Serrano street, 600 meters and 9 million: this is the most expensive penthouse sold after the crisis

serrano-7It will mark a before and after in the luxury residential market in Madrid, as it is the biggest transaction of a house not unfamiliar in more than a decade

It is located in one of the most exclusive streets of Madrid and has become the floor most expensive sold in Spain after the crisis. It is an attic of just over 600 square meters, situated directly on the Golden Mile , in the exclusive promotion Serrano 7 , whose rehabilitation works are going from strength to strength. This project will market nine exclusive homes -all are sold less one-, of which the most luxurious and spectacular is the one that occupies the top floor of the building .The only attic promotion, establishing a national investor , whose identity remains in the most absolute secrecy, has paid a record nine million euros.

One price, no doubt, that will mark a before and after in the residential luxury market in the capital, since it is the largest transaction of housing unifamilar not registered in more than a decade -for some chalets itself they have overcome these prices. To give us an idea of the amount of the transaction, in 2007, just before the outbreak of the housing bubble in the number 3 of the Lopez Street Hoyos, less than two kilometers from Serrano 7 was located which in its time was ranked as the most expensive housing in Spain , a penthouse duplex of 700 square meters and six million euros, the sale was foiled after the outbreak of the crisis.

The building is located where promotion  belongs to the British fund Rockspring,and has also suffered in their own flesh the housing paralysis and slowdown appetite buyer demand, even among the upper classes. In 2015, when the market recovery seemed a fact, the fund decided to undertake a thorough remodeling of the building -Maintaining the facade and retaining as much as possible original features of the building, and in October 2015 started, with the advice of Knight Frank, the exclusive marketing housing plan.

serrano-7-1The penthouse belongs to the promotion consisting of nine exclusive apartments, all sold least one

Before the end of the year, ie, in just three months, 75% of the homes were sold, which showed how something had begun to change in the residential market of luxury in Spain. The buyer appetite had returned. In fact, of the nine units for sale, currently there is only one available.

Serrano turned 7 last year in the building that managed to break the luxury market upward. As explained Ernesto Tarazona, partner and director of residential floor of Knight Frank, the strong interest in these homes forced them to raise prices from 8,000 to 10,500 euros per square meter. And it has managed to close the sale of the attic at 15,000 euros per square meter, even above the 14,000 euros that are handled as roof which was destined to become the benchmark of luxury real estate in the capital, Juan Bravo 3 (Lagasca 99) .

Product shortages and much appetite

There are several factors that have allowed someone decides to put on the table nine million euros for a penthouse in the center of Madrid rather than opting, for example, the benefits it can offer a house. First, its location. Serrano 7 is located in the epicenter of the district of Salamanca , the most desired among the great fortunes, especially Latin America, which already have been installed in several of the most iconic buildings . The building stands just 200 meters from Retiro Park and a kilometer from the Prado Museum.

In the epicenter of the district of Salamanca, the most desired among the great fortunes

Although the luxury housing has risen in the center of Madrid with a score of promotions going on , the fact is that Serrano 7 was the first to hit the market after the crisis, obtaining building permits and therefore , starting with the commercialization of housing plan. It also has facilities and services that can not miss in a promotion of luxury, as underground parking to preserve the privacy of its residents, private gardens, pool, gym, garage and storage.

This penthouse with four bedrooms, five bathrooms and a stay also has the highest quality and finishes: natural stone in bathrooms and porcelain tiles in the kitchen, underfloor heating, air conditioning, home automation system integration, high – end appliances plus an electric fireplace with LED water vapor in the lounge and a safe.

Serrano residential units 7 projected by the architects Rafael Robledo, distributed on one level, with one or two apartments per floor. It is accessed by lift, either from the underground parking , either from the portal at street level.

ubicacion-de-serrano-7The buyer appetite returns with force

The ‘prime’ residential assets have again become a safe haven for investors in an economic climate marked by market volatility and negative interest rates. A renewed appetite has increased transactions, but also the number of projects have come on the market.

According to the latest report from Knight Frank on this market, if in 2014 the new building luxury meant only 30% of total supply in 2015 this figure increased to 60%. So that the supply available for sale last year totaled 820 million euros, 17% more than the previous year. Also prices have witnessed this recovery, with an average growth of 3% in the capital, while in districts like Jeronimos year increase in new construction reaches 8%, while in a matter of months, housing prices in some of the most exclusive developments in the capital have risen by between 4% and 10% to the demand pull. Serrano 7 being an obvious example, but not alone.