Half a million between a Versailles-style flat and Ayuso's penthouse
The Versailles-style flat in Paris is listed at 5.9 million, half a million less than Ayuso's penthouse in Madrid. A portrait of Spain's bubble.
English · Original discussion in Spanish · Published
Versailles-style flat in Paris is worth less than Ayuso's penthouse
Among Europe's luxury listings there is one comparison that stings: a Versailles-inspired flat in Paris is on the market for 5.9 million euros. The 1960s penthouse of the President of the Community of Madrid, meanwhile, is selling for half a million more. The gap between the two prices is not a real estate anecdote; it is the summary of a bubble that no longer distinguishes between the French and Spanish capitals.
Salamanca neighbourhood commands higher prices than Versailles
The Parisian flat, with its chandeliers and period décor, has an asking price of 5.9 million. Some describe it with a certain admiration: the teardrop glass, in this case, is not ostentatious but coherent with the whole. Yet the Madrid president's sixties penthouse, located opposite her own residence, exceeds that figure by roughly half a million. The location and the effect of having a political authority living next door are cited as factors driving up its value.
The speculation that supposedly doesn't exist
Some analyses deny there is real estate speculation and point to other variables such as the minimum wage, but the example of the Versailles-style flat versus the Madrid penthouse suggests otherwise. If a classic, well-located property in Paris is worth less than a styleless penthouse in Madrid, something stinks in the Spanish market, which the conversation bluntly calls Europe's real estate madness. At these prices, the question is not how much a home is worth, but what is really being paid for it.
Among Europe's luxury listings there is one comparison that stings: a Versailles-inspired flat in Paris is on the market for 5.9 million euros. The 1960s penthouse of the President of the Community of Madrid, meanwhile, is selling for half a million more. The gap between the two prices is not a real estate anecdote; it is the summary of a bubble that no longer distinguishes between the French and Spanish capitals.
Salamanca neighbourhood commands higher prices than Versailles
The Parisian flat, with its chandeliers and period décor, has an asking price of 5.9 million. Some describe it with a certain admiration: the teardrop glass, in this case, is not ostentatious but coherent with the whole. Yet the Madrid president's sixties penthouse, located opposite her own residence, exceeds that figure by roughly half a million. The location and the effect of having a political authority living next door are cited as factors driving up its value.
The speculation that supposedly doesn't exist
Some analyses deny there is real estate speculation and point to other variables such as the minimum wage, but the example of the Versailles-style flat versus the Madrid penthouse suggests otherwise. If a classic, well-located property in Paris is worth less than a styleless penthouse in Madrid, something stinks in the Spanish market, which the conversation bluntly calls Europe's real estate madness. At these prices, the question is not how much a home is worth, but what is really being paid for it.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (24 replies).
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