Hercesa

What Hercesa does

Hercesa is a privately-held Spanish real estate developer founded in 1974 in Guadalajara, Spain, with over 50 years of operating history and more than 31,000 homes delivered across seven countries. The company develops market-rate residential housing (apartments, penthouses, chalets), subsidized/protected housing under Spain's VPPB and VPPL schemes, luxury coastal developments (Nubay, Idyllic, Pure Sun Residencies in Costa del Sol), and industrial and tertiary (commercial/logistics) assets totaling over 50 million m² under management. Its international footprint includes wholly-owned operating subsidiaries in Portugal, Romania, Bulgaria, Panama, Ecuador, and Mexico, alongside a domestic structure organized through project-specific SPVs (primarily High Innovation-branded entities) and functional subsidiaries covering construction (Hercesa Obras y Proyectos), land development (Hercesa Suelo), and project management (Hercesa Projects).

The company's core technology stack centers on sustainable construction — aerothermal heat pumps, underfloor radiant heating and cooling, FSC/PEFC-certified sustainable wood, industrialized construction methods, and home automation (domotics) in premium projects. Differentiated customer-facing services include Hogariza (personalized finishes at no extra cost), STAR (a €600 priority-access program granting pre-marketing property selection rights, with the online portal haztestar.es), Renueva (assisted sale of buyers' existing homes), and the AT Home flex living brand operated by subsidiary Hercesa Gestión for short and medium-stay rentals.

Hercesa's business model is primarily build-to-sell residential development, with project revenue recognized on unit handovers at price points ranging from €176,900 (Bulevar Marchamalo 2-bed apartments) to €2.7M (Nubay luxury villas). Secondary streams include BTS (Built-to-Suit) and BTR (Build-to-Rent) project management services, land parcel sales, asset/property management of completed commercial and industrial portfolios, and recurring tourist apartment rental income under the Señorío de Molina and Av. del Ejército sub-brands. Go-to-market is sales-led through a network of physical sales offices in Spain and abroad, supplemented by a digital-first STAR self-serve channel and a multi-platform social media presence (LinkedIn, Instagram, Facebook, YouTube, TikTok). Customers are predominantly mid-market individual buyers, with three identifiable segments: individual residential buyers (primary), affordable housing applicants under subsidized programs, and international buyers targeting Costa del Sol and Spanish-branded developments abroad.

Name

Hercesa

Legal name

Hercesa Estudios Inmobiliarios, S.L.

Website

https://hercesa.com

Company type

Private

Founded year

1974

Operating status

Operating

Headcount range

101–250 employees

Short description

Hercesa is a privately-held Spanish real estate developer (founded 1974, Guadalajara) with 50+ years of history and 31,000+ homes delivered across Spain, Portugal, Romania, Bulgaria, Panama, Ecuador, and Mexico, serving mid-market individual buyers with market-rate, subsidized, and luxury residential developments plus industrial/tertiary assets.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

Residential Property Managers (531311), Real Estate Property Managers (53131)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Full-Service Vacation Rental Property Management (BPAJAIAA)

akta.pro secondary industries

Affordable Housing Property Management (BPAJAGAJ), Multifamily Apartment Property Management (BPAJAFAA)

Keywords

• Residential real estate development
• Sustainable home construction
• Build to rent projects
• Affordable housing development
• Property management services

Headquarters

HQ city

Guadalajara

HQ country

Spain

HQ region

Europe

Offices16 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. New Build Residential Property Sales: Primary revenue stream from development and sale of new residential properties including apartments, penthouses, ground-floor units, and villas across Spain and international markets
2. Construction and Project Management Services: BTS (Built-to-Suit) and BTR (Built-to-Rent) services, construction management, and project development for third parties
3. Land Development and Sales: Sale of land parcels for residential, industrial, and tertiary development
4. Property Management Services: Asset management for completed developments including commercial spaces, offices, and industrial properties
5. Tourist Apartments Rental: Short-term rental income from tourist apartments under Señorío de Molina and Av. del Ejército brands

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels10 records

Core offering

Hercesa is a vertically integrated residential and tertiary real estate developer that acquires land, designs, builds, and sells new-build homes (apartments, chalets, villas, and penthouses) including affordable-housing units under Spain's VPPL/VPPB regime, alongside sustainable residences marketed under the "hi!" brand. The company also delivers Build-to-Suit (BTS) and Build-to-Rent (BTR) projects for institutional clients, executes industrial and commercial construction works, and provides complementary homeowner services such as Hogariza (home customization), STAR (priority-access program), and Renueva (resale assistance), together with ongoing property and tourist-apartment management.

