Spain real estate stocks soared in February, posting an impressive 11.78% gain and reaching a market capitalization of €20,088 million. Discover what’s driving investor confidence and how this growth is shaping Spain’s property market outlook.
In the second month of the year, the rises of nine stocks stand out, of which Árima Real Estate, Metrovacesa and Merlin Properties stand out, while only Neinor Homes ceded land. Aedas Homes and Helios RE remained stable.
Real estate looks like it in the stock market in February. The twelve largest listed companies in the Spanish real estate sector have ended the second month of the year brilliantly as a whole, registering a rise of 11.78%, which generates an aggregate capitalization of these securities of 20,088.7 million euros compared to 17,970.9 million at the end of last January, with a last week of the month that has been influenced by the publication of a good number of results of the end of 2025.
Of the total national real estate values, nine gain ground, while only one loses it and the remaining two are unchanged compared to the end of January. The largest increase in the month was recorded by Árima, recovering 47.24% to a close of 12 euros per share and reaching a capitalization of 293.5 million euros, after the company’s first results were announced once the absorption of JSS Real Estate was achieved.
In second place was Metrovacesa, which rose by 25% to close the month at a price of 13 euros per share and reach a capitalisation of 1,972 million euros. Third place went to Merlin, which ended the month with a revaluation of 19.98% to €15.01 per share and a capitalization of €8,461.5 million.
Metrovacesa, which recovered 25% to close the month at a price of 13 euros per share and reach a capitalisation of 1,972 million euros
Colonial SFL has already been placed some distance behind, with a rise in the month of 9.4% to 5.70 euros per share, Renta Corporación has risen by 8.97% to 0.85 euros, Inmobiliaria del Sur (Insur) with 8.55% to 16.5 euros per share. Realia Business grew 2.94% to 1.05 euros. Finally, Montebalito closes this list with an increase of 1.69% in the month to a price of 1.81 euros per share and Cevasa with an increase of 1.28% to 7.9 euros per share.
Only Neinor Homes recorded a step back in February in its stock market price, losing 5.17% to a price of 10.06 euros per share. For its part, Aedas Homes invariably ended the month at €23.90 per share, encountering stiff resistance at €24, precisely the level at which Neinor’s second takeover bid is scheduled to be executed.
Precisely, on January 30, the acceptance period began for the second takeover bid launched by Neinor Homes for Aedas Homes, aimed at the purchase of 20.8% of the capital of its competitor that it does not yet control and that is in the hands of minority shareholders, in an operation valued at 218 million euros. Its completion was scheduled for this Friday 27, with the market on tenterhooks to know whether or not they will accept the proposal of 24 euros per share, a price that has been exceeded on some days in February.
Globally, the Ibex 35 has performed worse than the national real estate, despite continuing at maximum levels, as it managed to close with a 2.7% rise in the monthly balance, to 18,360.8 points, its eighth consecutive month of increases. The last week of results, far from destabilizing the index, has brought good news for the Iberian selective. The most notable case is Indra, which after publishing its 2025 accounts, rose by 21% on Thursday, signing its best session of the century.
The Ibex 35 has performed worse than the national real estate, despite remaining at maximum levels, closing with a rise of 2.7% in the month
Last week has been the ‘big week’ of corporate results, where the main companies in the sector have published their accounts for the end of last year. The first of the large companies to announce ‘its numbers’ was Neinor Homes, which obtained a net profit of 122 million euros, in the first results after the purchase of Aedas Homes, while revenues rebounded by 39%. The gross operating profit (EBITDA) of the residential platform stood at €110.5 million, representing an increase of 8% compared to the previous year. Afterwards, gross profit increased by 31% to 188.1 million euros.
In the period, the growth of its asset management business stood out in a context marked by the second takeover bid by Aedas Homes for Neinor. Thus, fee income reached €19 million in the asset management segment, including €4 million derived from the management of rental assets.
