These large real estate projects aim to boost modernization

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

The Spanish real estate sector has registered a real conversion forced by the deep crisis in which it precipitated after the boom. Most of the great promoters of the time before the collapse have disappeared from the map, some of them starring in bankruptcies of the largest registered in Spain. Contests of creditors, thousands of paralyzed projects, numerous disappearances of companies and countless job losses were the painful result of a way of doing business that proved to have muddy feet. The fall of the sector, with an unprecedented slowdown in the activity, had a very hard impact in social terms from which more than a decade later Spain has not yet recovered and has marked a before and after in the way of understanding real estate development in Spain.

Many large urban projects, aimed at improving and modernizing cities, essential to boost their development, remained on paper for the long road of the crisis. A process whose rebirth has had to face ideological and administrative barriers, but which is necessary to resume for the good of the country. The placing on the market of finalist land, for the rest, should serve to modulate prices that are starting to shoot again.

The plans of the capital of Spain, some such as that of the Chamartín operation (today, Madrid Nuevo Norte), held for 26 years, are the best example of what remains to be done. A clear path, to which the favorable predisposition of the new municipal administration is not alien, opens up to projects that add up to no less than 130,000 homes in the next two decades, with the main sources of growth located north of the capital - the aforementioned Nuevo Norte–, and the five new development neighborhoods in the southeast. To these will be added important offices and commercial centers. In total, a global business of more than 30,000 million euros.

Other plans, such as the macro project that Aena plans to launch for its land next to the airports (mainly Barajas, in Madrid, and El Prat, in Barcelona), will launch developments of no less than 3.3 million square meters. They are plans, true that the largest, necessary for the modernization of the country, but of which to a greater or lesser extent almost all the cities of Spain are dotted. They will be a success if they know how to move forward without falling into the mistakes of the past. The professionalization and specialization of the new real estate sector play in favor of this.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.