23 April 2019 – El Confidencial
Change is afoot in the real estate sector in Madrid. Several property developers have started to put whole developments up for sale ahead of an increasingly likely change in the cycle.
The phenomenon began on the Costa del Sol, where the experts say there is excess supply and where prices could be peaking; and it is now spreading to Madrid, where developers with plans, building permits and pre-sales in place are keen to divest promotions.
Such is the case of the Venezuelans Miguel Ángel and Áxel Capriles, owners of Gran Roque Capital, who have started to sound out the market regarding the sale of one of their residential projects in the capital: Acacias 51, next to the famous Operación Calderón.
The development comprises 105 homes, which have been on the market for a few weeks (initial phase), with asking prices of around €5,700/m2. Gran Roque purchased the site, which already had the necessary urban planning permission, in 2017, for €25 million, equivalent to around €2,900/m2. Now it wants to sell it for between €28 million and €29 million, with the plans and building permits, which would represent an increase of 16%.
The property developer denies the alleged motive but has chosen not to launch a high-profile competitive process or engage a large consultancy firm to coordinate the sale.
The development comprises four 5-storey buildings and one 4-storey building, containing two, three and four-bedroom homes. 20% of the first phase (55 units) has already been reserved.
Original story: El Confidencial (by E. Sanz)
Translation/Summary: Carmel Drake