Trafalgar pulls (more) Chamberí: the area that locals and foreigners fall in love with

When international residents in Madrid are asked about the elements that have conquered them the most, somewhere along with the climate, safety, gastronomy or culture, always appears the neighborhood life, the one that only those who live there can explain. That charm has Chamberí, which on the other hand has the condition of central and elegant, which has led him to become one of the most desired areas of the Spanish capital.

Chamberí is actually a district, which encompasses several neighborhoods: Almagro, Trafalgar, Arapiles, Gaztambide, Río Rosas and Vallehermoso. Although all of them are very attractive from a real estate point of view, the truth is that Almagro has always stood out for being the most stately and where the elegant buildings reminiscent of the Salamanca neighborhood are located. Both neighborhoods were chosen by a large part of the Spanish high bourgeoisie to establish their residence at the end of the XIX and beginning of the XX century, and also today by foreigners with greater purchasing power.

Silvia Hengstenberg, a partner at the real estate consulting firm, tells us that international buyers are increasingly attracted to this area. They are looking for a more local, less touristy experience and this leads them to consider Chamberí as their first choice over more traditional locations such as the Salamanca district.

In recent years, the Spanish buyer has opted more for the Río Rosas area, whose springboard was the cultural and gastronomic resurgence, initiated by the Ponzano enclave, but which has since spread to all the surrounding streets. On the other hand, Arapiles, Gaztambide and Vallehermoso concentrate a pleasant mix of upper middle class families, students (due to their proximity to the Complutense and other private universities such as Comillas or CEU) or young couples, with a dynamic rental market.

But there is a neighborhood that in the last two years has brought together national and foreign demand, it is Trafalgar. And it is much more than just another trendy gastronomic area, in this unstoppable Madrid, it is a place full of life, stores, with the Plaza de Olavide, acting as the main square, and yes, certainly many nice places: restaurants, florists, bookstores … A small Notting Hill castizo, less colorful, but much more lively. “We see how neighborhoods like Trafalgar are gaining prominence. Its cultural energy, its authentic character and its strategic location between very dynamic areas make it especially attractive for an international profile with a sensitivity for the local”, says Silvia.

We look at Almagro and Trafalgar, two jewels of different style where we have an active portfolio of unique properties, some you can see on their website, and others are within their private channel that you can consult by scheduling an appointment, there you will find hotels, plots, buildings and off market properties.

Almagro: grandeur nearby

It is no coincidence that the international client is captivated by the properties located in the streets Almagro, Zurbano, Zurbarán, Montesquinza, Blanca de Navarra, Fortuny or Jenner, mainly. They remind us not only of the neighboring neighborhood of Salamanca, but also of a curious mixture between the Paris of Baron Haussmann, but sprinkled at the same time with curious neo-historicist and regionalist elements; those that so much liked the high society of the end of the XIX century. See the Bermejillo Palace, today the headquarters of the Ombudsman; the Garay House, today the headquarters of the College of Engineers of CCP, or the Church of San Fermín de los Navarros, among others.

The average price that we can find in the open sales channels is around 12,000 euros per square meter, but the reality is that in specific operations, which are usually developed privately, are reaching 15,000 euros, according to industry sources.

The houses in these streets enjoyed and many of them retain large dimensions, mostly exceeding 200 m2. This is the case of this property that is shown visually with renders because it is pending a reform project that will return all its splendor, but with the amenities of modern comfort. It has 240 square meters, its sale price is 3.6 million euros and is located in a classic and stately building. It has a porter and storage room, and possibility of parking in the same street.

It is also true that the current demand has caused some of these properties to be segregated and converted into charming apartments that function as pied à terre for families with their main residence in another destination.

This is the case of this house that is delivered already renovated, which therefore has the latest technology and home automation and has retained its wonderful height of 3 meters.

Even more special is to find in this neighborhood a house that besides placing us with its 187 square meters in the heart of Madrid, and in one of the best neighborhoods, offers us a range of services as complete as swimming pool, garage, sauna, storage room and 24 hour concierge. This is the case of this property for sale for 2.090.000 € and with many possibilities of reform.

Trafalgar is life

It is neighborhood life, it is leisure life, it is life of rest and walk … are just over 20 streets where many things happen, and where now want to live not only national Chamberí fans, but many foreigners infected by this fervent dynamization. As Simon Kuper, Financial Times columnist and inveterate traveler, said in 2022, citing the places where he had been happy, he remembered Madrid’s Plaza de Olavide: “Beautiful bourgeois apartments rise before us. The adjacent streets are pedestrian, so the center of Madrid is as quiet as possible. The mornings are cold, but by Spanish lunchtime (at about 3 p.m.), the autumn sun is shining and it’s 20ºC.”

Little more to say…so the diamond in the rough for a developer is still to acquire an entire residential building, keep the façade, usually unique or at least representative of the area, and refurbish it with new layouts.

An example of how a good rethinking can revalue a building is in this property in the image above whose update was in charge of the interior designer Isabel López Quesada, highlighting the uniqueness of its corner in chamfer, and playing with the contrast of dark light between the plaster and the black of the stone and the forging of the balconies. In this local we have for sale the local 151 square meters occupying the entire ground floor, with two entrances to the two streets that make corner. In addition, it has 7 large windows, which give it a spectacular showcase and great luminosity.

But above all, when a developer undertakes a renovation like this, he prioritizes good quality, eliminating the traces of the passage of time in the interior, and above all a series of common elements such as garage, storage rooms, relaxation area, swimming pool and/or solarium and a long etc. of bonuses that make up these boutique developments. “Finding buildings has always been difficult and it is still difficult now, there is little ‘raw material’ at reasonable prices,” says a partner of an expert developer in the area. Therefore, this lack of supply coupled with high demand is something that ends up having an impact on the final price, and in the Trafalgar area, the average base, of what we can see in the real estate portals in open is already at 10,500 euros per square meter.

But as in all good neighborhoods, you only find out about many things by walking, talking and asking… and for that we are a good point of contact to have all that information updated and first hand.

“New construction in rehabilitated buildings with respect for heritage is in great demand, especially by international clients. It is a scarce product that is highly valued. There is also a lot of interest in homes for renovation. Many clients want to do their own project, normally national clients as well as foreigners who have been living in the city for some time”, Silvia tells us.

In order to find the best property for each client, adjusted to their needs and requirements, it is necessary nowadays to put yourself in the hands of a specialized professional, because not even the signs on the portals are nowadays the sales channel, in a life where we are all running, not even the Internet. Not only for lack of time or habits, there are many operations and properties for sale that are not even made public by the express desire of their buyers.