AQ Acentor, the promoter of the German fund Aquila Capital, promotes 25% of the new homes that are sold in the Barcelona area, according to data from the Activum Real Estate consultancy, which makes it an outstanding leader in Catalonia with more than 800 homes for sale.
AQ Acentor, which Sergio Gálvez has directed since last year, has a third of its activity in Spain in Catalonia, with some 350,000 m2 of land, and two star developments: Urban Fira, a project in La Marina del Prat Vermell, in Barcelona, with 680 homes in various phases, and AQ Llevant, in the old Bòbila de Sales in Viladecans, with 900 homes in different phases.
Three promoters account for 47% of the homes being marketed in the metropolitan area: AQ itself together with Aedas Homes (12%) and La Llave de Oro (10%). Following them are Neinor Homes (7%), Culmia (7%) and Kronos Homes (5%).
Antonio Lodeiro, CEO of the consultant, highlighted that 71 developments are being marketed in metropolitan Barcelona, with 3,225 homes, of which half (1,533) are in the capital, 662 in Badalona, 307 in Esplugues de Llobregat and 297 in L'Hospitalet de Llobregat. “The promotions underway in the city began before the obligation to transfer 30% to social housing came into force. When these run out there will be no relief, ”he said.
The increase in construction costs after the outbreak of the war in Ukraine and the increase in interest rates have produced a turn by developers, who in many cases opt for build to rent, to sell entire phases of a development at a fund to market it for rent, instead of putting it up for sale. "In traditional promotion, the bank requires between 40% and 60% of pre-sales to grant financing, and it is the promoter who has to assume the risk that the costs of the work will skyrocket, as has happened in recent months" , he explains, since reaching that level usually requires between six and nine months for an average promotion of 50 floors.
On the other hand, explains Lodeiro, "if you sell the development one hand, you can close a contract with a construction company at the same time: you sacrifice margin but it is safer," he explains.
The link with the rental makes these operations less common in Catalonia, where the new Housing law could have more impact because the Community of Madrid has already said that it will not apply it. “Many funds and promoters completely rule out starting new works here,” he laments.
