Inveravante, the Galician holding company founded by Manuel Jove Capellán, is accelerating its real estate business through its subsidiary Avantespacia, with plans to deliver around 1,500 homes in Spain between 2026 and 2028 while expanding into Morocco. The company reported real estate revenue of 169 million euros in 2025, up 24% from the previous year.
A Decade of Residential Development
Avantespacia marked its 10th anniversary having delivered more than 2,300 units since its founding in 2016. The company operates as a residential developer focused on identifying land opportunities and building housing complexes from planning through completion, targeting both primary and secondary markets with what executives describe as a sustainable, long-term approach.
“We tackle projects with the perspective of a long-term trajectory,” said Rocío Díaz Pereira, Director of Real Estate Development at Avantespacia, in comments to the publication.
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The company was established with 70% participation from Inveravante, the family office of Jove Capellán, and 30% from Anida, the real estate division of BBVA. Jove, who previously founded the developer Fadesa, launched Inveravante in 2007, months after selling Fadesa to Martinsa for approximately 4 billion euros in 2006, just before Spain’s real estate market collapsed.
Financial Performance and Market Position
Inveravante, based in A Coruña, now comprises 60 companies operating in renewable energy, food and wine production, and real estate. The group ranks among Spain’s largest family-owned developers alongside the Basque company Amenabar and Madrid-based Pryconsa.
The real estate division generated 169 million euros in revenue during 2025, a 24% increase year-over-year. Operating profit reached 29 million euros, nearly 90% higher than the prior year. The company completed 458 homes last year and currently maintains more than 30 active developments offering approximately 1,400 units across Spanish markets including Madrid, Galicia, Andalusia, the Valencia region, Asturias, Navarra, Cantabria, and the Canary Islands.
Free-market housing represents the core of its activity, aimed at buyers with medium to upper-middle income profiles in premium areas of urban centers, though it occasionally participates in protected housing projects. Avantespacia expects to launch 800 new units this year if market conditions hold.
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“Rather than betting on a specific region, we look for locations that combine favorable demographic trends, economic dynamism, and a balance between supply and demand,” Díaz Pereira noted.
New Developments and International Plans
Among its recent projects is Parc Central II in Valencia, a complex of 117 homes ranging from one to four bedrooms with communal areas. The development sits in one of the city’s expansion districts but remains close to the historic center. Avantespacia will invest approximately 65 million euros in the project, which includes units with terraces, integrated kitchen and living-dining spaces designed to maximize natural light. The complex features 173 parking spaces and storage units, along with more than 1,000 square meters of community areas including gardens, a pool, playground, gym, and coworking space. The project incorporates aerothermal heating and a shared photovoltaic installation.
Another initiative involves 43 homes in the center of Sanxenxo, a coastal town in Pontevedra province near Silgar beach. The project, announced in late June with construction handled by San José, consists of two blocks of 14 and 29 units respectively, ranging from one to three bedrooms. Delivery is scheduled for 2028. The design emphasizes contemporary architecture and functional layouts, with 89 parking spaces. The buildings will include package delivery infrastructure, rooftop solar panels, aerothermal systems, underfloor heating, elevators accessible to people with reduced mobility, and preinstallation for electric vehicle charging.
Internationally, the group operates primarily in Morocco, in Casablanca and Tangier, where it is close to completing two promotions.
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Avantespacia’s strategy remains concentrated on residential development, which executives view as their area of greatest experience and opportunity. Operating within Inveravante’s broader structure, which spans hospitality, commercial, office, energy, and food sectors, provides the company with what Díaz Pereira described as a wide-ranging market perspective and financial solidity.
Industry Challenges
Executives acknowledge the sector faces significant obstacles closely tied to Spain’s residential market trends. “As long as far fewer homes are built than society demands, prices will remain difficult to stabilize,” Díaz Pereira said.
She outlined a series of measures the industry believes could help increase supply, shorten timelines, improve conditions, and moderate costs. These include streamlining urban planning approvals and permit issuance, accelerating development of buildable land, boosting public-private collaboration on affordable housing, and addressing the shortage of skilled construction workers. Díaz Pereira noted that construction industrialization could play a role by improving productivity, reducing execution times, and making the sector more attractive to workers. She also pointed to the need to review the heavy tax burden on housing throughout its entire lifecycle.