Spanish Healthcare Real Estate: Market Overview

Spanish Healthcare Real Estate: Market Overview



This document is produced by Gilardini Realty, a specialist investor in the European Health Care Real Estate (HCRE) market, which was worth c. €9.8b in 2023 after decreasing by 28% compared to 2022 (Jll, 2024). The HCRE in the United States (US) also showed a contraction, reaching $7.6b in 2023, versus $25b registered in 2022 (SkyView Advisors Healthcare Real Estate, 2024).

The report takes a deep dive into the Spanish HCRE market, worth c. €692 million in 2023 (CBRE, 2024). It can be used as a guide for investors and other stakeholders seeking to increase their exposure to this segment of the real estate market.

We believe a wide range of professionals will benefit from this report, namely: pension fund managers, management teams and investors in healthcare companies that have a significant real estate element, healthcare sector owners and operators, as well as lawyers, surveyors, and real estate professionals.

Our analysis will also assist investors to better understand market trends and the drivers of HCRE growth in Spain.


1. Introduction
2. Key Takeaways
3. Definition of HCRE Market Terms
4. Overview of the Spanish Healthcare System
4.1. Market and Demographic Context
4.2. Structure of the Healthcare System in Spain: Public and Private Financing
4.3. Healthcare Services and Structures
5. HCRE Markets
5.1. Spanish HCRE Markets
5.2. Spanish HCRE Relative to Other European Markets
5.3. Spanish HCRE Indirect Investment Vehicles
6. Key Market Drivers for 2024 and Beyond
7. Conclusions
8. Abbreviations
9. Bibliography

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