounting for 40% of conversions in 2024, compared to 26% the previous year.