TETUÁN LEADS RENOVATION IN MADRID WITH 25 NEW BUILDING DEVELOPMENTS
14 Nov 2023
- Valdeacederas concentrates a 60% of Tetúan's new building work.
- Berruguete is one of the neighbourhoods with the largest and most economical offer of new buildings
- In Tetuán, second-hand sales have increased by 10% more than in the rest of Madrid.
The district of Tetuán is experiencing the biggest renovation phenomenon in Madrid. There are currently 25 new developments for sale in the district alone, with a total of 720 new homes. Activum Real Estate Consulting in its latest study on this real estate reality in the district of Tetuán.
Valdeacederas is the most developed neighbourhood in the Madrid district, accounting for 60% of the total. This is where the Paseo de la Dirección development is located, which has given rise to large plots of land, generating value and wealth for the area. With 6 developments at present, the project of the two Skyline towers stands out, which has added 600 new homes in this district, with one tower dedicated to sales (developer Stoneweg) and the other to Build to Rent (new construction for rent).
In addition to these large projects, Valdeacederas has other small new developments. There are around 5 developments with an average size of 17 homes per development. In addition, there are two other buildings under construction by the AXA insurance company, each 24 storeys high, which will soon have a total of 540 homes destined for subsidised rental (VPPL).
Currently, the average price in the Valdeacederas neighbourhood is €4,543/m2. In this area, the sales rate is two flats sold per month per project, which is a positive value due to the small size of the developments and the fact that the total sale of the development usually takes between one and a half and two years due to construction times.
The next neighbourhood is Berruguetewhich has a total of eight new developments, bringing a total of 75 homes to the market at an average price of 4,321 €/m².2. At this price, Berruguete is the cheapest of all the neighbourhoods in this district.
It is followed in housing developments by the southernmost neighbourhoods of the district, Cuatro Caminos y Beautiful Viewswhich have three and five developments respectively. In both cases, each neighbourhood adds around 60 homes to its new-build market. These neighbourhoods have an average price of €5,648 per sq m.2 and 5.733 €/m2 respectively.
It is followed by the neighbourhood of Almenarain the north of the Tetuán district. Two developments are located in this neighbourhood, which will mean a total of 56 new homes in this area, with an average price of 5,282 €/m².2 in new construction. Castillejos is the most expensive in Tetuán. In this neighbourhood, there is one new development, Residencial Infanta Mercedes, which has a total of 56 homes on the market with an average price of 6,233 €/m².2.
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The buyer profile in the Tetuán neighbourhood are both investors of small flats for rent, and mainly young couples, with and without children, who are looking for a first home within the M-30 that has good communications and is close to the commercial and financial areas of the city.
The Director of Research & Investment at Activum, Ignacio Ortiz de Andrés, states that: "Tetuán is undergoing one of the biggest reform processes in Madrid, which is having a significant impact on the transformation of the neighbourhood. This revitalisation has turned Tetuán into an extremely dynamic and vibrant place, especially in terms of new housing construction. It is undoubtedly a focus in Madrid for the growing demand for new construction in this area, especially as a residential destination, offering current and future residents a modern and renovated environment in which to live.
Second hand in Tetouan, an increase of 60% in eight years
The price per square metre of second-hand property in the Tetuán district, according to data from the real estate portal Idealista, has risen dramatically since the minimum recorded in March 2015. It currently stands at €4,110 per sq m.2, one 60% more than eight years ago. In the same period, the increase experienced in the city of Madrid as a whole is 50%.
Tetuán has a supply that represents 6.6% of the entire municipality of Madrid, with a total of 1,378 second-hand properties, according to Idealista. The Castillejos neighbourhood has the most (311), followed by Cuatro Caminos (282), Valdeacederas (250), Bellas Vistas (218), Berruguete (182) and Almenara (135).
