RELEASE: Madrid Centro resists market volatility: preferred place for young people to live, according to Almanova

(Information sent by the signatory company).

RELEASE: Madrid Centro resists market volatility: preferred place for young people to live, according to Almanova

(Information sent by the signatory company)

Madrid, December 29, 2022.

The Madrid Centro district remains a safe investment option despite the uncertainty of the market. The occupancy level of central Madrid ranges between 90 and 95%: the increase in demand from national and international investors has already exceeded pre-pandemic levels. The most sought after type of property is 50-80 meters with some outdoor space

Madrid Centro survives the current volatility of the real estate market and the foreseeable slowdown expected for 2023, according to experts. The reality is that, even in these periods of crisis and uncertainty, the central area of ​​the capital remains a safe investment option: even with slight variations in difficult times, its growth is constant. This is explained by Hernán Izraelewicz, founder and director of Almanova, a leading real estate agency in the Madrid Centro area, which has been part of the community of residents of the Atocha and Huertas neighborhoods for 18 years. Since the end of the COVID-19 pandemic , there is a constant increase - which exceeds pre-pandemic levels - in demand by national and international investors who see the neighborhood as a place to deposit their assets. However, due to the recent instability of the EURIBOR, the new potential investor is one that has its own resources to avoid bank financing. Thanks to this, "the neighborhood currently has an occupancy rate of between 90 and 95%. The percentage of empty housing belongs to elderly residents who have been affected by the pandemic and, to a lesser extent, to those people who have opted for teleworking, leaving the capital", explains Izraelewicz, "this has even affected the product demanded by the new resident, penalizing the interior flat a lot. Today, the most demanded housing model is the one with between 50 and 80 meters with some open space, be it a balcony or a terrace". Current context - Modernization In these 18 years Madrid center has been modernized. "It is no longer a space of tourist interest -which it obviously is- but it has become the ideal place to live for a new, more demanding consumer, the second generation, who wants to be part of the central life of the city, with everything romantic and traditional in the area, but with modern comforts", explains the director of Almanova. Among the advantages that this generation has brought with them is the transformation and modernization that they have imposed on the neighborhood: more and more blocks have with an elevator, the facades are being rehabilitated and the same is true of the public spaces (despite all the works not yet completed in the center). Local businesses have also adapted to this: the most traditional and artisanal have added a casual touch, but new gastronomic concepts have also appeared to meet the existing demand. More professionalization of the real estate service Thus, the Almanova experts recall that "these new neighbors demand more and more professionalism from all real estate agents, who now have to offer a Premium service that covers from the beginning of the search and continues until some time after of the purchase, a quality that has always been present in Almanova since it was founded in 2004". It is only a decision between buyer and seller, it is a group decision. Choosing a correct profile for the area is part of our work. We must select those who will invest in the neighborhood and its businesses and, in turn, buyers of premises who offer the neighbors the service they are demanding. We are part of the momentum of the area and it is a great responsibility that we are grateful to continue exercising after 18 to years in the neighborhood", says Izraelewicz. 18th anniversary of Almanova To commemorate its 18th anniversary, the real estate agency Almanova will look for the "Alma del Barrio" residents of Huertas and Atocha, who will be awarded €200 to spend in shops in area. Thus, from December 20 to January 3, in each of the offices there will be a hostess dedicated to this search with only one requirement: that the neighbor has been residing in the area for more than ten years. In the same way, coinciding with the Christmas period, Almanova resumes, for the second consecutive year, its action

Contact Contact name: Estudio Algaba Contact description: Estudio Algaba Contact telephone number: 722 41 06 07

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