Neinor Homes

What Neinor Homes does

Neinor Homes is Spain's largest listed residential property developer, headquartered in Bilbao and listed on the BME (Bolsa de Madrid) under ticker NEO.SM. With over 30 years of operating history, a national footprint spanning 14+ provinces across Madrid, Barcelona, Malaga, Valencia, Sevilla, the Basque Country, and the Balearic Islands, and a 38,000-unit land bank following the December 2025 acquisition of AEDAS Homes, the company develops and sells new-build flats, houses, and chalets to individual homebuyers and institutional partners. Core products include branded developments such as Sevilla Homes Club, Zorrozaurre Homes (BREEAM-certified, designed under Zaha Hadid's Bilbao master plan), and Santa Clara Homes (luxury Marbella golf-front villas), supported by Neinor Store physical showrooms in Bilbao, Madrid, Seville, Marbella, and Estepona.

The platform combines traditional residential development with a digitally enabled customer journey: virtual property tours, an online financing calculator, a multi-step buyer preference questionnaire, and the Neinor Experience loyalty platform offering post-sale lifestyle benefits and travel rewards. Sustainability is embedded through BREEAM-certified projects and a €100 million Green Bond issuance. The company operates two revenue streams: a Build-to-Sell business that notarized 2,901 housing units in FY25 generating €697 million in revenues and €122 million in net income, and an Asset Management platform that has deployed over €1.3 billion alongside institutional investors (AXA IM Alts, Orion Capital, King Street, Bain Capital, Stoneshield Capital) — including a €150 million Marbella JV with Stoneshield projected to generate €600 million in revenues over five years. Distribution is sales-led, combining Neinor Stores, a network of APIs (real estate agents), and listings on major Spanish property portals (Idealista, Fotocasa, Habitaclia, pisos.com) plus international platforms (Rightmove) to capture the >39% foreign buyer segment in coastal provinces.

Unit pricing spans entry-level apartments from approximately €229,000 (Estepona) to luxury Marbella villas exceeding €1.4 million, with standard 10% VAT and up to 80% financing available. The company employs 300+ professionals across 7 regional delegations. Recent capital actions include a €140 million accelerated bookbuild (October 2025), €100 million Green Bond, a €50 million share buyback program, and a €77 million shareholder distribution (June 2026), all reflecting the cash-generative profile post-AEDAS integration and management's confidence in continued demand.

Name

Neinor Homes

Legal name

NEINOR HOMES S.A.

Website

https://neinorhomes.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

251–500 employees

Short description

Neinor Homes is Spain's largest listed residential developer, building and selling new-build homes across 14+ provinces. Following the 2025 AEDAS Homes acquisition, it operates a 38,000-unit land bank serving individual homebuyers and institutional co-investment partners through BREEAM-certified developments, proprietary Neinor Stores, and an Asset Management platform.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

New Housing For-Sale Builders (236117)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industry

New Construction & Builder Sales (BPAJAAAB)

Keywords

• Residential development
• New-build housing
• Property development
• Home construction
• Real estate sales

Headquarters

HQ city

Bilbao

HQ country

Spain

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Build-to-Sell Residential Development: Neinor develops new residential properties (flats, houses, chalets) for sale to end buyers. Revenue is generated through one-time property sales transactions at completion of each development. This is the core revenue driver, accounting for the majority of the company's €697 million FY25 revenues. The company has expanded its land bank to 38,000 units following the AEDAS acquisition.
2. Asset Management Platform: Neinor partners with institutional investors (AXA IM Alts, Orion Capital, King Street, Bain Capital, Stoneshield Capital) to co-develop residential projects, earning management fees and carried interest. The platform has deployed over €1.3 billion alongside institutional investors. Includes a €600 million JV with Stoneshield for Marbella and a €150 million Marbella premium residential JV.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels11 records

Core offering

Neinor Homes is a residential property developer that acquires land, develops and sells new-build homes (flats, houses, chalets) across more than 14 Spanish provinces. Revenue comes primarily from Build-to-Sell transactions on completed developments branded individually (e.g. Santa Clara Homes, Zorrozaurre Homes, Sevilla Homes Village III, Etherna Homes II, Bayside Homes, Celestia Homes), supplemented by an Asset Management platform that deploys institutional capital into joint-venture residential developments earning fees and carried interest.

Product overview

Neinor Homes operates as a comprehensive residential property development platform across Spain, offering new-build homes under various branded product lines. The portfolio includes flagship developments like Sevilla Homes Club (an exclusive living club concept), Zorrozaurre Homes (BREEAM-certified properties in Bilbao), Santa Clara Homes (luxury golf-front villas in Marbella), and multiple developments along the Costa del Sol (Etherna, Bayside, Celestia). The platform is structured around product brands (individual residential developments), service offerings (Neinor Store physical locations, Neinor Experience digital tools), and serves buyers seeking properties across major Spanish regions including Madrid, Barcelona, Valencia, Malaga, Seville, and Basque Country. With over 30 years of history and operations spanning 7 regional delegations, the company combines physical property development with digital customer engagement tools.

