The global investment environment remains challenging due to persistent economic and financial uncertainty, despite forecasts suggesting a potential improvement in 2025. Regulatory scrutiny on investments remains stringent across several economies, while geopolitical tensions—particularly the war in Ukraine, conflicts in the Middle East and the first measures of the new Government in the USA—continue to weigh heavily on investment flows.

Despite this, according to the most recent update of the Investment Registry, Madrid received 24.71 billion euros in gross productive investment in 2024, making it the second-best historical figure since 1993, only behind the record set in 2018.

Pending any further updates to the Registry, these investments are 44% higher than the previous year, and more than 20% above the average of the last decade (20.13 billion euros annually from 2015 to 2024), as well as the average of the last five years (19.98 billion euros annually).

It’s important to note that 2024 data includes a new investment category—intra-group financing—which was not included in previous years. In total, Madrid received 19.53 billion euros in Capital and Equity Investment (79% of the total), and 5.17 billion euros in Intra-group Financing (21%). Excluding intra-group financing, the gross productive investment flows received by Madrid in 2024 increased by 13.6% compared to 2023.

Once again, Madrid leads the nation in receiving investment flows, both overall and across both categories (Capital and Equity Investment and Intra-group Financing). Madrid accounted for 67.1% of the total investment received in Spain in 2024. Following Madrid are Catalonia (4.92 billion euros, 13.4%), the Valencian Community (1.11 billion euros, 3.0%), the Basque Country (1.07 billion euros, 2.9%), Aragón (0.91 billion euros, 2.5%), and Andalusia (0.84 billion euros, 2.3%).

Disinvestments in Madrid saw a notable increase in 2024, reaching 12.74 billion euros. This spike is likely due to large operations such as Zegona’s acquisition of Vodafone, which involved capital inflows and outflows within the same year. Despite this, net investments stood at 11.96 billion euros, which is 45% lower than the previous year.

As with the national figures, Madrid’s numbers for 2024 reflect a relatively low volume of acquisitions (12.8%). It’s important to note that in recent years, the other expansions category has included significant operations that may involve capital allocations to Madrid-based companies in preparation for future acquisitions. This investment modality has gained prominence, partially explaining the substantial share of other expansions in Madrid’s total investment. In 2024, other expansions accounted for 61.8% of the flows received in Madrid, while new investments, including both greenfield and brownfield operations, represented the remaining 25.4%, achieving their best absolute performance since 2018.

The United Kingdom, United States, Norway, and France were the top investors in Madrid in 2024.

Regarding the origin of investments, considering the country of origin as the last country in the ownership chain, the Community of Madrid in 2024 saw notable investments from the United Kingdom, the United States, Norway, and France.

In 2024, the United Kingdom emerged as the top investor in Madrid, with €9.75 billion (39.5% of the total). This was largely driven by Zegona’s acquisition of Vodafone in the telecommunications sector (€5.00 billion recorded in Q2), alongside significant investments in Information Services (€2.52 billion, likely linked to Cinven’s acquisition of Idealista in the Web Portals sector), Engineering Services (€647 million), and Call Center Activities (€333 million). Additionally, the CVC transaction involving Monbake, initially recorded in Madrid (€583 million in Bread Manufacturing), appears to have been partially reassigned to Navarra, the company’s previous headquarters, in the latest data update.

The United States ranked second, investing €3.23 billion (13.1%), with major allocations in Engineering Services (€965 million), Real Estate (€635 million), Metallurgy (€267 million), and Civil Engineering (€246 million).

Norway recorded its highest-ever investment in Madrid, reaching €1.59 billion (6.5% of the total), entirely concentrated in the Energy Supply sector. This was driven by the acquisition of Elecnor’s renewable energy subsidiary, Enerfin, by the state-owned Norwegian company Statkraft.

France followed closely, also exceeding the €1.50 billion mark, with total investments of €1.56 billion (6.3%). French investors focused on Electric Power Supply (€844 million) and Financial Services (€305 million).

Other key investors in Madrid in 2024 included Spanish subsidiaries abroad (€1.33 billion), Sweden (€1.15 billion, likely tied to EQT’s acquisition of Universidad Europea in the education sector), Mexico (€848 million), and the Netherlands (€687 million).

Telecommunications, Energy Supply and Information Services stand out at sector level.

Several of these high-profile transactions shaped the leading investment sectors in 2024. Telecommunications attracted 20.7% of Madrid’s gross productive investment flows (€5.12 billion), followed by Electric Power Supply (15.0%, €3.70 billion), Information Services (10.7%, €2.64 billion), Architectural and Engineering Services (6.6%, €1.63 billion), Education (6.0%, €1.48 billion), and Real Estate Activities (6.0%, €1.48 billion),

A newly introduced classification in the Registry’s update differentiates investments by investor type. Corporate entities accounted for 49% of Madrid’s total inbound investment, followed by Private Investment Funds (35.7%), Public or Sovereign Investment Funds (7.9%), and Individual Investors (7.8%).

As noted in previous reports, several major deals announced in recent years have gradually been incorporated into the Registry’s data. However, a significant portion of investments linked to high-profile transactions in Madrid has yet to be reflected in the figures. Notable pending deals include Liberty Media’s acquisition of Dorna (€4.00 billion), the takeover bid for Applus (exceeding €1.00 billion), and the French firm Wendel’s acquisition of 50% of Globeducate (€1.00 billion).

Along with other ongoing acquisitions and takeovers—some still awaiting regulatory approval—these transactions could significantly impact future Registry updates. It is also important to note that acquisitions between foreign investors involving Spanish companies will not appear in investment flow data.