residential Market News: Spanish Real Estate Intelligence

Stoneweg Sells a Penthouse for €5,550/M2 in Tetuan
15 October 2019 – Stoneweg has just sold a flat in one of the two high-rise apartment buildings it is building in Tetuán, Madrid. The Swiss firm managed to sell one of the penthouses for a record sales price of 5,500 euros per m2.  The two 25-storey towers are located at Paseo de la Direccion 246. The three-bedroom penthouse, which a total surface area of ​​195 m2, sold for 60% above the average price for the district of Tetuán. The price is even above the average for the district of Salamanca, the most expensive in Madrid, at 5,148 euros per m2. Original Story: Idealista Adaptation/Translation: Richard D. K. Turner
Elix Vintage Acquires Two Buildings in Madrid
14 October 2019 Elix Vintage, a socimi controlled by the investment firms KKR and Altamar, has acquired two residential buildings, both currently leased, located on the Fomento and Ave María streets in Madrid. Elix Vintage paid 8.425 million euros for the two assets and will invest more in renovations. Original Story: Expansión - Rocío Ruiz/ Marisa Anglés Adaptation/Translation: Richard D. K. Turner
TM Real Estate Sells Out Almost All of its Luxury Sidi by TM Development
14 October 2019 The Torrevieja-based company TM Real Estate Group has sold almost all of the 162 properties that make up its Sidi by TM project in Alicante. Sidi, a luxury residential development built on the site of the old Hotel Sidi, on the San Juan beach, is still in the second phase of its construction and work is only expected to resume next week. TM decided to temporarily halt construction in August to avoid any problems when delivering the keys to the new residents of the first 102 flats completed. The start of the second phase of construction, with another 59 homes, was delayed until March of this year due to a complex approvals process given its beachfront location. Original Story: Alicante Plaza - Raúl Navarro Adaptation/Translation: Richard D. K. Turner