Urban hotels, senior living and data centers, the alternative assets that redefine how to invest in brick
Hotel investment in Spain exceeded 1,766 million euros in the first half of 2025, already representing more than 20% of the total invested in real estate
Flexible living is consolidated as a protagonist in the residential sector: formulas such as coliving, microliving or apartments with flexible services are gaining visibility among investors looking for modern alternatives adapted to the contemporary lifestyle
Senior living emerges as a strategic commitment supported by the growth of the population over 65 years of age
Is brick still a safe haven? Only if you know how to use it. Urban hotels, coliving for young people, senior living for those over 65 and data centers are emerging as the new ones brick diamonds. At a time when capital demands more than bricks, it demands stable incomes, resilient uses and a long-term vision, Norz Heritage has carried out an analysis of the Spanish real estate market. Their study places these assets as the options that today redefine what it means to invest in brick and mortar compared to traditional models that lose shine under financial and regulatory pressure.
In a scenario marked by inflationhe hardening financial and a growing intervention regulations, real estate investment continues to attract capital, but it is no longer territory for amateurs. That is the main conclusion drawn by Norz Patrimonia, a firm specialized in wealth advice, after analyzing the current dynamics of the Spanish market. “The brick has not lost its ability to shelter, but it is no longer an automatic shelter. Today more than ever, investing well in real estate requires information, risk calculation and a long-term vision. The current scenario is full of nuances that you have to know how to interpret,” he says. Laureano Gris, partner at Norz Patrimonia.
The Catalan firm points out that, although the Spanish real estate market is experiencing a stage of lower efficiency and greater public intervention, the opportunities They continue to exist for those who understand the economic moment and know how to choose the right asset. “The GDP continues to grow, consumption is holding up and the structural demand for housing in certain areas has not only not fallen, but has become more sophisticated,” says Gris. “But you cannot invest the same as five years ago. The fiscal, political and rate environment requires making numbers with much more rigor,” the expert points out.
Segments with the best risk-return ratio
Despite the change in cycle, Norz Patrimonia identifies several types of assets that continue to show considerable attractiveness for judicious investors.
First of all, hourban and vacation TVs: The Spanish hotel sector closed the first half of 2025 with a growth of 6.9% of RevPAR, reaching 115.70 euros of revenue per available room, while occupancy remained stable around 73.1%. In addition, hotel investment totaled 1,766 million euros in that same semester, which represents a year-on-year increase of 20%. These data show that urban hotels and those located in premium coastal destinations continue to resist economic shocks well, because they can adjust rates to take advantage of international demand and benefit from the brand strength of high-end tourism.
He senior living: Spain is seeing very significant growth in this alternative asset. According to Colliers, the supply of senior living apartments is will double until reaching 8,000 units in 2030, compared to around 4,000 in 2024, driven by the progressive increase in the European senior population and by investors seeking residential products with added services, quality of life, stability and predictable demand. In Spain there are already 3,785 residential units designed for independent seniors.
In it modern residential market, the products of flexible living (coliving, microliving, aparthotels) are positioning themselves as highly in-demand asset classes. In 2024, the living sector, which encompasses these models, attracted investments worth billions of euros, highlighting that flexible living represented close to 45% of the total invested in this residential sector.
The data centers show a portfolio of projects in significant growth: according to recent reports, the portfolio of confirmed data center projects in Spain grew by close to 20% in six months, with growing interest in regions outside the traditional large cities, seeking better energy costs and more sustainable locations.
“The key is to understand which models respond to the structural needs of society and which may be penalized by temporary factors such as the cost of money or regulatory changes,” says Gris. Furthermore, in unsaturated areas, such as intermediate cities or secondary tourist destinations, residential rentals are emerging as an increasingly defensive asset, especially under professionalized management formulas.
Despite the potential, Norz Patrimonia warns that investing in real estate today involves navigating a series of risks that should not be underestimated. Among them, low liquidity (selling may require more time than expected, especially in bearish cycles), rising operating and maintenance costs (renovations, energy efficiency and insurance increasingly impact margins) and defaults and regulatory instability (a slight increase in defaults has been detected, both in rent and mortgages, and housing regulations change frequently).
“The returns still exist, but they are no longer found by intuition. Real estate investment is not just about buying a brick: it is managing risk, analyzing demand, anticipating legislative changes and understanding new use models. The question is no longer just whether it is a good time to buy, but how to do it, where, in what type of asset and with what time horizon. That makes all the difference,” says Laureano Gris.
The firm, which advises both private investors and wealth funds on investment strategies and asset management, emphasizes the importance of having technical, multidisciplinary advice adapted to the client’s profile.