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real-estate-news Market News: Spanish Real Estate Intelligence

Developers Eye More Than €30 Billion in New Business in Madrid
21 August 2019 Developers are eyeing huge new possible investments they expect to build approximately 130,000 new homes over the next 25 years. That is in addition to major new investments in offices, retail spaces and industrial buildings. The sale of homes and other properties is expected to exceed €30 billion. Developers are planning two new centres of investment in the north and southeast of the capital. The developments include Operation Chamartín (since renamed Madrid Nuevo Norte) and five new neighbourhoods to the southeast: Los Berrocales, Valdecarros, Los Cerros, Los Ahijones and El Cañaveral. Operation Chamartín was finally approved last month by the municipal assembly, after a 26-year hiatus. A report by the city council forecasts that total sales of homes, offices and commercial areas will reach €13.198 billion, €10.2 billion of which will come from offices and retail areas. 10,500 homes will also be built in the area surrounding the Chamartín train station, 24% of which will have subsidies. A development with a total of 118,737 homes is also planned for the city’s southeast. Sales for this area are expected to reach more than €20 billion over 25 years with profit margins reaching 20%. El Cañaveral, where construction has already begun, will see total investments of €3 billion. Next will be Los Berrocales and then Los Ahijones by 2021. Lastly, work will begin on Los Cerros and Valdecarros, with plans for more than 50,000 homes, the first of which will be ready in a decade. The owners of these developments, excluding El Cañaveral, calculate investments exceeding €13 billion, generating 965,000 direct and indirect jobs over the next few years. Original Story: Cinco Días - Alfonso Simón Ruiz Adaptation/Translation: Richard D. K. Turner
 
CVC and Portobello to Invest €141 Million in Vitalia
20 August 2019 CVC and Portobello are planning to invest €141 million over the next four years in Vitalia, a firm that builds and manages geriatric centres. The firm plans on building a portfolio of 10,000 beds, becoming the second-largest operator in Spain, behind Sarquavitae (owned by DomusVi). Vitalia will build 19 new residences in Madrid, Catalonia, Castilla y León, the Valencian Community and Murcia. The investments will add another 3,175 residential beds and 536 daycare places to the Vitalia’s existing portfolio. Original Story: Eje Prime Adaptation/Translation: Richard D. K. Turner
 
Community of Madrid Sells Seven Plots of Land
20 August 2019 The government of the Community of Madrid sold seven plots of land for 7.2 million euros in July. That single sale was more than was sold in the entire last four years. Obras de Madrid had only managed to sell land worth €2.9 million in land over the last three years. This year’s buyers included Mercadona, a company that builds funeral homes, logistics and real estate firms. The regional government is looking to raise more funds through the sale of another 18 plots of land. Mercadona acquired the most expensive asset, paying €2.541 million for a 4,200-square-meter plot of land, located in the neighbourhood of Ciudad Jardín, in Arroyomolinos. Original Story: El Confidencial - David Fernández Adaptation/Translation: Richard D. K. Turner