Testa Homes has become one of the leading institutional players in Spain’s rental housing sector. How would you define the company’s current positioning within the Spanish multifamily landscape?
Testa Homes has evolved into a reference point for the professional rental housing sector in Spain. We operate with a long-term vision: the rental market should be a stable, mature asset class, not merely an alternative to ownership.
Our portfolio reflects scale, diversification, and operational excellence, with nearly 14,000 homes, primarily located in Madrid. We are committed to sustainability, transformation, and tenant satisfaction. For us, value creation and social responsibility are inseparable — together, they form the foundation of our leadership in the Spanish multifamily sector.
The Spanish rental market is often described as fragmented and underdeveloped compared to other European countries. What are the main challenges and opportunities you see today?
Spain is catching up with more mature European markets. The greatest challenge remains structural — a limited supply of high-quality, professionally managed rental housing. Yet, this challenge is also its greatest opportunity. Demand is strong and resilient, particularly in urban areas.
Cities like Madrid serve as powerful growth engines, supported by solid fundamentals: a dynamic labour market, high mobility, and sustained demographic growth. These markets have structural depth that endures across economic cycles.
The key lies in institutionalization — ensuring tenants benefit from stability, well-maintained homes, and professional management. While regulatory uncertainty can create short-term headwinds, the long-term fundamentals remain robust. Institutional capital is here to stay, and it will play a decisive role in shaping the next decade of Spanish housing.
You often emphasize operational efficiency and tenant experience. How does Testa Homes translate this philosophy into day-to-day management?
We’ve built an integrated operating platform that combines technology, data, and human touch. Our goal is to create a seamless tenant journey — from digital onboarding and virtual tours to transparent communication and responsive maintenance.
For us, efficiency translates directly into service quality and tenant retention. We measure success through key indicators such as occupancy, satisfaction, and renewal rates. Technology is a powerful enabler, but people remain at the heart of our business. Real estate is, ultimately, about people and trust — the foundations of lasting value.
Digital transformation is reshaping property management worldwide. What has been the most impactful innovation for Testa Homes?
The most transformative step has been the digital transformation of our tenant relationship. We have replaced traditional processes with digital contracts, online portals, and AI-powered maintenance tools. These innovations have significantly improved transparency, responsiveness, and tenant empowerment.
Internally, we operate with real-time dashboards that integrate financial, operational, and ESG data. This allows us to anticipate issues, optimise performance, and make faster, evidence-based decisions.
Digital transformation, for us, is not about technology for its own sake — it’s about becoming more efficient, transparent, and human-centred in the way we manage homes.
From your perspective, what are global investors looking for in Spain today?
International investors view Spain as a market of opportunity — dynamic, resilient, and increasingly sophisticated. They are attracted by strong demand, urban growth, and a growing culture of rental, but they also seek regulatory stability and a long-term framework that fosters trust.
ESG has become a decisive factor. Investors want portfolios that combine profitability with purpose — assets that are sustainable, energy-efficient, and socially responsible.
At Testa Homes, we have invested over €9.6 million in our sustainability strategy, implementing impactful measures across four pillars:
1. On-site Clean Energy Production;
2. Decarbonisation Initiatives;
3. Energy Efficiency in Lighting and Façades;
4. Green Electricity Supply.
For us, financial and social returns reinforce one another — neither can be sustained without the other.
Rehabilitation and urban regeneration are becoming central to housing policy. How does Testa Homes contribute to this agenda?
The future of housing lies as much in upgrading existing stock as in building new. At Testa Homes, we are investing decisively in the rehabilitation and repositioning of residential buildings — improving comfort, safety, and energy efficiency to meet modern living standards.
Through our “Same Neighbourhood, New Life” initiative, we demonstrate how real estate renovation can drive both urban and social regeneration. Our aim is to go beyond the asset, fostering sustainable environments that strengthen local communities.
Between 2019 and 2024, we invested €280 million:
Over €200 million to renovate 75% of dwellings, improving more than 14,000 homes;
Around €80 million in new communal services and facilities;
For 2025, we plan an additional €31 million in sustainability, accessibility, and energy-efficiency initiatives.
Urban regeneration creates shared value — revitalizing communities, strengthening local economies, and preserving architectural heritage. We see ourselves as long-term custodians of these assets, ensuring that they remain sustainable, resilient, and valuable . In that sense, we are partners to cities as much as to investors.
The “multifamily” concept has evolved rapidly in Spain. How do you see its future over the next five years?
Spain’s multifamily sector is rapidly maturing. Over the next five years, we’ll see a more consolidated institutional market — with higher management standards, data-driven operations, and stronger public-private partnerships.
The next phase will bring deeper specialisation — in senior living, coliving, and affordable rental — all requiring professional management and purpose-built solutions.
For Testa Homes, our focus remains on scale, operational excellence, and quality of service. Multifamily housing will increasingly be recognised as essential social infrastructure — a cornerstone of urban resilience.
Finally, what is your long-term vision for Testa Homes and your role as a leader in
this sector?
Leadership, to me, means driving meaningful transformation — not just managing growth.
At Testa Homes, that transformation is both cultural and strategic. We are building an organization that combines institutional discipline with entrepreneurial agility, where innovation and accountability coexist naturally.
My focus is to create lasting impact — to shape a housing model that is stable, inclusive, and forward-looking. True leadership requires courage: challenging legacy models, embracing technology, and placing people at the center of the business.
Our long-term vision is to lead the modernisation of Spain’s rental housing market, setting new standards of quality, transparency, and trust.
We aim to demonstrate that institutional ownership can foster inclusion, that sustainability drives competitiveness, and show how a professionalised rental housing sector can contribute directly to economic growth and social cohesion.