The REIT Merlin Properties, which is listed on the Spanish and Portuguese stock exchanges, closed 2025 with an EBITDA of €416 million, 9.7% more than in 2024, total revenues of €565 million, including gross income of €542 million and profits of €327 million. The gross amount of its assets stood at €12,360 million as of December 31, 2025, according to appraisals carried out by Savills, CBRE and JLL, with a revaluation of 4.7% compared to the previous year while, in net terms, its value amounts to €8,660 million.
The historic Catalan real estate company Colonial SFL closed 2025 with good financial and operating results. In the 12 months, the company has obtained a profit of 344 million euros, 12% more.
The REIT Merlin Properties, which is listed on the Spanish and Portuguese stock exchanges, closed 2025 with an EBITDA of €416 million, 9.7% more than in 2024
A significant part of these gains comes from the revaluation of its asset portfolio, mainly made up of office buildings located in Paris, Barcelona and Madrid, valued at €12,203 million, up 3% on a like-for-like basis. However, recurring net profit stood at €211 million in 2025, representing a year-on-year increase of 9%. “The results of both net and recurring profit are at the top of the financial objectives that we set for this year
The REIT Árima published its 2025 results on Friday, the first to include a full year of the aggregate portfolio after the reverse merger through the absorption of JSS Real Estate, which was also reflected in the price of the month. The company has a gross leasable area of more than 175,000 square metres.
At the end of 2025, Árima’s gross asset value (GAV) stood at €563.5 million, representing a growth of 57% year-on-year (which was €359.3 million), driven by the integration of the JSS portfolio and the progress of ongoing repositioning projects. At the end of the year, the net asset value reached €327.8 million, equivalent to €13.4 per share, an increase of 25% compared to the previous year (€261.8 million in 2024).
For its part, Grupo Insur closed last year with a turnover of 238.6 million euros and an EBITDA of 48.2 million euros, with increases of 28.4% and 49.2% respectively compared to 2024. These growths were driven by the “good performance of the main business lines and the improvement in margins”, according to the group.
The REIT Árima published its first results for 2025 that reflect a year after the reverse merger through the absorption of JSS Real Estate
Operating profit stood at €59.6 million, an increase of 46.3%, and net profit reached €39.3 million, 58.8% more than in 2024, the highest figure recorded by the company in its entire history. The turnover of the development activity reached 177.7 million, an increase of 35.1% compared to 2024, after the delivery of 670 homes that have had an average sales price (MVP) of 301 thousand euros.
Renta Corporación also joined the group of large real estate companies that announced their closing of 2025. Specifically, it closed the last financial year 2025 with an EBITDA of €3.4 million, compared to the €8.5 million recorded in the same period of the 2024 financial year, which represents a decrease of 60% year-on-year. The company justifies this result because, with the change in consolidation methodology, the amount of change in value of the assets of the storage company Cabe is recorded in the income line by the equity method in 2025, which means that it is no longer consolidated in the group, according to the company.
Revenues in 2025 amounted to €45.6 million, an increase of €19.1 million compared to the previous year, up 72%, driven by the strengthening of transactional activity. The transactional business reached a total of €43.0 million, driven mainly by the industrial-logistics sector.
For its part, Montebalito closed 2025 with 7.4 million euros in its income statement and a positive EBITDA of 3.2 million, 10.8% more than in 2024. Numbers of which 87% correspond to its development area, which reaches 6.4 million in revenue. With regard to profits after tax, the real estate group has obtained 3.5 million euros, which represents an increase of 157% compared to the previous year.
Real estate closed 2025 in positive territory, with arevaluation of 19.57% and an aggregate capitalization of 17,730.3 million
Its presence in the Canary Islands has contributed decisively to these data, where not only are some of its assets with the greatest potential located, but it is also its main commitment to growth, both for its experience given its historical positioning in the Atlantic islands and for the demand of its tourist and residential market.
Real estate shares listed on the Spanish stock market closed 2025 in positive territory, with a revaluation of 19.57% and an aggregate capitalization of €17,730.3 million, compared to €14,828.5 million as of December 31, 2024. In that year they had already registered a 2.4% increase compared to the end of the previous year, 2023.
