Spain’s housing shortage is substantial, but it does not automatically mean homebuilders can quickly increase deliveries or profits. CaixaBank Research’s 2026 model estimates an annual need for 332,300 completed homes nationally over five years, against 99,200 completions in 2025. For Madrid, it estimates 55,500 homes a year are needed, compared with 19,800 completions. AEDAS Homes’ latest standalone results in the evidence available are for the year ended 31 March 2025; Neinor acquired the company in 2026, so those results should not be read as evidence of a current independent AEDAS stock opportunity.
How large is Spain’s housing supply gap?
CaixaBank Research’s 2026 estimate puts Spain’s annual requirement at 332,300 completed homes for five years, compared with 99,200 homes completed in 2025. On those figures, the modeled annual need is about 3.4 times the 2025 completion level, a difference of 233,100 homes a year.
For Madrid, the same model estimates annual need of 55,500 homes versus 19,800 completions in 2025. That is about 2.8 times the completion level, or a modeled difference of 35,700 homes a year. These are CaixaBank Research estimates, not direct government statistics.
The estimates use Ministry of Housing and Urban Agenda and INE data, and depend on assumptions: household formation moderates by 18% from its current pace, and new production serves housing needs rather than foreign demand or second homes. The modeled need is therefore not a forecast that builders will complete that number of homes each year.
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Why can’t construction quickly close the gap?
CaixaBank Research identifies several constraints on supply: a shortage of designated land, lengthy planning processes, regulatory and production costs, and shortages of skilled workers. Its 2026 analysis also identifies electricity-grid capacity as an additional bottleneck.
These constraints help explain why strong demand does not immediately become completed homes. Land must be available and developable; projects must pass planning and regulatory processes; and builders need workers, materials and infrastructure capacity to deliver at scale. A shortage can support demand for housing, but it does not by itself establish how many homes a particular company can build, when it can deliver them, or what its margins will be.
What do AEDAS Homes’ latest standalone results show?
AEDAS Homes’ financial year 2024/25 ended on 31 March 2025. The company reported revenue of €1.16 billion, EBITDA of €164 million and attributable net profit of €150 million. It delivered 5,211 homes across its business lines: 3,151 through Build to Sell and Build to Rent, and 2,060 affordable rental units.
At 31 March 2025, AEDAS reported a Build to Sell order book of 3,740 homes, with future revenue value of €1.66 billion. It also reported a managed land bank with capacity for 20,200 homes. These figures describe the company’s position at that date; land-bank capacity is not the same as homes already permitted, under construction or completed.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11In its results release, CEO David Martínez said the company was “very pleased to have delivered more than 5,000 new homes to our customers and institutional clients, returning excellent financial results to our investment partners and shareholders”. The results show a sizeable operating business in that financial year, but they are historical standalone disclosures rather than a current independent-company earnings profile.
Is AEDAS Homes still a standalone stock?
No: the available takeover record shows that Neinor acquired AEDAS. The CNMV recorded the mandatory offer result on 5 March 2026, and Cinco Días reported that Neinor had reached 97% ownership and completed the acquisition process that day. The available information does not establish AEDAS’s present trading status, a current share quote or a live share price, so its FY 2024/25 results should not be presented as if they describe an unchanged, independently investable public stock.
Neinor’s 27 July 2026 release reported results for the combined post-integration group, including 2,392 deliveries and €680 million in total revenue in the first half of 2026. Those are Neinor group figures after AEDAS integration, not standalone AEDAS results and not a like-for-like continuation of AEDAS’s FY 2024/25 reporting.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which two Madrid builders are in focus?
The available evidence does not identify the two Madrid builders mentioned in the original title. Naming companies by guesswork or comparing their finances without confirmation would risk misleading readers. The figures above establish the scale of the modeled housing need and provide historical AEDAS data; they do not establish which other builders the title intended.
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Once the companies are identified, a useful comparison should distinguish the following rather than treating all land or planned homes as equivalent:
Quick Recap
- Land: location, development stage and whether capacity is owned, managed or still subject to planning.
- Delivery: planned versus completed homes, reporting period and geography.
- Business mix: Build to Sell, Build to Rent and affordable rental activity.
- Visibility: presales or order-book coverage compared with homes that have not yet been sold.
- Financial resilience: margins, debt and cash, considered alongside construction and infrastructure constraints.
- Corporate status: whether figures belong to an independent listed company or a parent group following consolidation.
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