As a company managing the largest land portfolio in Spain, and with strong ties across the entire value chain, how do you assess the current state of the residential real estate market?
The Spanish residential real estate market is currently in a particularly favourable phase for institutional investment, especially the Build to Sell (BtS) model. Structural dynamics—including an ongoing imbalance between housing supply and demand, historically low construction rates per capita, and an improving macroeconomic environment—have created a compelling opportunity for long-term investors.
In 2024 alone, over 640,000 residential transactions were registered, representing one of the most active periods since the global financial crisis. The scarcity of available housing, particularly in urban and in high-demand coastal regions, continues to drive both prices and demand. According to the Bank of Spain, an estimated housing shortfall of 400,000 to 450,000 units between 2022 and 2024 further exacerbates the situation.
Aliseda is uniquely positioned to respond to respond to this evolving landscape. We currently manage a €2.5 billion landbank ready for construction, along with additional land under management across Spain. Our fully integrated value chain—from land acquisition and urban planning to project development and sales—enables us to serve as the optimal operational partner for institutional capital seeking to deploy BtS strategies across Spain. We offer tailored solutions and expertise spanning from bespoke projects to large-scale developments.
What are your forecasts for the sector for the next years?
Looking ahead, the Spanish residential real estate sector is expected to enter a cycle of sustained growth over the next five years, driven by a convergence of favourable macroeconomic, demographic, and financial factors. Spain's economy is showing strong resilience, with healthy job creation and a robust influx of international residents, all of which support long-term housing demand.
One of the key drivers underpinning this momentum is the persistent structural gap between housing supply and demand. For investors, this imbalance represents a significant opportunity.
Another favourable element to consider for the residential real estate sector is the continuation of the low interest rate policy in Europe. This accelerates the start of new residential projects while boosting project viability across the board. At the same time, land values continue to appreciate, reaffirming its value within any real estate investment strategy.
In this context, Aliseda is fully aligned with market needs. Through initiatives such as our Suelos 4.0programme, we are supporting investors to deliver housing projects across Spain via five key pillars: land sourcing, an extensive sales network, project monitoring, back office support, and financing support.
The shortage of ready-to-build land is a challenge in high-demand areas. What role can asset managers like Aliseda play in identifying value in land under development and accelerating its transformation into viable projects?
The scarcity of buildable land in Spain’s growth regions is one of the sector’s major bottlenecks. Aliseda addresses this through our strategic focus on land under urban planning management—a category that represents substantial untapped potential.
Our team of over 60 specialised land managers, supported by a robust network of legal, administrative, and architectural professionals, allows us to accelerate land transformation. We offer end-to-end advisory services: from zoning negotiations and urban plan revisions to license procurement and infrastructure execution. Our active presence in over 450 municipalities ensures deep knowledge of local administrative processes and regulatory frameworks, facilitating fast-tracked project readiness through close collaboration with public administrations.
What competitive advantages can Aliseda offer to investors?
We are the strategic partner for investors looking to develop a long-term residential development platform in Spain, thanks to our integrated operating model, a highly specialised team, and public-private partnership expertise. What sets us apart is our ability to act not only as an asset manager but as a true operational partner that enables fast, informed and efficient market entry, and scalable residential development in Spain.
We manage the largest landbank in Spain, distributed across the country. This allows us to provide investors with privileged access to strategic opportunities that are already in advanced stages of planning or development. Beyond land availability, our integrated structure ensures that each step of the development process is aligned and optimised: from legal and administrative management to technical oversight and, ultimately, to sales execution.
One of the key differentiators of our platform is our team of more than 150 professionals with specialised expertise in real estate and with a proven track record to create value. Our skilled workforce, combined with advanced technological tools and our robust governance and operational discipline, allows us to respond efficiently to complex projects and adapt quickly to market changes.
In addition to promoting new development, Aliseda is also committed to urban regeneration. What opportunities do you see in the residential rehabilitation market, and how can Aliseda contribute?
Urban rehabilitation is emerging as a strategic priority in Spain, particularly in light of European energy efficiency directives, which include restrictions on renting out properties that do not meet the certain criteria. Approximately 80% of Spanish housing will require renovation to meet EU standards, with 25% needing upgrades within the next five years.
Aliseda is well positioned to lead this transformation through Effic, our specialised rehabilitation firm, that helps institutional investors participate in the urban regeneration through scalable, impact-driven initiatives.
We have the experience of more than 50,000 residential rehabilitation projects across 3,000 municipalities. Our turnkey model includes energy diagnostics, subsidy management, project execution, and financing support. For 2025, our objective is to rehabilitate around 5,000 homes in over 170 homeowners’ communities. Effic’s projects not only improve comfort and health standards but also reduce energy costs by up to 50% and increase asset value by 20%.