Spain’s real estate sector continues to reinforce its position as a cornerstone of economic activity, surpassing 2.13 million workers affiliated to Social Security, representing a 5% year-on-year increase and the creation of nearly 103,000 new jobs compared to 2024. These figures confirm the strong momentum currently supporting the sector, which now accounts for just over 5% of national GDP, while highlighting its gradual recovery from the sharp correction experienced during the real estate crisis.

Although employment levels have not yet returned to the 2.5 million contributors recorded before the housing bubble, the trend remains clearly positive. Importantly, this growth is taking place amid a structural transformation, as the sector moves away from traditional construction models towards a greater emphasis on industrialised construction, with positive implications for efficiency, productivity and skilled employment.

Specialised construction has emerged as the main employment driver, with 850,725 affiliated workers, reflecting a 5.12% increase compared to the end of 2024. Closely linked to industrialised building processes, this segment is expected to play a central role in future growth, further supported by public initiatives such as the €1.3 billion PERTE programme, aimed at scaling up industrialised housing production.

Meanwhile, building construction continues to perform strongly, reaching 554,306 affiliates after adding more than 34,000 new jobs in one year, representing a 6.57% increase. Combined, core construction activities now account for 1.40 million workers, or 65% of total employment within the real estate sector.

Beyond construction, architectural and engineering services have strengthened their position, exceeding 334,000 affiliates, surpassing even pre-crisis levels. This reflects the sector’s increasing technical complexity and growing demand for highly qualified professionals.

In contrast, civil engineering remains more subdued due to lower public infrastructure investment, while rental-related activities show more modest growth, constrained by supply shortages and regulatory uncertainty, with 96,244 affiliated workers, still well below historical peaks.

Conversely, real estate activities linked to property transactions continue to perform strongly, reaching 177,072 affiliates, a 4.8% increase year-on-year, driven by sustained momentum in the residential market. Notably, this segment stands out for its strong female representation, with 97,556 women employed, exceeding male participation.

At CG Capital Europe, we view these employment trends as a clear indication of the resilience and growing sophistication of Spain’s real estate sector. Beyond cyclical recovery, the sector is evolving towards a more diversified, professional and human-capital-intensive model, reinforcing its long-term investment appeal and confirming real estate as one of the country’s key economic engines.

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