Valdecarro successfully completes the sale of 3 free residential plots for more than EUR 18 million

  • AEDAS Homes and Habitat are the new owners after an auction where the main Spanish developers made bids.
  • They have acquired three plots on which two developments are expected to be built, with a total of 190 new free homes
  • The amount attributable to land is EUR 1,050 per square metre

Madrid, 22 May 2023. Valdecarros has successfully completed the first round of auctions of land under development, in which three leading Spanish developers made bids on the three residential plots available in the new stage of this new Madrid district.

Habitat won one of the plots, with a buildability of 4,441.78 square metres, and Aedas Homes the two other plots, with a buildability of 5,669.15 and 7,372.17 square metres respectively. The final amount of all three acquisitions was higher than EUR 18 million, with an amount attributable to land of about EUR 1,050 per square metre.

The two developers will build a total of 190 free homes in two developments, located very near Madrid’s Avenida del Mayorazgo. These three auctions confirm the viability of the Valdecarros Financial Plan approved in 2021, which is intended to  cover the costs of local urban planning. Urban development of the first stage is very advanced, while tenders are ongoing for the second and third stages.

The three plots are part of the first of the eight consecutive plots on which this urban development project, the largest in Spain and one of the most significant in Europe, will take place. The first properties in that first stage will start to be built in 2025. In its first three stages, Valdecarros will place on the market 13,580 affordable homes, more than one third of which will be public-owned.

This year Valdecarros is expected to continue to place new residential plots from the second and third stages on the market through auctions. 

How few weeks ago, the Madrid City Hall initially approved the  adjustment of the Valdecarros urban development project  for eight-stage execution,  and definitively approved the expropriation project for owners who did not adhere to the Junta de Compensación for the development.

Following municipal approval, total investment in urban development will amount to up to  EUR 1.8 billion. Together with investment in construction, the new Madrid district could contribute more than EUR 7.5 billion to the city, creating 450,000 direct and indirect jobs.

Development of the eight stages is expected to take 18 years, during which the building of 51,000 new homes is scheduled, one third of the 150,000 homes planned for Madrid as a whole in the same period. Of those 51,000 homes, at least 55% will be subsidised, so that in the medium and long term the district will be the main affordable housing area in the city.

Valdecarros will be built on a surface area of more than 19 million square metres, at least 37% of which will be green areas.  At least 110,000 trees will grow in the district, in addition to those in city parks, so that all homes in the district will be less than 200 m away from a green area.

The new district is integrated with the other urban developments in Southeast Madrid to facilitate mobility in the city. Valdecarros’ proximity and easy access to the main motorways, such as M-45, M-31, and M-50, will help to strengthen cross-mobility in the city and ease traffic at its main points of entry. Sustainable green mobility will also be promoted with 127 km of bike lanes open from the start. The district will also be crossed by a high-speed, high-capacity bus system that will speed up public transport and facilitate mobility.

The district will be highly walkable, on practically flat terrain where almost 90% of streets will have a gradient of less than  3%. To achieve this, 30 million cubic metres of soil will be moved, amounting to an additional financial effort of EUR 250 million.