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land Market News: Spanish Real Estate Intelligence

BBVA and Merlin Get the Final Go-Ahead for Madrid Nuevo Norte
On Wednesday, the Community of Madrid definitively approved the largest urban project currently in the pipeline in Europe at its meeting, which was held by videoconference. The project now called Madrid Nuevo Norte, which started out as Operation Chamartín and which was later known as Distrito Castellana Norte, is the largest urban development currently in the pipeline in all of Europe. On Wednesday, it was given the green light, 26 years after it was first conceived, in a plenary session of the Community of Madrid’s Government. The meeting was held electronically due to the restrictions imposed by the coronavirus pandemic. With this final administrative procedure, the definitive approval was granted for an urban project that will involve the transformation of the northern area of ​​Madrid along 5.6 kilometres and across 2.67 million square metres of buildable land. It comes almost three decades after the original idea was conceived since it was in 1994 when Renfe awarded the company Desarrollo Urbanístico de Chamartín (Duch), which was owned by Banco Argentaria –now integrated into BBVA – and the construction company San José, the land rights that the railway operator owned next to the station of the same name.
 
A Ruling from the TSJCV Forces Elche to Modify its PGOU to Allow Building Work 50 Metres from the Road
In light of the ruling from the Supreme Court of Justice in the Community of Valencia following an appeal submitted by the property developer Picolet SL in 2016, the General Plan in Elche is going to have to be modified to allow for building to take place 50 meters from the road, instead of 100 metres as established by local regulations, reports Alicante Plaza. Picolet requested that Article 85 of the General Plan be modified, since it considered that it was being affected by it since it had to repair a warehouse on a plot that it owned affected by the future South Roundabout in a section that has yet to be built. The City Council dismissed the claim with administrative silence, and so the company filed an appeal with the TSJCV, which has now ruled in its favour.  
 
Altamira Offers Discounts of 20% on More than 2,800 Properties
The financial and real estate asset management company Altamira has launched a new campaign with an average discount of 20% on more than 2,800 assets distributed all over Spain. This promotion will be active until the 31st of this month. The campaign covers all segments of the real estate sector and includes new and second-hand homes, offices, premises, warehouses, parking spaces and plots of land ready to be built on. Thus, the servicer is maintaining its commitment to diversification.