We have financed more than 1,400 publicly protected homes in Spain
Last Updated on 4 March 2026 by Equipo Urbanitae
At Urbanitae, we usually talk about returns, structures, and timelines. But there is another part of our impact that also deserves to be described in terms of housing supply. To date, we have provided financing to help drive the development of more than 1,400 homes with some form of public protection in Spain, a volume that represents more than 17% of all the homes whose construction we have helped activate since the start of our activity.
In a market where the lack of supply is structural, protected housing is a relevant part of the solution. And for that solution to arrive on time, something as basic as it is decisive is needed: financing. This is where models such as alternative financing can provide speed, flexibility, and execution capacity.
Andalusia accounts for half of the supply
The bulk of the publicly protected homes we have financed is concentrated in four autonomous communities: Andalusia (54%), the Community of Madrid (28%), Aragon (16%), and the Basque Country (2%).
This distribution largely reflects where three factors come together: structural demand for affordable housing, the need to replenish residential stock, and a developer environment with projects capable of moving forward through solid structures and strong management.
Beyond the aggregate figure, we believe it is useful to provide specific examples that explain what it means to finance protected housing through a platform like Urbanitae.
Jardines del Ayra (Alcalá de Guadaíra, Seville)
A residential project of 183 VPO homes, illustrating how financing can help drive large-scale developments in high-demand areas, with a product focused on accessible housing.
Green Village (Benalmádena, Málaga)
In this case, it is a secured debt transaction in which the main asset (the plot) may be allocated to publicly protected price-limited housing (VPPL) in accordance with regional regulations, showing how certain land plots and developments can become levers for protected housing when the right planning and demand conditions are in place.
Ribera del Pinar (Navalcarnero, Madrid)
A project linked to a development of 248 VPPL homes under a cooperative scheme. It is also a particularly relevant example because it has already been repaid: it closed its cycle with a final IRR of 11.36%, within the expected framework.
Combining returns and impact
Protected housing is sometimes presented as a field in which only public policy can be discussed. Our experience shows that there is also room for something complementary: private capital channeled with rigor, capable of activating necessary projects and executing them with discipline.
As we have seen over the years, it is possible to combine the promotion of more accessible housing with professionalized investment structures and clear return objectives for investors.
This milestone takes place within a context of sustained growth: Urbanitae has financed projects worth more than €610 million and has contributed to the construction of more than 8,400 homes in Spain, Portugal, and Italy.
The milestone of 1,400 publicly protected homes financed in Spain reinforces a strong conviction: real estate co-investment can play a real role in activating residential supply, including in the protected housing segment.
