According to data from the National Institute of Statistics in Madrid the price of housing has increased by 21% in the last year, the upward trend is constant, house prices are unaffordable for a large majority of Madrid, especially for the youngest. But there are always those who manage to live on the fringes of these problems.
The most obvious example of how the crisis does not affect everyone equally is in Velázquez 53, the new landmark of residential luxury in Madrid. About to hang the ‘sold out’ sign, according to El Confidencial, this iconic building in the heart of the Golden Mile in the Salamanca district has revolutionized the market with unprecedented figures: twelve of its thirteen exclusive homes have already found owners, for a total volume of close to 120 million euros and average sale prices of around 10 million per apartment.
Luxury housing in Madrid is not reaching its peak
The acquisition of the property by Francisco de Borja and Jaime Ardid Martínez-Bordiú, great-grandchildren of the dictator Franco, in 2023 was a historic transaction, both for its unbeatable location and its price of 56 million euros -some 8,000 euros per square meter at the time of purchase-.
Two years later, the luxury residential boom has skyrocketed the value: homes are currently selling for between 18,000 and 25,000 euros per square meter, placing the Velázquez 53 apartments among the most coveted and expensive in Madrid. Not only because of their exclusivity, but also because of their privileged dimensions (from 350 to 390 m²) and the palatial 700 m² penthouse that could close for around 17.5 million euros.
The building offers much more than spacious homes with marble finishes. Amenities include a heated indoor swimming pool, a rooftop Jacuzzi, private gym, Turkish bath, games room and lounge-dining room. Each floor includes a storage room and access to one of 22 parking spaces (11 subway and 11 above ground). The aesthetic draws on both the stately heritage of the neighborhood and the latest trends in luxury interior design, which translate into straight lines and a total absence of color.
There are always classes, even among the wealthiest, and the penthouse, without a doubt, the cherry on top of the luxury: 700 square meters and panoramic views of the city. Its price – calculated at the average price of the development – puts it at around 17.5 million euros, a figure on a par with that of the great European mansions. The rest of the apartments, divided into duplexes and large apartments, have aroused the interest of international investors and buyers.
But the case of this building is not unique; it is another example of the new reality of the capital. There are already developments such as the Mandarin Oriental Residences and million-dollar operations in nearby buildings, such as Velázquez 21 or Velázquez 22, where the price per square meter exceeds 28,000 euros in some cases. Everything indicates that, in a few years, the capital could see prices reach and even surpass the barrier of 30,000 euros per meter, giving shape to a new league of dream properties.
