The real estate sector closed 2021 on a strong note. The 40 largest companies posted a total turnover of 11,600 million euros, according to a study by DKB Informa, up 27.6% from 2020. The improved income statement reflects the sector’s rebound after the pandemic disruption, a trend that continued into the following year. Sales among the top 10 firms reached 7,012 million euros, the top 20 achieved 9,598 million, and the top 30 totaled 10,843 million.
“After overcoming the Covid-19 downturn, the real estate market regained momentum with a robust surge in investment amid ample liquidity and low interest rates,” notes the report author. The favorable results of 2021 are attributed to higher production of residential work and other building segments such as offices, hotels, and logistics warehouses.
The Spanish real estate sector comprises about 194,000 companies, with 95% employing fewer than three workers. “Only around one hundred firms have 50 or more employees. The industry shows a high level of small, dispersed companies in the workforce,” according to DKB. What were the major Spanish real estate firms by turnover in 2021?
supporters
All listed developers published their results early this year. Neinor Homes recorded the highest revenue in 2021, at 916 million euros, followed by Aedas Homes with 766 million, as reported to the National Securities Market Commission. In a March press release, Vía Célere was cited with 582 million in sales. Metrovacesa, owned by Banco Santander and BBVA, closed at 510 million, rounding out the leaders’ group.
American fund manager Oaktree and Culmia together reached 295 million last year. In Bain Capital’s portfolio, Habitat Inmobiliaria reported 221 million in turnover. Basque firm Amenabar generated 275 million in revenue, per PwC-audited accounts compiled by InfoCif. Among smaller players, Premier Spain added 117 million and Fadesa founder Manuel Jove’s Avantespacia reported 108 million, according to the platform’s consolidated accounts.
patrimonial
Pontegadea, the investment vehicle of Amancio Ortega, finished the year with 1,970 million euros in revenue across all its entities, including dividends from Inditex and national and international leases. This places it among the higher earners in Spanish real estate for that period.
Among listed firms, the Ibex-35 two Socimis led revenue: Merlin Properties with 505 million and Colonial with 314 million. Realia and Insur posted 180 and 125 million euros respectively. Also listed is General de Galerías Comerciales with 150 million, compared with 79 million for Lar España. The French Unibail-Rodamco-Westfield’s Spanish subsidiary reported 121 million in assets.
Smaller, unlisted players like Carrefour Property, managing the assets of the French group, earned 219 million in rent. Inmo Criteria Caixa, a subsidiary of Fundación La Caixa, received 116 million from asset leasing and sales, according to CriteriaCaixa’s latest accounts.
Services and banks
The so-called servants, created after the housing market collapse to manage toxic assets, remain a high-income category. CaixaBank stands out among key players through its subsidiaries, with some aligned with the North American fund Lone Star. Coral Homes reported 877 million in turnover, Servihabitat closed 2021 with 239 million, and Buildingcenter posted 284 million.
According to InfoCif, Divarian, Cerberus real estate, was among the top revenue producers with 435 million. Altamira Asset Management, a DoValue entity listed on the European stock exchange, posted 200 million; Haya Real Estate, managing toxic assets for Divarian, recorded 198 million, as disclosed by the management entity itself. The latest entrant is Promotoria Coliseum Real Estate, owned and managed by Cerberus and Banco Sabadell. Solvia generated 345 million in turnover.
public enterprises
The State Security Prison Infrastructure and Equipment Corporation (SIEPSE), a publicly traded entity, reported around 335 million euros in revenue according to InfoCif. This government-controlled company handles the sale of assets donated to the State and to prison centers when not diverted for criminal purposes.
Public administration players also appear in the ranking. Valladolid Alta Velocidad, a public limited company linked to Adif, Renfe, the Junta de Castilla y León, and Valladolid City Council, was established in 2003 to oversee work on transforming the Valladolid arterial railway network. InfoCif lists total revenue at 218 million for the past year.