Property
S pr pa o in in per ’s b En ty es gl ma t ish g
www.theolivepress.es
AUGUST 2024
MODERN MIRACLES The minimalist theme of new Spanish churches
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NOT SO SWIFT W
10 years on, Real Madrid’s Santiago Bernabeu stadium renovation finally complete
HEN Real Madrid’s Santiago Bernabeu stadium hosted Taylor Swift’s Eras tour, all eyes were on the pop superstar. But for the football club the real star of the show was the stadium itself. Swift’s concert marked the first occasion the ground was fully open - albeit ‘unofficially’ - after a massive revamp some 10 years after the plans were first announced. But now it has been ‘officially’ unveiled. It took €1.8 billion - about €1 billion more than initially planned - for architects GMP Architekten, L35, and Ribas & Ribas to transform it into a multifaceted public attraction, boasting a Real Madrid Museum, dining and retail spaces, and a skywalk offering panoramic views. It also boasts a sliding roof and even an underground ‘greenhouse’ where the turf pitch can be retracted for optimal growing conditions. A striking feature of the stadium is its sinuous stainless steel facade. This metallic skin, designed to conceal the original concrete structure, gives the Bernabeu a distinctive, sculptural form. “The curved stainless steel louvres have imbued the Bernabeu with a new identity, solidifying its status as a Madrid landmark,” said a spokesman for GMP Architekten. “From afar, the metal facade shimmers like a jewel, reflecting light in countless ways.” Beyond aesthetics, the metal cladding serves a functional purpose. Horizontal gaps between the louvres allow natural ventilation for the stadium's interior. The renovation also increased seating capacity by 3,000 to 85,000, added VIP and hospitality lounges.
STILL GOING UP PROPERTY prices are climbing ever higher in Spain as demand outstrips supply. Since 2019, only the Balearics have seen faster price rises than Andalucia, according to a report by BBVA Research. Both new and existing homes have increased in price by over 20% since 2019. Despite the boom, BBVA estimates prices are yet to reach the peaks of the previous real estate bubble from two decades ago. Current prices are still 9% below those levels (8% for new homes and 10% existing) with only Madrid and the Balearics having surpassed prices
The areas where property prices are growing the fastest in Spain and where it’s still good value By Walter Finch
from 2000. The Canary Islands has seen the sharpest rise with houses being 16.4% more expensive than a year ago. It is followed by the Balearics (11.9%), the Valencian Community (11.5%), the Community of Madrid (11.5%), Murcia (8.8%), Andalucia (8.7%). By province, 45 have higher prices than a year ago, led by Santa Cruz de Tener-
ife, where seller expectations rose by 18.6%, with Las Palmas (13.5%) second and Malaga (12.2%) third. By cities, the most significant rise was in Malaga, where prices grew by 18.2%, followed by Alicante (18%), Soria (17%) and Valencia (16.1%). The smallest rises were in Melilla (0.3%), followed by Pamplona (1.1%), Palencia (1.8%), Vitoria (2.1%), and Pontevedra (2.4%). The price of property in Madrid is now €4,622 sqm, while in Barcelona
it stands at €4,477 sqm. Across Spain house prices rose by 3.9% in 2023 and 4.3% in the first quarter of 2024, with forecasts predicting a 5% increase in 2024 and 4.7% in 2025. According to BBVA’s Real Estate Observatory 2024 report, key factors driving this trend include a booming economy, higher family incomes, demand from foreigners and lower interest rates. The most affordable regions are Cas-
tilla-La Mancha (€939), Extremadura (€976) and Castilla y León (€1,198). While Spanish authorities urgently try to build new houses, supply is still expected to fall short of meeting the growing demand. BBVA forecasts 120,000 construction permits in 2024, an increase of 10,000 from the previous year. The first four months of 2024 saw a 14.8% growth in permits compared to the same period last year, indicating a new construction cycle driven by increased demand. However, challenges such as zoning issues, labour shortages, and regulatory uncertainty continue to hinder new projects.