Listed developers 'shield' their results with pre-sales of 2,233 million

The housing sector is experiencing a sweet moment with a growing volume of sales that achieved a record number of operations in October since the time of the boom. This scenario has a full impact on the figures managed by the large listed developers in Spain, which also have seen their pre-sales skyrocket, accumulating operations with a volume of more than 2.2 billion euros and thus shielding its results for the next two years.

Specifically, between Neinor, Aedas and Metrovacesa add a pre-sale portfolio of 6,562 units for a value of 2,233.7 million euros. Most of this volume belongs to Neinor, which practically doubles its competitors in numbers after sealing a strategic alliance with Bain Capital to acquire 10% of the developer Habitat and take the reins of managing its entire portfolio.

In this way, without Habitat, Neinor had pre-sales of 1,700 units worth 601 million euros at the end of June. After the agreement signed last September, it now manages a pre-sales book of 1,200 million and 3,700 units. According to the information that Neinor provided at the time of the agreement to the CNMV, the Habitat portfolio that it began to manage, with pre-sales volume of 614 million euros, offered 70% coverage for the years 2024 and 2025.

With this alliance, The developer led by Borja García-Egotxeaga is positioned with a land bank of 25,400 units, of which 10,800 are active.

Although last December part of this portfolio, specifically 2,786 homes, passed into the hands of Aedas Homes, which paid 132 million euros to acquire 46 Habitat plots.

The promoter led by David Martínez was positioned with this operation with a land portfolio to build 24,000 homesgrowing its total land bank by 13% after this transaction.

At the close of the first half of its fiscal year 2024-2025 (April to September 2024), The promoter had 1,344 pre-sales, which represents an increase of 75.9% compared to the 764 a year before. These represent guaranteed income for the company of 523 million euros, which also translates into an increase of 71.3% compared to the same period of the previous year. Of the total amount, 28% of this income is focused on projects located in Levante and the Balearic Islands, while 26% is located in the Central area and 17% on the Costa del Sol. Aedas Homes is the one with the highest average price per home, close to 390,000 euros per unit.

Extensive coverage

In total, the developer has sales coverage of 90% for the year 2024/2025, 56% for 25/26 and 18% for 26/27, as reflected in its presentation of results, thus shielding more than half its expected business for the next three years.

In a context of rising sales of new construction homes, Metrovacesa, the developer owned by Banco Santander, magnate Carlos Slim and BBVA, has also managed to improve its pre-sales portfolio. Specifically, It has been positioned with 510.7 million euros at the end of September 2024, compared to 444.6 million a year beforewhich represents an increase of 14.9%. Furthermore, in terms of the number of units, the developer has managed to go from 1,402 homes to 1,518 units, with a growth of 8.3%.

The greatest increase in economic volume compared to units is due to the fact that the average price per Metrovacesa home has also grown, going from about 317,000 euros per unit to 336,000 euros. According to the developer led by Jorge Pérez de Leza, the absorption ratio for the third quarter of last year was 2.4%, “in line with the historical average.”

With these pre-sales, the company adds a sales portfolio of 4,057 units, which ensures record future income of 1,338 million euros, which represents an increase of 23% compared to the end of 2023. Thus, the real estate It has pre-sales coverage of 97% in 2024, 81% in 2025 and 58% in 2026which translates into “high visibility on future deliveries, with solid coverage ratios,” notes the company in its latest results presentation.

Most of the income obtained by the company between January and September (257.3 million euros) came from its residential business and the rest (21.6 million euros) from the sale of land. On the other hand, Metrovacesa’s gross developer margin rose to 23.6% at the end of September, 2.4 points above that registered in the first nine months of last year.