On March 18th we hosted the first edition of the Investor Dinner in Barcelona — a private dinner for investors where the central theme was the Spanish real estate market in 2026, with a particular focus: traditional versus tokenized investment.
The event was hosted in partnership with Reental, who brought two lead experts to our panel: Javier, Director of Wealth, and Ferran Martinez, former professional basketball player from Barcelona and experienced investor in both traditional and tokenized real estate. The panel also featured Alex Seco, founder of Flipme, a real estate crowdfunding platform. The audience — our curated, invite-only investors — came from diverse backgrounds: asset managers, investors with experience in VC and startups, and seasoned real estate investors curious about the perspectives of other experts and the emerging potential of tokenization as an alternative mechanism.
The Spanish market is not slowing down
As Alex Seco mentioned during the panel, BBVA Research data for March 2026 projects housing price growth of approximately 10% this year, moderating to around 7% in 2027. International demand remains strong: 2025 saw over 145,000 foreign buyers, a 4.2% increase over the previous year. In areas like Málaga, international buyers already represent nearly 43% of the market.
What drives these numbers is not "speculation," as many claim — it is a structural imbalance between supply and demand. Spain has a housing deficit that regulation has not resolved but worsened. Building permits remain a bottleneck, and relocation demand — particularly from Latin American families and Northern Europe — shows no signs of slowing.
For the UHNW investor evaluating Spain as a capital destination, the macro context is favorable. But the real question is: how to enter and with what structure? Especially considering the evolving and worrying regulatory trend.
Catalunya: a sinking ship for investors?
The most interesting conversation of the evening revolved around the regulatory trajectory of not only the Spanish but especially the Catalan government. Worsening conditions for gran tenedores, price caps, okupa risk, and more make it nearly impossible for most retail and institutional investors to consider Catalunya as a viable market. Reental has entirely avoided the region; Flipme has maintained a limited number of projects specifically to avoid the downside of being classified as a gran tenedor.
This perspective reinforces what should already be a core principle for any serious real estate allocator: diversification within the asset class is not optional in 2026. Only invested in the US? Falling tourism is compressing returns. Only invested in the Middle East? Escalating tensions with Iran are increasing risk and reducing residential demand. A serious investor needs coverage against any black swan event that can decimate the value or liquidity of their portfolio. Spain offers a compelling alternative — but the entry point matters, and Catalunya is no longer where the smart capital is heading.
The coliving model: the survivor opportunity?
Alex Seco brought up the coliving model, which is growing considerably across major European cities. Examples like VITA, Node Carabanchel/Alcobendas, and others have taken advantage of the tertiary use of land to sidestep current residential property restrictions — and in doing so, have built highly profitable ventures with clear exit opportunities. American Private Equity funds are actively seeking sustained income-generating properties in Europe, and coliving operations fit that profile precisely.
For investors evaluating Spanish real estate but wary of the residential regulatory environment, coliving represents a structural workaround with institutional demand on the exit side.
Liquidity: a key consideration
Real estate as an asset class has always presented liquidity as one of its main downsides. No matter how urgent the need, you cannot sell or refinance a property overnight without sacrificing significant value. Tokenization offers an alternative.
Where there is demand for an investment project, investors can sell peer-to-peer with full guarantee for both buyer and seller on the tokens and their ownership implications within the investment vehicle. Javier shared how Reental's platform has evolved over the past two years to implement a P2P secondary market, along with a DeFi mechanism that allows investors to access up to 75% of their investment value by leaving their tokens as collateral.
It is still in its early stages. But it provides an unprecedented path for investors to exit or access liquidity without the sacrifice or friction of traditional real estate transactions.
Regulation: where are we now?
Javier walked us through how the tokenization mechanism works and the regulatory framework it follows. Reental operates under US Regulation D (Reg D 506(c) / Reg S) and Spanish CNMV frameworks. The structure works by establishing an SPV (Special Purpose Vehicle) that is then tokenized and split between investors. Each SPV owns one property and only that property — which eliminates commingling risk and provides clear legal separation between investments.
This structure gives investors transparency on exactly what they own and how their capital is deployed. The regulatory clarity that comes from operating under an established framework like the SEC — rather than navigating the still-evolving European tokenization rules — is a meaningful advantage at this stage of the market's development.
What comes next
The Investor Club plans more editions of this format: private dinners where each session focuses on a specific asset class, with an expert sector sponsor and a panel designed to maximize the value of the conversation.
The next event will be the Investor Padel — a format combining a padel tournament at Padel Tibidabo with an educational panel at Soho House Barcelona. If you are in Barcelona and interested in participating, access is by invitation through the Club.
This article reflects the author's opinions based on publicly available information and the Investor Dinner discussion of March 18, 2026. It does not constitute investment advice. Serra Wealth does not provide tax or legal advice; clients should consult qualified professionals in the relevant jurisdiction.
Daniel Martinez is the founder of Serra Wealth, an independent wealth and relocation consulting firm serving UHNW families across Latin America and Europe.
About the author
Daniel Martinez — Founder & CEO, Serra Wealth
Daniel Martinez is the founder and CEO of Serra Wealth, an independent, non-discretionary consulting firm for UHNW families and principals. He has picked stocks on fundamental and technical analysis since 2014 and managed his own crypto and public-equity portfolios since 2016. He holds a BBA from Esade and a Professional Investment and Risk Management certification. He is a professor at The American College of the Mediterranean (ACM/IAU), a recurring guest professor at UPF Barcelona School of Management, and a guest lecturer at Esade, was previously a professor at the Instituto de Inversiones Bursátiles y Trading (IBT), and speaks regularly at industry conferences.