The Spanish real estate system is, currently, going through good times. However, the issue must be raised concerning the type of urban development in the not too distant future. The Spanish real estate system underwent difficult times after the bubble burst and had to recover due to this great crisis. It seems clear that housing recovery in Spain is a fact. For instance, in 2018, more than 100.000 new construction visa were granted. After many years of uncertainty about the future and thus the paralysis of the sector, new housing is starting to be built. But, has something changed regarding urban development in Spain? Is a new way of construction taking place? So it seems. Years ago, the main and maybe the only concern of the construction companies was to increase business. However, at present some aspects such as sustainability, saving energy and the respect for the environment are very much taken into account. Some weeks ago, we wrote an article in this blog about housing in the future. We mentioned how all governments are giving special attention to making cities more sustainable so that people can enjoy a better life. Hence, the real estate sector has to follow these policies. In the article which dealt with the installation of solar panels in Madrid so as to reduce pollution and save energy, we highlighted the fact that we were concerned with this issue. Today, more and more requirements are demanded regarding new housing to make it practically non-polluting. How will this affect urban development in our cities?

THE SURROUNDINGS MATTER VERY MUCH

Green spaces are important and homebuyers demand them. Years ago, this fact was of little concern when it came to constructing houses. Nowadays, it is a key element in urban development. Some weeks ago, we wrote an article in this blog about Boadilla del Monte, which has become one of the most emerging areas in Spain. We stated that homebuyers were mainly attracted to this area because of its green spaces and the high quality of life one can enjoy there. It is a proven fact that current urban development does not only pay attention to the quality of real estate but also to its surroundings. High standard property is not enough: the investor demands more and also wants a pleasant neighbourhood where he/she can feel at home. When a real estate deal takes place, it is not only the house that matters but also the residential area such as the green spaces, transport connections and services.

PROMOTING QUALITY OF LIFE

Experts claim that two of the key points that the cities of tomorrow must have are for its inhabitants to be able to go on foot or to ride a bicycle. The current trend in Europe is to avoid using the car in large cities. We can see this in Madrid as the city council has already taken measures to reduce road traffic in the centre of the city. Regarding urban development, another effort has been made in Distrito Castellana Norte (Operación Chamatín), which has at last gone ahead after years of deadlock. This project paid special attention to green spaces and leisure areas which are available to the citizens. This is the trend that the Spanish and European real estate system will follow; in which sustainability and the quality of life will play a leading role.