SOCIMIs: regulación, mercado y estrategia para liderar el nuevo ciclo inmobiliario

Abstract

Fifteen years after its inception, the SOCIMI regime has transformed from a niche vehicle into a cornerstone of Spain’s real estate market. By the end of 2024, 144 SOCIMIs were active, with new listings tripling those of the previous year and capitalizations among newcomers reaching over 2.1 billion euros. This growth continues into 2025, reflecting the model’s effectiveness in professionalizing real estate assets, attracting international capital, and generating sustainable value, particularly in rental markets. The diversification of listing platforms, including alternative markets with more flexible structures and lower regulatory costs, has expanded investor access. Nonetheless, legal uncertainties persist due to the lack of detailed regulations implementing Law 11/2009, and fragmented regional legislations challenge cross-community portfolio management. The regime’s operational maturity is also defined by trends towards asset specialization, institutional capital inflows, and ESG integration, positioning SOCIMIs as central players poised for sustained growth within Spain’s real estate ecosystem.