The Real Madrid soccer team keeps building itself up, surprisingly. If club president Florentino Pérez was able to boost the team's growth during his first phase leading the club by re-assessing the Ciudad Deportiva (which allowed subsequent construction of four skyscrapers), now he has done something similar by getting a steal price on a parcel of land in Paseo de la Castellana. The latest agreement signed with the Madrid city council (to which elEconomista has had access) will permit the club to build a shopping center and luxury hotel in its stadium.
The football club with cede a property in Las Tablas worth 22.7 million euros to the city council. This valuation is exorbitant for a sports field. Real Madrid will also receive various properties in the barrios of Carabanchel and Valdebebas, plus get the green light to build a private parking facility. The most controversial cession is the property located between Rafael Salgado Street, Paseo de la Castellana and Concha Espina in order to remodel the stadium.
According to the agreement, it is formed "by a three meter perimeter around the stadium, plus the grounds that are occupying the evacuation area around the towers." The surface area is 3,600 square meters large and there are 9,576 square meters of building surface available. The city council has valued it favorably at 6.9 million euros, equal to 724.7 euros per square meter. Real estate experts consulted by this periodical assure that the average price for this zone is at least 13,700 euros per square meter.
Still, one has to take several factors into account. First, not all of the buildable surface can be utilized. If it could be, then Real Madrid would be expected to pay at least 1,000 euros per square meter.