Differentiator

Problem solved

Functional benefit

Products and services

• Santa Clara Homes New-build luxury golf-front residential development in Marbella with 104 three- and four-bedroom homes, priced from €1,245,000 to €1,495,000, targeted at premium and international buyers.
• Zorrozaurre Homes New-build Bilbao development located near the Gehry Bridge within Zaha Hadid's master plan, featuring 2-bedroom properties priced from €540,000.
• Zorrozaurre Homes II New-build Bilbao development featuring 1-, 2- and 3-bedroom apartments priced from €445,000 to €635,000, with BREEAM sustainability certification.
• Sevilla Homes Village III New-build Sevilla development of 83 three- and four-bedroom townhouses priced from €434,800 to €468,700, part of the Sevilla Homes Club living concept with multiple pools, gym, cafeteria, nursery, children's play area and sports zones.
• Etherna Homes II New-build Estepona residential development with 144 one-, two- and three-bedroom homes across six low-rise buildings with sea views and golf course proximity, priced from €243,000.
• Bayside Homes Closed new-build residential complex in Estepona with 41 one-, two- and three-bedroom homes, gardens, communal pool and gym, priced from €739,000.
• Celestia Homes Boutique residential development in Estepona with 31 one-, two- and three-bedroom homes oriented to the sea, featuring pool, gardens and gym; one-bedroom units priced from €390,000.
• Sa Llosa Homes New-build residential development in Es Mercadal, Menorca (Balearic Islands), with properties starting from €697,500.
• Gran Capitán Homes New-build Córdoba development with 1-, 2- and 3-bedroom homes available for immediate delivery, pricing from €256,000.
• Evergreen Homes New-build Mijas (Costa del Sol) residential development with properties ready for immediate delivery, priced from €891,000.
• Arrate Homes New-build development in Eibar, Gipuzkoa (Basque Country) with 2- and 3-bedroom homes priced from €303,000.
• Neinor Homes Build-to-Sell Residential Platform Core Build-to-Sell platform offering new-build flats, houses and chalets across more than 14 Spanish provinces, with common areas such as garages, swimming pools, gardens and gyms, representing the primary revenue driver of the business.
• Neinor Asset Management Platform Institutional Asset Management platform structuring joint-venture residential developments with institutional investors (AXA IM Alts, Orion Capital, King Street, Bain Capital, Stoneshield Capital), earning management fees and carried interest on capital deployed alongside Neinor's development capability.
• Neinor Experience Customer Platform Customer experience platform providing interactive property discovery, virtual tours, financing simulation, personalized home matching and post-purchase lifestyle benefits (Neinor Passport travel rewards, Chef en Casa) to Neinor homebuyers.

Quantifiable outcome

• €697 million in FY25 revenues with €122 million net profit following AEDAS acquisition
• +4 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered minor and core.

• AlantraminorImplementation/ SI/ Consulting Partner · 6 April 2026Alantra acted as financial advisor to Neinor Homes on the design and structuring of a €600 million joint venture with Stoneshield Capital for a residential project in Marbella. The project involves 262 units and a private club.
• AEDAS HomescoreStrategic or Co-development Partner · 17 December 2025Neinor completed the largest M&A transaction in Spanish residential real estate in a decade, acquiring a 79.2% stake in AEDAS for approximately €740 million through a voluntary tender offer in December 2025. A subsequent mandatory tender offer at €24.00 per share (12.5% premium) resulted in Neinor holding 96.83% of AEDAS. The acquisition expanded Neinor's land bank to 38,000 units, consolidating its position as Spain's national residential champion.

Scale indicators19 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Metrovacesa: Metrovacesa is a Spanish listed residential developer with a multi-province land bank and focus on build-to-sell primary residence and second-home developments across Spain. It is the closest direct peer to Neinor in the listed Spanish homebuilder space.
• Habitat Inmobiliaria: Habitat Inmobiliaria is a major Spanish residential developer (backed by Bain Capital) building primary-residence and coastal developments across multiple Spanish provinces. It is a direct build-to-sell competitor with comparable geographic footprint and customer base.
• Inmobiliaria del Sur: Inmobiliaria del Sur is a Spanish listed residential developer with a long operating history and a regional-to-national footprint focused on Andalusia and other southern Spanish provinces. It competes directly with Neinor in mid-market and premium Spanish new-build.
• AQ Acentor: AQ Acentor is a Spanish residential developer (backed by Avalon Properties) active in build-to-sell developments across multiple Spanish regions. It is a direct comparable in the Spanish new-build homebuilder category with similar product and customer profiles.

Broad incumbents

• Taylor Wimpey: Taylor Wimpey is one of the UK's largest listed homebuilders, operating a national build-to-sell platform across multiple UK regions. It is a broad-incumbent peer in European residential development with comparable scale, public listing, and consumer-facing sales operations.
• Persimmon: Persimmon is a major UK listed homebuilder with a national footprint of build-to-sell developments. It is a broad-incumbent comparable in European public-market homebuilding, though UK-focused rather than Spanish.
• Vistry Group: Vistry Group (formerly Bovis Homes) is a UK listed homebuilder operating a national build-to-sell and partnership housing platform. It is a broad-incumbent peer given comparable scale, listed status, and dual build-to-sell plus institutional partnership model analogous to Neinor's Build-to-Sell + Asset Management structure.
• Berkeley Group: Berkeley Group is a UK listed homebuilder focused on higher-density urban and riverside residential developments in London and the South East. It is a broad-incumbent peer given its premium urban development orientation, comparable scale, and listed public-market positioning.
• Lennar Corporation: Lennar is one of the largest US publicly listed homebuilders with a national build-to-sell platform. It is a broad-incumbent comparable in scale, operational model, and listed public-market dynamics of large-scale residential development.
• D.R. Horton: D.R. Horton is the largest US publicly listed homebuilder by volume, operating a national build-to-sell platform across entry-level and move-up segments. It is a broad-incumbent comparable in scale, operational rigor, and public-market positioning of large-scale residential development.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/neinorhomes

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Neinor Homes