Altarea's housing reservations increased by 3,4% in the first half of 2026

Altarea recorded 4.768 housing reservations in the first six months of 2026, compared to 4.610 a year earlier. The volume thus increased by 3,4%, while the value of the reservations remained almost stable at €1,03 billion.

This development comes in a new housing market that the group describes as "recovering". According to data cited by several developers, domestic reservations reportedly fell by around 15% in the first half of the year.

“This semester is marked by a clear increase in our results. The work of adapting to the new cycle is beginning to pay off with a clear restoration of margins in residential and new businesses now contributing positively to the Group’s results,” said Alain Taravella, Chairman and Founder of Altarea.

Individual investors are returning to the market

Private individuals account for 31% of Altarea's reservations, with 1.482 homes purchased in the first half of the year. Their acquisitions increased by 4% year-on-year, but this growth varies depending on the customer profile.

Reservations made by first-time buyers fell by 2%, to 846 units. Conversely, those made by individual investors increased by 12%, to 636 units.

Alain Taravella indicates that around one hundred homes have been reserved thanks to the Jeanbrun tax scheme, also known as "Housing Recovery". Introduced by the 2026 Finance Law, this scheme allows landlords to depreciate part of the value of their property for tax purposes, provided they rent it unfurnished for at least nine years and comply with rent and income ceilings.

Bulk sales to institutional investors remain the majority. They cover 3.286 units, representing 69% of reservations for the first half of the year and a 3% increase year-on-year.

The Access offer targets first-time buyers

Altarea also attributes its commercial performance to its Access offer, designed for first-time buyers from the middle class. This program is based in particular on more compact housing units and financing options designed to bring mortgage payments closer to the amount of rent.

This offer is aimed particularly at young households looking for small apartments at a price that fits their borrowing capacity. The group states that it has adapted the design of the apartments, their cost, and their comfort to the expectations of this clientele.

At the end of June 2026, Altarea had 3.157 homes for sale, 26% more than a year earlier. The group also filed building permits for 4.893 homes, up 22%, and acquired 23 plots of land representing a potential development of 3.004 homes.

Its land portfolio now includes 32.000 potential housing units, corresponding to a projected turnover of 7,1 billion euros.

The residential margin rises to 9,4%

Revenue from the residential business declined by 6%, to €688,9 million. Altarea attributes this decrease to the gradual winding down of older projects, which generated higher revenue but lower margins.

Next-generation programs now represent 72% of residential sales, compared to 50% in 2025 and 14% in 2024. Their ramp-up is driving up the FFO operating result for housing to 48,6 million euros, more than double the level recorded a year earlier.

The real estate margin rate reached 9,4%, compared to 6,7% in the first half of 2025. Altarea anticipates further improvement as older projects are completed and new programs contribute more to the results.

Commercial rents showing slight growth

The retail property company manages 46 centers representing €5,3 billion in assets. Revenue from this activity amounted to €136 million, down 7,3%, primarily due to the absence of third-party development projects during the first half of the year.

Net rents, however, reached €109,8 million, representing a 0,8% increase on a like-for-like basis. Shopping centers recorded a 4,8% increase in foot traffic and a 1% increase in retailers' sales.

Altarea has signed 171 leases representing €19,9 million in annual rent. The group is also continuing to market the 110 shops and restaurants planned for the Paris-Austerlitz train station, scheduled to open in the second half of 2027.

A twenty-year concession in the Milan metro

Altarea Commerce has won the tender launched by Azienda Trasporti Milanesi (ATM), the transport operator owned by the city of Milan, to manage and market the commercial spaces of the Milan metro.

The concession, granted for twenty years, covers more than 17.000 m² spread across 83 stations. According to Altarea, the network handles nearly 650 million passengers per year.

The project includes an investment program aimed at modernizing shops, improving their visibility in the passenger journey, and transforming several important stations.

The FFO share of the group increased by 39,2%

Altarea's consolidated revenue reached €867,5 million in the first half of the year, down 9,1%. This decline is explained by the reduced contribution from existing residential projects, less robust activity in commercial real estate, and the absence of third-party development in the retail sector.

Operating profit FFO nevertheless increased by 17,8% to €163,2 million. FFO attributable to the group reached €86,6 million, up 39,2%.

This indicator, which measures the recurring result by excluding in particular variations in value and certain calculated charges, benefits from the recovery of profitability in housing and the contribution of photovoltaic activities.

Net income attributable to the group amounted to €36,9 million, compared to €9,5 million a year earlier. Net debt has decreased by €37 million since the end of 2025, to €1,87 billion.

Contrasting trends among developers

Altarea's growth contrasts with Nexity's results, whose new home reservations fell by 10% in the first half of the year, to 3.858 units. Icade Promotion, on the other hand, posted an 11,9% increase, with 2.368 reservations.

These comparisons should, however, be interpreted with caution, as program portfolios, the share of bulk sales and business scopes differ between groups.

Altarea confirms for 2026 its objective of a clear increase in FFO, subject to the evolution of the political, geopolitical and macroeconomic context.