IX SOCIMI Study 2024
ARMANEXT publishes its 2024 SOCIMI Study and reports that the number of SOCIMIs listed in 2024 tripled compared to 2023.
2024, a great year for SOCIMIs: new investors, new markets, and a record number of listings
- The 31 SOCIMIs listed in 2024 triple the number of incorporations in 2023.
- BME Scaleup is the segment that attracted the most SOCIMIs and assets.
- Private investors are taking over from major international funds.
- Download the IX Study on the Evolution of SOCIMIs
Madrid, 21 January 2025 — 2024 was a record year of growth for SOCIMIs (Spanish REITs), solidifying their position as one of the preferred investment vehicles for real estate investors in Spain. With 31 new SOCIMIs going public on Alternative Stock Markets, the sector has experienced growth that reflects the strength of the model and the increasing confidence in listed real estate investment vehicles. This figure triples the 9 SOCIMIs listed in 2023, clearly demonstrating the strong momentum the market has experienced.
The combined market capitalization of the SOCIMIs created this year reached €2.101 billion, representing a 37% increase compared to the previous year. This growth has been driven by a context of moderating interest rates, as well as the emergence of new segments such as BME Scaleup and platforms like Portfolio Stock Exchange. These have facilitated access to capital markets for smaller companies, promoting diversification and sector expansion.
Antonio Fernández, Chairman of ARMANEXT, notes that “SOCIMIs have proven to be a dynamic investment model, capable of adapting to new scenarios and attracting both major funds and private investors. This year we have witnessed the consolidation of this listed real estate investment vehicle, which is increasingly positioned as a key solution for efficiently adapting to more innovative projects and providing access to smaller investors.”
Expansion of SOCIMIs into new segments and platforms
One of the main characteristics—and novelties—of 2024 has been the diversification of the stock markets chosen by SOCIMIs for listing. Of the 31 new incorporations:
- 1 on BME Growth
- 17 were listed on BME Scaleup
- 10 on Portfolio Stock Exchange
- 3 on Euronext Access
This diversification has intensified competition among markets and enabled smaller projects to access Alternative Stock Exchanges with lower costs and entry requirements. The new BME Scaleup segment and Portfolio Stock Exchange platform have stood out as effective catalysts for family businesses and local projects, allowing SOCIMIs to become an efficient tool for optimizing investment and development strategies.
Foreign investment
Foreign investment in the Spanish real estate sector reached one of its lowest levels of the past decade in 2024, except for the COVID-19 pandemic period. This downturn is framed within a context of legal uncertainty arising from recent debates regarding potential changes to the SOCIMI tax regime, which has generated caution among international investors. In contrast to the boom experienced between 2015 and 2017, the lack of regulatory clarity has slowed the recovery of foreign investment flows.
New trends: Flex Living, hotels, and real estate reconversions
The study highlights the rise of Flex Living, which has become the most notable trend in the sector, representing 31% of total SOCIMI investment. This segment includes student housing, senior living, and flexible rentals, and continues to attract both private investors and large institutional funds. The hotel sector also experienced significant growth, capturing 23% of investment, driven by the recovery of international tourism.
Additionally, the conversion of industrial and commercial assets into properties adapted to emerging market demands—such as student residences or data centers—is emerging as a key strategy for 2025. In 2024, more than 200,000 square meters of office space in Spain were converted into residential units, hotels, and other alternative uses, showcasing the market’s dynamism and the sector’s capacity to adapt to new social demands.
Technological innovation: Blockchain and digitalization
One of the major focuses for 2025 will be the integration of disruptive technologies such as Blockchain in capital markets, transforming the issuance, trading, and custody of financial instruments. Platforms such as Securitize and Bit2Me STX are leading this transformation, which promises to reduce operational costs and increase transparency in the markets. This innovation will give rise to new trading models that simplify investment processes and enhance the inclusion of retail investors.
Optimism amid a changing environment
2025 is shaping up to be a year of consolidation for SOCIMIs. Despite the recent regulatory uncertainty surrounding the sector, ARMANEXT maintains an optimistic outlook. Expected interest rate trends are likely to boost the financing of real estate projects, facilitate credit access, and support asset valuations. This environment will be key to consolidating the SOCIMI model as the preferred investment vehicle in the coming years, as its structure enables investors to benefit from incentives and the transparency of publicly listed companies.
Private capital will continue to be a major driver of growth, with rising interest from family groups that view SOCIMIs as an opportunity to channel their real estate investments.
Fernández states that “the SOCIMI model continues to prove its strength in a dynamic environment. Its ability to combine investment incentives, transparency, and accessibility to capital markets positions it as a preferred option for both private and institutional investors. Forecasts for 2025 point to continued growth, with an increasingly relevant role played by private capital and family groups seeking to diversify their investment strategies.”
In this context of new markets and new SOCIMI promoters—and the associated complexities and implications of joining this regime—Antonio Fernández stresses “the importance of carefully choosing both Legal and Tax Advisors, who manage the regulatory process, and Registered Advisors / Listing Sponsors, who lead the listing process in the chosen Stock Market. Both must have the teams and proven experience required to successfully complete these projects, which typically span several months and require extensive documentation.”
About Grupo ARMANEXT
Grupo ARMANEXT, through its subsidiary ARMABEX, is a Registered Advisor on BME Growth (since 2009) and the first Spanish Listing Sponsor on Euronext (since 2018); BME Scaleup (since 2023); Portfolio Stock Exchange (since 2023); and Securitize (since 2023).
Grupo ARMANEXT is a highly specialized firm, with more than 21 professionals from different financial and legal areas, dedicated to providing services to SMEs and SOCIMIs in all matters related to Capital Markets: preparation and adaptation for listing, listing processes in the chosen capital market, and corporate financing through debt or equity (new shareholders).
It is a leading company in taking firms public on Capital Markets, with over 60 companies listed on the Multilateral Trading Systems BME Growth, BME Scaleup, Euronext Access, Euronext Growth, and Portfolio Stock Exchange.
ARMANEXT has developed new areas to support the growth of SMEs in Capital Markets—both Spanish and Latin American. In addition to its strong specialization in Multilateral Trading Systems, it now offers financing services, corporate advisory, investor relations professionalization, blockchain, and legal advisory.