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Do you know the term gentrification?

The term, gentrification, comes from the English language and according to the conformation of the territory, it was used more than fifty years ago to study the sociological changes that were undergone in London. Basically, the term defines a process of urban transformation by which an area that had previously shown great decline or deterioration is renovated to the point of becoming sought after among new sectors of population who have greater purchasing power.

This process has been very relevant in recent years in advanced capitalist countries and is usually more prevalent in cities that have considerable economic growth and are also endowed with a significant tourist potential. These are circumstances that occur in the city from Madrid.

Gentrification is an eminently urban phenomenon and its presence is much more common in the most central areas of the city. This is because, regardless of the degree of deterioration that the area in question may have reached, there is always a great potential in property appreciation, which is rooted in the advantages of a series of services.

Madrid - ¿Conoce el término gentrificación?

Fotos: © Engel & Völkers Madrid

Displacement of the population previously living in these degraded areas is usually due to sales of their properties, from good offers from investors to the termination of rental contracts or to the rejection caused by the degradation of a house when there is no money to renovate it. 
Thus, the appreciation of these areas is produced by the comprehensive renovation of buildings that retain their former appearance and aesthetics, but with many more amenities, in addition to the construction of new flats that are equipped with high-end residential facilities.

Madrid - ¿Conoce el término gentrificación?

Fotos: © Engel & Völkers Madrid

In the last decade, Madrid has experienced this process in areas such as Malasaña, La Latina, Embajadores, Universidad, Lavapies, and Chueca. This last emblematic neighbourhood of Madrid is one of the most significant examples of the transformation created in a marginal area. With social problems and an advanced state of deterioration during the 80s, Chueca has now turned into a cosmopolitan and attractive district with important businesses and infrastructures.

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Madrid - ¿Conoce el término gentrificación?

Fotos: © Engel & Völkers Madrid

Undoubtedly, the new quality of life in these areas is an incentive that attracts more and more people to come and settle there. They are also presented as an excellent investment opportunity, given a constant and sustained appreciation. That is why it is a great idea to visit the offices of Engel & Völkers Madrid. This is a real estate agency with great international prestige and a vast experience in brokerage services. You can take advantage of the wide portfolio of properties available for sale and rent in the areas that have become the main focus of interest in the capital.

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