The real estate sector in Spain: figures, companies and trends
The real estate sector is one of the most important in the Spanish economy. In 2022, the sector generated a GDP of 50 billion euros and employed 1.3 million people, according to data from the National Institute of Statistics (INE).
The Spanish real estate sector is divided into two main areas: housing and non-housing. Housing is the most important area, representing 70% of the sector’s GDP. Non-housing includes the construction sector, the industrial construction sector and the real estate development sector.
In 2022, the housing sector was a solid economic pillar, contributing an impressive GDP of 35 billion euros and providing employment to a workforce of 800,000 people. In turn, the construction sector played a significant role, generating a GDP of 10 billion euros and providing employment to around 300,000 people. Industrial construction also played its part, with a GDP of 5 billion euros and 200,000 people employed. Finally, the real estate development sector contributed a GDP of 1 billion euros and employed 100,000 people. These numbers underscore the importance and impact of these sectors on the economy and employment in 2022.
The real estate industry in Spain has experienced a marked revival in recent years. Renowned companies have emerged as key players in this sector, contributing significantly to economic growth and job creation in the country. In this article, we will explore some of these leading companies, their activities and their impact on the Spanish economy.
Accion Inmobiliaria: Founded in 1997 and based in Madrid, Accion Inmobiliaria is a company that covers a wide range of activities, from real estate development and construction to real estate promotion and related services. Its turnover reached an impressive 1.3 billion euros in 2022, backed by a workforce of 1,500 employees.
Azora Homes: Founded in 2014 and based in Barcelona, it is another company dedicated to real estate development and real estate promotion. In 2022, their turnover reached 1.1 billion euros, and they have a workforce of 1,100 employees.
Metrovacesa: With a history that dates back to 1943, Metrovacesa is one of the most established companies in the sector. Its headquarters in Madrid hosts an operation that generated 1 billion euros in turnover in 2022, employing 1,000 people.
Neinor Homes: Founded in 2006 and based in Madrid, Neinor Homes has proven to be an influential player in real estate development and real estate promotion. In 2022, they achieved a turnover of 900 million euros and employed 900 people.
The leading companies in the real estate industry in Spain play an essential role in the national economy, offering a wide range of products and services throughout the country. In addition to their economic contribution, these companies are leading important trends in the sector that are shaping the future of the market.
One of the most notable trends is the solid recovery of the Spanish real estate market, which has gained momentum after the 2008 crisis. INE data show that, in 2022, the price of housing increased by 5.7%, signaling an upward trend in investment in property.
This recovery is driven by economic growth and migration, which has generated an increase in demand for housing throughout Spain. However, despite this growing demand, the market is facing a major challenge: the scarcity of supply. Land availability has become limited, and construction has slowed down, leading to a decline in housing supply.
To face these challenges and adapt to the changing needs of buyers, the Spanish real estate industry is resolutely embracing technology. The adoption of innovative technologies such as virtual reality and artificial intelligence is transforming the way homes are bought and sold, improving the customer experience and increasing operational efficiency.
