The City Council of Madrid approved the rezoning of the Valdebebas land in August. A municipal report estimates the increase in value of the club's plot at 185.49 million euros.
The urban development operation that the City Council of Madrid approved in August for Real Madrid in Valdebebas will result in an asset increase of 185.49 million euros for the club without the need to build a single building. This figure appears in a report commissioned by the Urban Planning department from the consultancy Savills, which elDiario.es has accessed.
The study estimates that the 172,550 square meters of additional tertiary building rights allowed by the rezoning are worth 1,075 euros per square meter. This value exceeds that of the current land, appraised at 174.6 million for its 360,000 square meters of sports ground: the club's plot will more than double in value when the change is completed.
The mayor, José Luis Martínez-Almeida, justified the operation during the processing: “This is not a matter of what Real Madrid gains; this is a matter of what the city gains.” The governing team argues that the new uses will attract “talent” and “employment” to the area.
The rezoning allows the club to build offices, a hospital, and a university on the unused land of its sports city, as well as short-stay housing like flex living. In exchange, Real Madrid will cede to the City Council 35,311.51 square meters for public facilities and 5% of the increase in usage, about 17,400 buildable square meters. It will also assume urbanization costs of 73.5 million, according to the file.
This operation adds to other rezoning approvals under Almeida's mandate that the opposition has labelled as “windfalls,” such as that of El Corte Inglés in Méndez-Álvaro, which brought 29 million to the group, or that of the Ermita del Santo, with 64 million in revaluation by converting a shopping centre into housing.
This is not a matter of what Real Madrid gains; this is a matter of what the city gains.
The economic study commissioned by Urban Planning, necessary to process the operation, was awarded directly to Savills. The City Council has not made public the objections submitted during the public information period.
You may also like
