Last Updated on January 21, 2024 by Umer Malik
The Madrid City Council, through the Housing Department, has decided to rebuild, transform, and improve the residential structure of the Spanish capital. In other words, to make urban buildings more energy efficient, convenient, habitable, and comfortable for the residents. The source https://spain-real.estate/ tells its readers more about the situation.
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The state of Madrid’s housing stock –
In Madrid, about 11% of the buildings were built before 1940, and 58% were built between 1940 and 1980. This means that approximately 69% of buildings in the city are over 40 years old. Moreover, the buildings that have the best energy rating “A” make up less than 0.3% of the total construction fund. So there is a long way to go. In addition, over 75% of residential buildings are not considered accessible to people with reduced mobility, and about 40% of buildings from 4 floors are not equipped with an elevator.
What is a “Green Office”, and what is its role in the transformation of real estate?
The Green Office is a meeting place and a reference point on energy and sustainable development issues for both residents and professionals of the construction sector:
- repair companies,
- energy service companies,
- property managers,
- professional associations, etc.
It will be the main voice announcing important information about the state aid for reconstruction and rehabilitation provided by the Madrid City Council. The Green Office was created for Madrid residents to use the energy they consume in their homes more efficiently, thereby helping to protect the environment and make Madrid a more environmentally friendly city.
The purpose of this office is to increase awareness about the benefits of proper energy recovery. A renovated house reduces the tenant’s electricity costs by 25-30%. This leads to less pollution of the environment. By reducing energy consumption for air conditioning in summer and winter, it reduces greenhouse gas emissions. An energy-optimized house is more comfortable to live in, and it is also more profitable in renting or reselling real estate, because its cost is higher. A study conducted by the Supreme Council of Colleges of Arts of Spain (CSCAE) shows that home renovation increases its cost by 26% on average.
Results of remote work –
Since we have adapted to remote work, and many companies have started using this method in their business activities, homeowners use this opportunity to live and work closer to nature. Therefore, home buyers are looking for cheaper, better, and more affordable homes on the outskirts. Spain is attractive to citizens of Northern Europe as a country with more comfortable conditions. This will affect the demand and the value of real estate in such areas.
Back to nature
When purchasing a property, people want to be closer to nature and enjoy landscapes. It stopped being a luxury for everyone. This means not only to have terraces or balconies in houses but also walk around green spaces in the surrounding area. As a result, the demand for “second homes” has increased among Spaniards. These are mostly houses or apartments near the coast or outside the city.
Not only Spaniards rushed to nature, in 2021, real estate transactions concluded by foreign nationals rose by 47%, and this trend keeps growing in 2022.
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