The district of Tetuán, north of Madrid, long ago became an object of desire for real estate investors in the capital. There are currently 25 new construction developments for sale that add up to a total of 720 homes spread across the six neighborhoods of the district: Bellas Vistas, Cuatro Caminos, Castillejos, Almenara, Valdeacederas and Berruguete. “Tetouan is experiencing one of the largest residential renovation processes in Madrid“, they explain from the real estate consultancy Activum Real Estate Consulting.
Within the district, the Valdeacederas neighborhood concentrates the bulk of future residential developments, with 60% of the total. There is the intervention of the Paseo de la Direction, which has given rise to large plots of land, “generating value and wealth for the area,” the consulting firm points out. The project of the two Skyline towers stands out, which currently has 6 developments, and which has added 600 new construction homes. One of the towers is dedicated to sales (developer Stoneweg) and another build to rent (new construction intended for rental).
In addition to these large projects, there are also other small new construction actions. Specifically, there are about 5 developments with an average size of 17 homes per development. To this we must add two other buildings under construction by the insurance company AXA, each 24 stories high, and which will add 540 homes in total for protected rent (VPPL) soon.
In this area, the sales rate is two apartments 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 a year and a half and two years due to construction times.” The average price of housing in Valdeacederas is 4,543 euros/m2
The next neighborhood with the largest number of developments is Berruguete, which has a total of eight new construction developments, which put a total of 75 homes on the market with an average price of 4,321 euros/m2, which makes it the most economical neighborhood of all.
The southernmost neighborhoods of the district follow in housing developments, Four Roads and Beautiful Views, which add up to three and five promotions, respectively. In both cases, each neighborhood adds about 60 homes to its new construction market. These neighborhoods have an average price of 5,648 euros/m2 and 5,733 euros/m2 respectively.
For its part, two developments are located in the Almenar neighborhood, which will represent a total of 56 new homes in this area, with an average price of 5,282 euros/m2 for new construction. Finally, the Castillejos neighborhood is the most expensive in Tetuán and has a new construction development, Residencial Infanta Mercedes, which puts a total of 56 homes on the market with an average price of 6,233 euros/m2.
Who buys?
The profile of the buyer in the Tetuán district is both that of an investor in small apartments that they intend to rent, and that of mainly young couples, with and without children, who are looking for a first home within the M-30 that has good communications and is located Close to the commercial and financial areas of the city.
“Tetouan is undergoing one of the largest reform processes in Madrid, which is generating a significant impact on the transformation of the district. This revitalization has turned Tetouan into an extremely dynamic and vibrant place, especially with regard to the construction of new homes. Without a doubt a focus in Madrid for the growing demand for new construction in this areaespecially as a residential destination, offering current and future residents a modern and renovated environment to live in,” explains Ignacio Ortiz de Andrés, Director of Research & Investment at Activum.
Rising prices
The price of second-hand housing in the Tetuán district has grown considerably in recent years. Currently, it stands at 4,110 euros/m2, which is 60% more than eight years ago. In this same period, the increase experienced in Madrid as a whole is 50%, according to data from Idealista.
Tetuán has an offer that represents 6.6% of the entire municipality of the Spanish capital, with a total of 1,378 second-hand homes. The Castillejos neighborhood is the one that registers the most (311), followed by Cuatro Caminos (282), Valdeacederas (250), Bellas Vistas (218), Berruguete (182) and Almenara (135).
