El Cañaveral (Vicálvaro) is positioned as one of the most promising real estate areas in Madrid
8 Jun 2022
- The average price of a newly built property in Cañaveral is 2,906 euros per square metre.
- Prices have increased by 52% in the last four years.
Developed in recent years and located in the district of Vicálvaro, El Cañaveral is one of the most promising neighbourhoods in the metropolitan area of the capital. This locality concentrates the new developments with the most moderate prices in the city of Madrid, according to an analysis carried out by Activum Real Estate Consulting.
Currently the stock of available new-build housing is around 200 dwellings.. The 47% in this offer is a three-bedroom, 34% is a two-bedroom, 16% is a four-bedroom and 3% is a one-bedroom.
"The preferences of the residents of El Cañaveral are clear: they are looking for new neighbourhoods with wide avenues and close to the centre of Madrid. With regard to the homes and characteristics of the residential complex, they attach great importance to their new home having plenty of light, large terraces and green areas", explains Cristina Balaguer, Managing Director of Activum.
The price of new build housing in Cañaveral
The average price of a house new construction in Cañaveral, where priority is given to multi-family dwellings, stands at 2,906 euros per square metre.according to data from reports by Activum's Research department.
Source: Activum.co.uk a 06/2022.
A typical three-bedroom property in this area of Madrid, with 82 m2 of usable space, can represent an investment of around 373,700 euros, while one of more than 160 m2 would be around 477,667 euros.
Map from The Canaveral: Prices means/m2 from the offer multi-family
Source: Activum.co.uk a 06/2022.
Price increases
El Cañaveral is a neighbourhood that is undergoing a real estate revaluation. In this sense, buying a property in this area of Madrid in the last four years has experienced a rise of €1,020 per square metre, which represents a 52% on the final price.
Source: Activum.co.uk a 06/2022. Evolution of the price per m2 homogeneous ccc:
Residents of Coslada and Vicálvaro, the new residents of El Cañaveral.
The average profile of buyers in El Cañaveral tends to be young people between the ages of 25 and 40, single or in a couple looking to buy their first home, having lived either in rented accommodation or without independence from their parents. The income of these new residents ranges between €30,000 and €40,000 per capita. They come mainly from peripheral areas such as Vicálvaro, Coslada, Vallecas or even from more distant municipalities in Madrid. Only 5% come from cities outside Madrid. This is what emerges from the report carried out by Activum through experience in the marketing of housing in the sector.
El Cañaveral has more than 14,000 residents, of whom 10,000 are already registered.
Developments in the South East
The development of the El Cañaveral neighbourhood is progressing at a good pace and is the main witness of the type of housing that will start to be developed in the near future in the so-called Southeast Developments. These have different
degree of progress in its first stages: from north to south, to Los Cerros, Los Ahijones, Los Berrocales and Valdecarros. Between them, they will have 100,000 homes, more than half of which will be subsidised. They represent a fundamental boost to Madrid's development and a response to the extraordinary demand for housing in the capital.
