Valdecarros has successfully completed the first round of the auction of part of its land under development. In a tightly contested bidding, with the participation of Spain's major developers, Habitat Inmobiliara and Aedas Homes were the companies awarded the three residential plots put up for auction.
The operation includes the award of a residential land by Habitat, with a buildable area of 4,441 square metres. While Aedas Homes has been awarded the two remaining plots, with a buildable area of 5,669 and 7,372 square metres respectively.
The final amount has been more than 18 million euros, with a repercussion of the land of about 1,050 euros per square metre. A total of approximately 190 homes will be built in two developments by the two companies. These developments will be located near Avenida del Mayorazgo in Madrid.
According to Valdecarros, these three auctions confirm the viability of the Valdecarros Financial Plan, which was approved in 2021 with the aim of financing the development costs of the area. The development of the first stage is at a very advanced stage, while the tendering process is underway for the second and third stages.
Valdecarros plans to launch 13,580 affordable homes on the market during the first three stages
This urban development project, considered one of the largest in Europe, will be developed in eight consecutive stages. The three plots mentioned above are part of the first stage, and the first properties are expected to start construction in 2025. During the first three phases, Valdecarros plans to bring a total of 13,580 affordable homes to the market, of which more than a third will be publicly owned.
In addition, Valdecarros is expected to continue marketing new residential plots in the second and third phases throughout the year, using the auction method.
A few weeks ago, the Governing Board of the Madrid City Council initially approved the adaptation of the Valdecarros development project to be carried out in eight stages. The expropriation project for the owners who have not joined the development's Compensation Board was also given final approval.
After these municipal approvals, the total investment in the development is estimated to reach 1.8 billion euros. If construction costs are added, the new Madrid neighbourhood is expected to contribute more than 7.5 billion euros to the city's economy as a whole, and generate around 450,000 jobs, both direct and indirect.
Valdecarros, a major 'green' project to boost affordable housing
Over the next eighteen years, which is the period foreseen for the development of the eight phases, 51,000 new homes are planned to be built in Valdecarros. This represents approximately one third of the 150,000 homes planned for the whole of Madrid over the same period. Of these 51,000 homes, at least 55% will have some form of social housing protection.
Valdecarros will be developed over an area of more than 19 million square metres, of which at least 37% will be green areas. In this neighbourhood, there will be a minimum of 110,000 trees, in addition to those found in the urban parks. This means that any home in the district will be less than two hundred metres from a green area.
This new neighbourhood will be integrated with other urban development projects in the southeast of Madrid to facilitate mobility in the city. Valdecarros' proximity and rapid access to major motorways such as the M-45, M-31 and M-50 will help to strengthen cross-town transport and alleviate traffic at the main entrances. In addition, sustainable and ecological mobility will be promoted, with 127 kilometres of exclusive bicycle lanes from the outset. Valdecarros will also have a high-capacity bus rapid transit system, which will streamline public transport and facilitate mobility in the area.