Valdecarros has completed a new round of auctions for three free residential plots, reaching a buildable area of more than 32,000 square metres, located in the second stage of the development of the new Madrid neighbourhood. The participating companies, whose names are under confidentiality clause until the conclusion of the process, bid a total of more than 37 million euros for the plots. This represents an average price of 1,186 euros per square metre, marking a revaluation of almost 11% over the starting price of 1,070 euros per square metre.
The auction, which was conducted telematically, was attended by six of Spain's leading developers with a total of 40 bids. This is the third round of free residential land auctions carried out by Valdecarros, following previous awards to companies such as Aedas Homes, Amenábar and Habitat. Since the start of marketing, more than 70,000 square metres of residential land has been put on the market for almost 82 million euros. The result of this latest auction will be reviewed by the Valdecarros Governing Council this week for final adjudication.
The increase in the number of interested parties and bids solidifies Valdecarros as a key location for future new developments in Madrid. Stage 2 of the project is strategically located close to Ensanche de Vallecas and Parque de La Gavia, with direct access to the M-45, M-31 and A3.
Valdecarros, which in its entirety will have 51,000 new homes, one third of the 150,000 planned in Madrid over the next few years, will allocate at least 55% to subsidised housing.
The auctions are part of a financial plan established in December 2020 to cover the development costs of the area. Of the three stages currently under development, the first is almost complete, while stages two and three are progressing at a good pace. Construction of these first three stages is expected to start in the last quarter of 2025, and 13,370 homes are planned to be launched on the market, of which some 6,500 will be subsidised.