Real Madrid plans to drive the increase in unaffordable housing in the Spanish capital
Real Madrid is undoubtedly looking to put the Spanish capital on the map in terms of events and luxury sports, exemplified by the renovations of the Santiago Bernabeu, which will continue for at least another three years. It also has a negative impact on the local population, as well as bringing a major business.
According to a report from The country, housing prices have risen by 46% per square meter since 2016, in the space of 8 years since the project was announced. Local resident and lawyer Inmaculada Ramos described the club's moves as “colonization,” and the report goes on to detail that any business or shop that closes or moves out of the area is quickly acquired by Los Blancos , and dedicated to merchandising or VIP. experience
In addition to the stadium itself, there is a cavernous underground car park that is built with direct access to the stadium, with public money, which Real Madrid they are willing to bring in more than half a billion euros from the period of their 40-year lease from the Madrid City Council. More recently, it was announced that there will be further reforms at the Santiago Bernabeu metro station. That work will continue until at least 2027, and will see the square area of the station tripled, again with public money.
All these plans were approved by the majority party in the area of the Popular Party. In the article, the rival parties Mas Madrid and PSOE have accused the mayor of Madrid Jose Luis Martinez-Almeida of distributing public funds for his friends, in this case that means Florentino Perez. The couple appeared together at Real Madrid's Copa del Rey celebration for their basketball team.
In addition, luxury brands and elite restaurants are moving into the Chamartin area at breakneck speed, amid also multi-million dollar investments by hotel chains. The 140,000 residents, who already represent the richest 3% of Madrid's population, seem poised to see the impact of Perez's plans for decades to come.
