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Interview with Esther Gladen, Chamartín Team Leader

1. Have we finished 2016 with the kind of figures that were expected?

After the successful fourth quarter in 2015, we expected a higher growth than we have had previously. Clearly the lack of a stable government has had a negative influence on the business in the area. Chamartín's most typical client group are Spanish middle-class families who have been cautious in the face of an unsafe political situation and therefore many have not started buying or even selling properties.

2. Which regions do you consider to be the most sought-after in 2016?

Prosperidad and Ciudad Jardín are very popular neighbourhoods at a very affordable price level. Properties around € 500,000 have been in high demand among couples and young families. In addition, El Viso as always, has been much sought after by customers with high purchasing power.

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3. The Ave tunnel that connects to the Atocha and Chamartín stations as well as the Castellana Norte District project (known as Operation Chamartín) have brought many improvements in your area. Do you think buying a property in Chamartín this year is a good investment?

Chamartín is a very good option for investors due to its well-connected location with all the main points of interest, the road networks and motorways, the airport, Atocha and of course Chamartín station, but mainly for its proximity to many business buildings such as as Cuatro Torres, Torre Europa, Torre Picasso, diverse ministries and embassies, etc.

Buying in Chamartín also represents a good alternative for the foreign buyer, although this region is not so well-known among the foreigners. The shortage of property and consequent rise in prices in areas such as Salamanca district, along with the good amount of supply and constructions in Chamartín, have been the reason for the increase in the number of foreign investors since last year. The "Chamartín operation" will certainly help to promote the area and will add value but will be a medium to long-term effect. In fact, the neighbourhood of Castilla where Chamartín station is located is the only place in this area that has experienced a downward slope when comparing 2016 prices with the previous year.

4. And if we want to sell a property, do you consider the current economic situation favourable?

Since 2015 until now, the number of homes for sale in Chamartín has been falling. This is not only due to the sale of homes but to the position of many owners who are waiting for prices to rise. Many of them bought their homes ten years ago at the highest prices and have not been able to sell yet because they would lose money. 2017 is a good time to sell as prices are adjusted to the current market and demand.

Engel & Völkers

Génova, 27 - 5th floor
28004 Madrid
+34 91 277 45 00

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