Dazia Capital and BGO have reached an agreement to develop residential developments in Spain through a joint venture that plans to mobilise an investment of €500 million. The projects will be located in the centre and metropolitan areas of the country's major cities, as well as in strategic second home destinations.
The first operation has been finalised in Madrid with a development in Los Berrocales that includes 160 new-build homes, a swimming pool, garage and communal areas. The project, designed by the Lamela architecture studio, is scheduled to begin construction in 2026.
Under the partnership, Dazia Capital will act as co-investor, manager and developer of the developments through its residential brand Darya Homes. For its part, BGO, with $89 billion in assets under management and a presence in 25 cities in 12 countries, brings its international investment capacity and previous experience in the Spanish market.
The national residential sector registers around 100,000 new homes per year, compared to an estimated demand of around 200,000 units, reflecting a structural supply deficit. This situation is particularly concentrated in metropolitan areas and second home locations, where both companies will focus their strategy.
In this context, the market has consolidated its position as the main driver of real estate investment in Spain during the first half of 2025. According to CBRE, the volume traded in living reached 1.72 billion euros, 14% more than in the same period last year and 23% of the total invested in the real estate sector. This is the second-best half-yearly figure since records began, only behind the first half of 2022 (€2.43 billion).
Madrid accounted for 40% of the capital invested, followed by Barcelona and Valencia, with 9% each. The "CBRE Trends in Living" report attributes this development to a favourable macroeconomic context, improved financing and the structural imbalance between housing supply and demand.
With this agreement, Dazia Capital increases its volume of assets under management to €2 billion and strengthens its alliances with international institutional investors in the residential segment.
