IN a surefire sign that Spanish residential real estate is set for some profitable times ahead, Bilbao-based construction company Neinor Homes plans to float 60 per cent of its share capital on the Spanish stock exchange.
Vast amounts of foreign investment flowing into the country has inspired the move. It represents the first time a residential property developer has gone onto the stock exchange in ten years.
A statement from Neinor, which specialises in acquiring prime land for development, said that international investors had a powerful vision for the recovery of the Spanish real estate sector, which continues its strong recovery.
The firm counts hundreds of developments and more than 9,000 homes among its assets, valued at more than €1 billion. Residential home construction in Spain has been humming along nicely in recent years, encouraged by spectacular growth in the commercial real estate sector.