Product overview

Hercesa is a Spanish real estate developer with over 50 years of experience, operating primarily in Spain with international presence in Portugal, Romania, Bulgaria, Panama, Ecuador, and Mexico. The company operates a multi-product portfolio organized around its core residential development business, supplemented by industrial and tertiary (commercial) segments. The residential portfolio includes diverse product types: market-rate homes (pisos, chalets), subsidized/protected housing (VPT, VPPB), luxury developments (Nubay, Idyllic), and flex-living rentals (AT Home brand). Key differentiating services include Hogariza (customization program allowing buyers to select finishes at no extra cost), STAR (priority-access purchasing program), and Renueva (property selling service). The company has delivered over 31,000 homes and manages over 50 million m² across residential, tertiary, and industrial uses.

Differentiator

Problem solved

Functional benefit

Brands

• AT Home: Flex living brand operated by Hercesa Gestion for short and medium-stay accommodation
• Hogariza (Turn your House into a Home)
• STAR
• Renueva

Products and services

• hi! Cañaveral A large-scale affordable-housing (VPPB-regulated) residential development of 808 apartments located in the Cañaveral district of Madrid, marketed under Hercesa's sustainable "hi!" brand for individual first-time and price-regulated buyers.
• Torres Hercesa A flagship free-market residential development of 454 homes in the Madrid region, targeting end-buyers seeking mid-market and upper-mid-market new-build housing from Hercesa's own-brand Torres Hercesa line.
• hi! Berrocales

Quantifiable outcome

• 31,000 homes delivered across all markets
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Hercesa Gestión (AT Home Brand)coreStrategic or Co-development Partner · 23 June 2026Internal property management entity operating the Ciudad del Aire complex under AT Home brand for flex living operations. Provides property management services for the 128-apartment development scheduled for March 2028 delivery.

Scale indicators19 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Vía Célere: Vía Célere is a Spanish homebuilder specializing in new-build apartments and villas across Madrid, Málaga, Alicante and other regional markets—directly overlapping with Hercesa's primary-residence product and Spanish geographic footprint.
• Metrovacesa: Metrovacesa is a leading Spanish real estate developer with a substantial land bank and active residential development pipeline in Madrid, Catalonia, Valencia and Andalusia—comparable to Hercesa in primary-market new-build orientation and national footprint.
• Kronos Homes: Kronos Homes is a Spanish homebuilder active on the Costa del Sol (Málaga) and other Mediterranean markets, delivering both market-rate and luxury residential product—directly comparable to Hercesa's Costa del Sol developments (Nubay, Idyllic, Pure Sun).
• Neinor Homes: Neinor Homes is one of Spain's largest listed homebuilders, focused on primary-residence new construction in Madrid, Catalonia, Basque Country and Andalusia—a near-mirror of Hercesa's residential development model and target market.
• Habitat Inmobiliaria: Habitat Inmobiliaria is a Spanish residential developer focused on first-homes and family-sized units in Madrid, Andalusia, Levante and the Balearic Islands—a closely comparable model to Hercesa, including sustainable construction emphasis.
• AEDAS Homes: AEDAS Homes is a major Spanish residential developer listed on the Spanish continuous market, delivering new-build homes in Madrid, Catalonia, Andalusia and other primary markets—directly comparable to Hercesa in product mix, customer base and geographic focus.
• Realia: Realia is a Spanish real estate company with significant residential and commercial development operations and a heritage Spanish land bank—a comparable Spanish developer of similar vintage to Hercesa with overlapping product lines.
• Insur (Inmobiliaria del Sur): Insur is a Spanish developer and listed real estate company developing residential, build-to-rent and commercial assets across Andalusia and other Spanish regions—comparable in geography, residential focus and emerging BTR orientation.
• Domo Viviendas: Domo Viviendas is a Spanish residential developer active in Andalusia (especially Málaga/Marbella), Catalonia and Madrid—an emerging but directly comparable player to Hercesa in Spanish new-build primary residence.

Broad incumbents

• Lar España Real Estate SOCIMI: Lar España is a broader Spanish real estate investment and development company with a portfolio spanning retail, offices, logistics and residential—not a direct homebuilder peer, but a relevant Spanish real estate incumbent overlapping in tertiary and residential segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@hercesa_inmobiliaria
• Facebookfacebook.com/hiRealEstateSpain
• LinkedInlinkedin.com/company/hercesainmobiliaria
• Instagraminstagram.com/hercesainmobiliaria
• TikToktiktok.com/@hercesa
• Xx.com/Hercesa

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Hercesa