New Project Starts Selling Off-Plan in Prime Madrid

The launch of new developments in prime areas of Spain is a sign that the residential market is coming back to life.

For example, a new project just off Madrid’s prestigious Avenue Castellan, at No. 50 Raimundo Fernández Villaverde Street, next to Nuevos Ministerios, with 355 flats being offered in a cooperative development modestly called Residencial Maravillas, or Marvellous Residence (render above). Bookings are just starting, and delivery is expected in three and a half years time.

The sought-after plot at No 50 Raimundo Fernández Villaverde Street in Madrid has a new owner and its new look has also been revealed. The cooperative formed for the project in this privileged spot next to Nuevos Ministerios and the Paseo de la Castellana has christened it Residencial Maravillas, or Marvellous Residence. The very name gives an idea of the high quality at this freehold development with 355 1 to 5-bedroom flats. It’s expected to be key-ready in three to three and a half years.

“With this proposal, we’re offering one of the most interesting opportunities to come on the Madrid property market in a long time (…) in the heart of the economic, retail and business centre,” explains the website of Domo, a developer in Madrid offering cooperative projects.

Domo’s President, Feliciano Conde says it’s “a project that aims to satisfy demand, which is why it has changed and adapted to meet requests from members of the cooperative”.

According to Conde, Residencial Maravillas will have “properties of very varied sizes, aimed at families or investors, for residence or rentals”. This explains why the size varies so much – the smallest flats will be 60 square metres and the largest 230 square metres.

Domo highlights that the homes will be built within a gated complex with pools for children and adults, a children’s playground and a large interior garden (communal areas at the centre measure over 2,000 square metres) and strictly at cost price (just over €3,300 per square metre).

This makes the average property price €325,000 including a parking space and storage room (interested parties can also opt for a second or third parking space). The cheapest flat, 60 square metres, costs slightly more than €200,000. Conde emphasises that “they’re high-end properties at affordable and totally competitive prices. Their location does the rest”.

The plans, drawn up by Garrigues y Asociados architects’ studio, envisage seven floors plus penthouse on the Raimundo Fernández Villaverde Street side and six floors plus penthouse onto Maudes Street. The entire ground floor is expected to house commercial premises.

Another selling point is its double green area. As well as the central zone, the entire residential development will be distributed over two concentric circles, separated by a landscaped lineal interior patio, providing all flats with natural light.

Interest in the development has rocketed since the land was bought. “Our phone haven’t stopped ringing and we’ve had no end of emails,” Conde says. To date, the company has sold 90 per cent of the development.