October 2026
Largest Real Estate Development Public Companies in Spain
Benchmark revenue and EBITDA valuation multiples for public comps like
Merlin Properties, Neinor Homes, Metrovacesa, Realia Business and Grupo Gmp.
 | Merlin Properties is a listed Spanish real estate company operating as a SOCIMI, the country’s real estate investment trust structure. It develops, acquires and manages commercial properties in the Iberian Peninsula, with activities in Spain and Portugal. Its property categories include office buildings, logistics platforms, shopping centres and data centres. The company earns rental income by providing business premises and infrastructure to corporate tenants and other commercial occupiers. Asset management includes leasing, property improvement, development and selective acquisitions or disposals across its portfolio. Its logistics investments include a minority interest in CILSA, the operator of the logistics activities zone at the Port of Barcelona, acquired from Saba in 2015. Merlin’s business centres on owning and operating property assets, supported by portfolio management and investment decisions across its principal real estate segments. | $14 | -12% | $8.5B | $12B | 20.4x | 26.5x | ||
| Neinor Homes SA is a residential property development company in Spain. The company is engaged in developing and selling property developments. Its operating segment includes Rentals, Development, Asset Management and others. The company generates maximum revenue from the Development segment. | $19 | -3% | $1.9B | $3B | 3.7x | 16.5x | ||
| Metrovacesa SA is a real estate company. Its operations mainly focus on the development and sale of residential property on land classified as suitable for development. Its operating segments are Residential, Commercial, and Others. The company earns the majority of its revenue through the Residential segment. Geographically, it operates majorly in Spain. | $12 | -13% | $1.8B | $2.1B | 2.7x | 21.3x | ||
| Realia Business SA is a real estate company. It is mainly engaged in the promotion, management, and operation of all kinds of real estate assets. Its areas of activity include property, through the development and lease of its own offices and shopping centers, the development of housing and land management. In addition, the company holds a diversified portfolio of tenants, including great international firms of high solvency, and several public institutions. It has two reportable segments: Sale of property developments and land consisting of the majority of the revenue and followed by Property rentals segment. | $1 | -9% | $1.6B | $2.1B | 6.3x | 10.5x | ||
| Gmp Property SOCIMI SA is a property-owning real estate group in Spain. The company is engaged mainly in the acquisition and management of offices, parking spaces, meeting places, and golf and country club among others. | $70 | -7% | $1.3B | $2.1B | 15.5x | - | ||
| Aedas Homes SA is a Spain-based company that engages in the acquisition and development of properties. It is a real estate developer that offers different types of homes in Spain, including apartments, houses, villas, duplexes, and others. The company focuses on Alicante, Barcelona, Madrid, Malaga, Mallorca, Seville, and other regions of Spain. | $26 | +5% | $1.1B | $1.5B | 1.5x | 13.0x | ||
| Lighthouse Properties PLC is engaged in investing in direct property and infrastructure assets as well as in listed real estate and infrastructure securities. The firm operates in three segments: Listed infrastructure, Listed real estate, and Direct property. | $0 | +7% | $1B | $1.7B | 10.4x | 12.5x | ||
| Inmobiliaria del Sur SA along with its subsidiaries is engaged in the real estate industry. The company constructs and sells houses; develops and rents various offices and commercial premises to third parties; and rents car parks. It is also involved in the real estate management business. | $19 | +15% | $343M | $548M | 2.3x | 8.6x | ||
| Compania Espanola de Viviendas en Alquiler SA operates in the real estate sector, and its main objective is to develop equity investments in social housing. The company is engaged in the development and management of residential and non-residential properties. Its property portfolio consists of housing units, commercial and industrial properties. | $10 | +14% | $242M | $339M | 9.6x | 16.0x | ||
| Santa Ana Global Enterprises is a Spanish property developer that plans and delivers large urban projects in Latin America. Its core model is the development of self-contained districts that combine housing with commercial space, education, healthcare, leisure facilities and public infrastructure. The company targets demand from the expanding middle-income population in markets where formal housing and urban services remain undersupplied. It works across land acquisition, planning, financing, construction coordination and the sale of completed homes and related assets. Santa Ana Global has projects in countries including Paraguay and Colombia and presents its developments as microcities designed for long-term residential growth. The company listed on BME Growth in December 2024 and is headquartered in Spain. | $17 | +10% | $112M | $113M | - | (102.8x) | ||
| Libertas 7 SA is engaged in the real estate industry. It is structured in two main areas of business: investment and real estate. The company's investment activity includes Medium/long term investments; Investment in equities and others. | $3 | -14% | $71M | $50M | 2.1x | 5.5x | ||
| Techo Hogar is a Madrid social real-estate company operating under the tuTECHÔ brand and listed on BME Growth. The legal company was incorporated in 2018 and adopted its current social-housing activity and SOCIMI structure in 2022. It acquires, renovates and equips residential properties across Spain and leases them to non-profit organisations serving people facing homelessness and extreme vulnerability. Those organisations provide the social support that helps residents move toward stable, independent living. Rental income from the social entities is the company's principal recurring revenue source. The portfolio is concentrated in Madrid but also includes homes in cities and rural areas across several Spanish regions. Techo Hogar became the first Spanish listed social enterprise on BME Growth in 2024 and adopted Sociedad de Beneficio e Interés Común status in 2026. Its shareholders supply impact capital intended to combine financial sustainability with measurable housing and inclusion outcomes. | $1 | +4% | $61M | $69M | 19.4x | 31.0x | ||
| Renta Corporacion Real Estate SA is engaged in the acquisition, added-value transformation, and sales of real estate properties. The company operates in the following market segments; Residential, Offices, Retail, Logistics, and Hotels. The majority of the firm's revenue is derived from Real estate sales. | $1 | -9% | $24M | $19M | 0.4x | 3.5x | ||
| Ayco Grupo Inmobiliario SA is a a national real estate company, which engages in the real estate development and investment activities in Spain. It is engaged in acquisition, purchase, promotion, construction, management, lease and sale of independent houses, hotels, touristic apartments, multi-family housings, parking lots, and golf course properties, as well as in the construction and exploitation of urban development projects. | $1 | -- | $22M | $28M | - | (19.4x) | ||
| Nyesa Valores Corp SA is engaged in the engaged in the development and construction of urban and suburban residential, and business and industrial developments throughout Spain. | $0 | -65% | $18M | $25M | 3.3x | 6.7x | ||
| Median | $10 | -5% | $343M | $548M | 3.7x | 11.5x |
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