11 December 2017 – El Mundo
During the eleven months to November, the property developer Aedas Homes, which made its debut on the stock market in October, doubled its land purchase target for the development of housing that it had set for the entire year 2017, according to a presentation submitted to Spain’s National Securities and Exchange Commission (CNMV).
By the end of November, Aedas Homes had acquired land for the development of 865 homes, more than double (108% more) the forecast for year as a whole (416). Moreover, the property developer intends to incorporate land for an additional 130 homes before the end of the year.
In general terms, Aedas Homes has already exceeded its forecasts for 2017, and, according to the company, it expects to see some solid results, taking into account that prices have risen by 7%.
Until November, the property developer had launched 35 projects, above the forecast for the year as a whole (34). Aedas had also exceeded the planned number of homes under construction, with 758, compared to the forecast for the year as a whole of 583.
In terms of pre-sold homes, the total number at the end of the eleventh month of the year amounted to 832, very close to the planned number of 845.
Minimal impact of Catalan crisis
Meanwhile, according to the property developer, the impact of the Catalan crisis has been “minimal”. The company says that pre-sales in Cataluña “are continuing to grow” and that the projects launched in the region “already have 50% of their units pre-sold”.
Cataluña is the third largest market for Aedas Homes, after Madrid and the Costa del Sol. At the end of November, seven of the 35 developments that the company had underway in Spain were located in Cataluña. The developments in the Catalan region comprise 355 homes, a number that exceeds the forecasts for the year as a whole in the autonomous region, which amounts to 322 units.
Currently, Aedas Homes has 16% of its land portfolio in Cataluña, comprising a surface area of 1.5 million m2, with a value of €1.37 billion. In this way, it has sufficient land to build 2,245 homes in the region, out of its current portfolio capacity (for the country as a whole) of 13,044 homes.
Original story: El Mundo
Translation: Carmel Drake