subject: New Homes For Sale: Can They Be Found In Central Madrid? [print this page] Possibly, if you are willing to buy a new home that is being built inside of an old building. Since the city center is the most desirable area of the city, according to Bruno Rabassa from Petrus Housing (restorers of Plaza de San Ildefonso and owners of Cuesta de Santo Domingo 11), there is not much open property to be had for building new homes from the ground up, and this is the current trend of homes on the market. This is exactly what Petrus is doing as they develop new flats inside of older buildings. They are doing so in the 28 homes in the Santo Domingo project.
This could very well mean success for anyone interested in investing in property in central Madrid. There are certainly business opportunites for those looking to invest in homes that can be restored and for those looking to buy homes to let.
But is the supply of homes, counting new homes and those being refurbished, enough to meet the demand? We certainly think that it is possible, since homes in the city center tend to be a bit smaller and have special touches, and since there are a few new homes being developed as well.
There is one development of new homes that has been started by Unim. In this development, there could possibly be six parking spaces and eight new homes. An advisor from Forum Consultants, Carlos Smerdou, says that every building for sale is different and every potential buyer benefits from the variety of homes available in Madrid (which is caused by the differences in each district in the city). The Madrid Tower has been one example of such success. It had approximately 130 homes for sale only last year, and there are only about 40 left at this point (as per Sibarriss Marketing). But this success depends on other factors: some other buildings that have been renovated and even some brand new buildings are still on the market and have been since 2009 or earlier.
Central Madrid and certain districts within it (such as Lavapis, Chueca, Universidad) often has many homes that are similar in size to one another. They also tend to be on the smaller side, with a blend of modernity and design. This is principally the effect of CIPAM, which is the Artistic Heritage Commission of Madrid, which regulates housing projects.
A brand new house is certainly a rare breed of home in central Madrid. There are only around three new constructions under development at the moment. In total, even including old buildings being renovated into new homes, there are less than 455 homes available. In the whole of central Madrid, we can only find around 32 developments, including homes being renovated.
The new or newly renovated home is certainly an active part of the market in central Madrid. They are definitely treasures to be had and hopefully some of the other homes on the market can satisfy this need.
