In Spain, four major promoters dominate the market, shaping the landscape of new housing. Aedas Homes, Neinor Homes, Vía Célere, and Metrovacesa lead production and influence pricing and delivery schedules across the country. According to the latest results presentations, the total housing stock sits around 18,000 units, with four currently under construction. Net new sales show a contrast: approximately 26,000 flats have been sold, while about 8,000 units have yet to begin construction as of the end of the third quarter this year.
At present, the largest developers carry sizable pre-sales portfolios that cover most of 2023 deliveries and extend into portions of 2024. Notable figures include 4,789 reserved units for Aedas, Neinor with 2,518, Vía Célere at 2,702, and Metrovacesa with 3,047. These commitments underpin project pipelines and project a strong revenue trajectory, with Castlelake participating in the North American fund’s involvement estimated at 1,490 million euros; Neinor contributing 679 million through Orion and Stoneshield funds; Vía Célere securing 936 million via Värde Partners; and Metrovacesa, backed by Banco Santander, BBVA, and Carlos Slim’s group, at 737 million. The total pre-sales figure stands at 3,842 million euros.
first nine months of 2022
During the first three quarters of 2022, deliveries were led by Neinor, reaching 1,548 units, followed closely by Aedas with 1,496, Metrovacesa with 1,327, and Vía Célere with 1,197. Average selling prices varied by developer: Aedas ranked highest at around 386,000 euros per unit, followed by Neinor at 327,000 euros, and Vía Célere at 320,000 euros. Metrovacesa posted the lower average of about 265,000 euros per property.
Even with Neinor delivering more keys in the period, Castlelake’s backers maintained the highest revenue, posting approximately 577 million euros. Neinor contributed about 506 million, Vía Célere 383 million, and Metrovacesa 351 million, for a combined turnover exceeding 1,800 million euros between January and September.
The organizers Orion and Stoneshield aim to close the year with annual revenues between 2,500 and 3,000 million euros, while Castlelake’s stake targets around 2,600 million. The remaining two developers are projected to achieve between 1,600 and 2,000 million euros in revenue. If estimates hold, Aedas could finish the year with revenue around 900–925 million euros, Neinor around 800–900 million, and Vía Célere between 425–475 million. Metrovacesa did not publish a forecast for 2022.
Profit margins for these promotions range from the low 20s to near 30%, with a combined earnings figure around 170 million euros reported across the sector in that period.
new business
New construction housing remains a minority of total sales in Spain, accounting for roughly one-fifth of the market. In 2021, the country recorded 564,569 residential transactions—the highest level in fourteen years—but only 19.8% of completed homes were new, while the remaining 80.2% were second-hand properties.
Market projections suggest that prices for new flats will not fall, as production remains constrained and every newly built unit tends to move quickly. In recent years, acquiring a freshly constructed home has acquired a rare, almost premium status for many buyers.
The 2022 first-term report from the Valuation Association indicates that the average price per square meter for a brand-new home was 2,641 euros. Prices ticked up by 3.5% in the first months of the year, with the annual delta reaching 6.4%. All autonomous communities reported annual increases, from 3.6% in La Rioja to 8% in the Balearic Islands, according to the appraiser. These prices are still below the peak levels seen during the housing bubble, when some properties traded above 3,000 euros per square meter.
On the sustainability front, developers have pushed forward with energy efficiency as a priority. About half of the new projects launched this year achieved an energy rating of A, and quotas for emissions and consumption were around 50% and 45% respectively in 2022 among those under construction. The share rated A or B for emissions and consumption rose by nearly 96% and 95% respectively, underscoring a sector-wide emphasis on greener construction practices, as reported by Sociedad de la Tasación’s research.