Developed in recent years and located in the district of Vicálvaro, El Cañaveral is the new neighbourhood of Madrid, one of the most present and promising areas of the metropolitan area of the capital. From ActivumWe, a real estate consultancy, have prepared a study in which we analyse the evolution that the city's newest neighbourhood is undergoing.
El Cañaveral: a market shared between 23 developers with 38 developments under development.
The country's leading developers have been present in this new sector since the first urban development took place four years ago. El Cañaveral is expected to accommodate a total of 14,000 new homes. Currently, 6,000 have already been delivered and, as of today, the developers are developing a total of more than 2,300 homes.
At present, 23 developers are working in El Cañaveral, building a total of 38 new developments, both free and subsidised housing.
As of today, of the 2,337 new housing units under development the 71.05% correspond to free price housing, while 28.95% are VPPL.
On the other hand, and taking into account the 38 developments under development, 82.88% of the supply are multi-family dwellings and 17.12% are single-family dwellings.
Activum's analysis shows that the largest share of the market is shared by Quabit with 19,81% of the new housing supply in El Cañaveral and Habitat Inmobiliaria with 16,23%thanks to its new Habitat Soto del Cañaveral development.
Source: Activum.co.uk a 12/2019. The ranking is based on the developments advertised on real estate portals and on the websites of the developers studied.
To date, almost 52% of the multi-family developments being marketed have been sold over the last few years. This means that El Cañaveral has an available portfolio of more than 900 flats.
Habitat Inmobiliaria, Neinor Homes and Getsa, the developers with the largest supply of free high-rise housing in El Cañaveral.
With more than 1,600 homes under development and 20 new developments, high-rise housing is the most common typology in El Cañaveral and 15 developers are building this type of housing in this new neighbourhood.
Habitat Inmobiliaria, Neinor Homes, Getsa and Aedas Homes are those who are betting the most on this sector, with at least two promotions being marketed to date, bringing together the four promoters more than 730 new multi-family dwellings.
The top 3 developers with the highest number of multi-family freehold homes under development in El Cañaveral is led by Habitat Inmobiliaria with 277 units, followed by Neinor Homes with 192 and Getsa with 145 units.
The average price of a 3-bedroom, 115 m2 multi-family house in El Cañaveral is currently 268,588 €, a very competitive price compared to the prices of new builds in other neighbourhoods of the capital.
Subsidised housing means on average only 15,000 euros in savings for a 3-bedroom house.
Today, a total of 1,937 dwellings are being developed in El Cañaveral in multi-family projects, of which 29.91% are subsidised housing, i.e. a supply of 502 units.
Currently, the available stock of this product is 43,42%, which means a total of 218 units. The number of dwellings still without an owner and where more than 95% are 3-bedroom dwellings and only 4.5% are 2-bedroom dwellings.
The average price for a dwelling of 3 bedrooms and 104 m2 is 253.014 €.This is not very significant when compared to the average price of a free house of the same characteristics (268,588 €). There is only a difference of a little more than €15,000 between subsidised and free housing.
A supply of 400 single-family homes under development at El Cañaveral
As is the case in most sectors, single-family homes are a scarce typology, even so, a total of 13 developments and 400 homes are currently being developed in El Cañaveral.
There are 10 developers offering this type of housing in this new neighbourhood, with My Dream My Home, Nozar and Grupo Riofrio in the top 3 with 63, 54 and 52 homes respectively.
Within the offer of single-family homes in El Cañaveral we find 243 free dwellings (60,75%) and 157 subsidised dwellings (39,25%) 425,670 for a 3-bedroom house of 173 m2.
Residents of Coslada and Vicálvaro, the new residents of El Cañaveral.
This is the result of a report carried out by Activum based on its experience in the marketing of homes in the sector.
The average profile of El Cañaveral shoppers tend to be young people between the ages of 25 and 40, single or in a couple looking to buy their first home, as they have been living either in rented accommodation or without independence. The income of these new residents is between €30,000 and €40,000 per capita.
They come from peripheral areas such as Vicálvaro, Coslada or even Vallecas, due to the exhaustion of the housing supply that the Ensanche de Vallecas has been suffering in recent times and, therefore, the high price that their homes have reached.
"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 the fact that their new home should be bright, have large terraces and green areas," says Cristina Balaguer, General Manager of El Cañaveral. Activum.co.uk.
El Cañaveral, the only offer available for those looking for competitive new build prices and proximity to the city centre.
El Cañaveral is located 20 minutes from the centre of the capital thanks to the connections to the R-3, the M-45 and the M-30; combining the tranquillity of the area with its proximity to the metropolitan centre. This new neighbourhood thus becomes an ideal place to live, as due to the health crisis caused by the COVID-19, we are experiencing a change in trend and buyer preference towards spacious, green places away from the city centre.
The reed bed already has all necessary services: shops, pharmacies o transport lines linking the neighbourhood to the city centre (lines 159 and 290)
The future forecast for the new Madrid neighbourhood will involve a high employment rate and the development of 100 hectares of green areas.
