The Los Berrocales urbanization is one of the great urban developments in Madrid. Larger than Madrid Nuevo Norte, Valdebebas or , both by extension and by number of . It occupies an area of more than 8 million m2 in the district of Vicálvaro -to the southeast of the capital- in which 22,285 apartments will be built, of which 50.86% will be under public protection.
The urban megaproject will also have two million m2 of green areas, buildings for tertiary use, industrial and logistics warehouses, nursery schools and sports facilities. It will be developed in six phases and will involve a total investment of 5,279 million euros. At the moment, 258 million have already been invested.
Los Berrocales will be at full capacity in 2040 and will have a cumulative economic impact of more than 8,700 million euros in the GDP of the City Council of the capital and the Community of Madrid, and more than 167,000 jobs accumulated. The data is collected by the Socioeconomic Impact Report of the Berrocales project in Madrid, prepared by the consulting firm PwC, which analyzes the current urbanization phase and the subsequent building and exploitation phases.
The construction phase will have an investment of more than 4,800 million euros and will have a total impact on the GDP of the city and the Community of Madrid of almost 3,300 million and more than 69,000 jobs. As the building is developed, the commercial and industrial exploitation phase will begin, which will allow maintaining around 10,700 jobs per year.
Retail and hospitality will occupy around 60% of the premises, and the manufacturing and logistics industry, almost 80% of the industrial buildings that are built, according to the report.
“The fact that the project is in phases has many consequences from the urban point of view, but it also makes it possible to generate a sustained economic impact over time. Employment and economic activity will be of quality”, explained Jordi Esteve, partner in charge of the Economics at Strategy &, PwC’s strategic consultant at the presentation of the report.
Whose soil is it?
The Madrid City Council is the largest owner of the Los Berrocales land. It has between 8% and 9% directly of the land, and 10% of assigned land. For its part, the Community of Madrid owns a 3.67% stake in the Compensation Board, while the rest falls into private hands.
From the Consistory they rule out parting with the land of the future neighborhood. “In principle, we don’t have it because we want to build protected public housing and municipal facilities,” explained Paloma García Romero, Delegate of the Government Area for Works and Facilities of the Madrid City Council. “The interesting thing is that in 2023 the first houses will begin to be built. Half will be protected, that is, they will be destined for the people who need it most, such as young people. For the people of Madrid, it is good news,” she added. .
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