The Councillor for the Environment, Housing, and Agriculture visited the urban development works for the new Madrid district.

José María García Gómez, Deputy Councillor for Housing and Land Regulation, has joined the Valdecarros Governing Board in his capacity as deputy chairman of the Junta de Compensación.

Footer, left to right: Luis Roca de Luis Roca de Togores, José María García Gómez, and Paloma Martín.

Madrid, 7 March 2023. Paloma Martín, the Region of Madrid Councillor for the Environment, Housing, and Agricultura, visited today the urban develoment works for Valdecarros, the new Madrid district, where, starting in 2025, a total of 51,000 affordable homes will be built – one out of every three homes that will be built in the city in the next twenty years.

In her statements to the press, Paloma Martín highlighted the Region of Madrid’s commitment to affordable housing. “We hold 15% of the land in this new district, and will use it to build 9,000 affordable homes, 7,000 of which will be subsidised. Over the last three years, the Region has built half of subsidised homes in Spain. Valdecarros will enable us to take a qualitative leap in terms of this national leadership in affordable housing. We will have an open region, where people will want to come and live, where they will find an outstanding offering”.

Paloma Martín Valdecarros

The Councillor specified thatthe affordable hoursing that will be built in the new district will be between 30% and 40% lower than market prices, and the rental housing included in the Vive Plan, which is currently ongoing, will reach that price from the start, 40% below market prices. The Region and the Madrid City Hall own most of the new district, with about 36% of the resulting homes. Large professional developers have a total of 36.5%, the financial sector 18%, and historical owners the remaining 9.5%.

Paloma Martin y Luis Roca Valdecarros

The Councillor expressed her satisfaction with the green areas in the new district, which will be six times larger than the El Retiro park. “Residential building as a driver of wealth in our region; it amounts to 14% of the GDP and substantially contributes to job creation. It is also a source of hope for many young people who would like to live here and have a high-quality home”, she concluded. During her visit, the Councillor met with the Valdecarros Governing Council. The Region of Madrid’s Deputy Councillor for Housing and Land Management, José María García Gómez, has joined the Valdecarros Governing Council as member and deputy chairman.

Paloma Martín a pie de obra en Valdecarros

Luis Roca de Togores, chairman of the Valdecarros Junta de Compensación, also spoke to the press, reporting that the progress of the urban development works is ahead of schedule. “The first three urban development stages out of a planned total of eight are underway. These amount to a total of 13,500 homes. The first phase will be completed by late 2023. The two next ones will start in a few months. The remaining three will start in the first half of 2025, and the first homes will be handed over in 2026. The other five phases could be completed over the next fifteen two twenty years, although this period could be shorter if circumstances in Spain and in Madrid are favourable”.

Roca de Togores also said that, of the 19 million square metres of land available in Valdecarros, 87% will be allocated to services and green areas. “This land has been allocated to the public administrations to benefit neighbours”. Residential and tertiary buildings will only take up 13% of the new district. The total urban development investment in Valdecarros will total approximately 1.5 billion euros. Adding building investments, the new madrid district will contribute more than 7.5 billion euros to the city, creating a total of 480,000 direct and indirect jobs.

A significant part of Valdecarros services will be launched in the first three stages of the project. A surface area of about half a million square metres will be allocated to commercial activity. Of these, at least 175,000 have been earmarked for proximity commerce, which will bring life to the streets and activate the economy based on small and medium-size enteprises. Office areas will provide a new, potent economic hub in the city. Moreover, due to its location, Valdecarros will be one of the best-connected urban developments in Madrid.