The ongoing renovations at Real Madrid‘s Santiago Bernabeu Stadium have directly affected real estate prices in the city. Alterations to the historic arena were previously announced back in 2017. The actual work, however, began two years later, just before the COVID-19 pandemic.

Team officials planned to expand the stadium’s maximum capacity in the renovations. Nevertheless, adding seats will not be the only reason for the expansion. A retractable roof and retractable pitch have also been added to the plans as well. The stadium was initially supposed to be unveiled in late 2022, but the pandemic and the Russian invasion of Ukraine delayed construction.

Real previously played their entire 2020/21 season at the nearby Alfredo Di Stefano Stadium. While they are now back at the Bernabeu, workers are still completing the finishing touches on the arena. Real execs have now penciled in the official unveiling of the renovated stadium for April.

Bernabeu area real estate up 46% since renovations started

The Bernabeu currently sits in the middle of the Madrid neighborhood of Chamartín. The administrative district is just north of the center of the city. Chamartín has historically been an area with few tourists and wealthy residents. It is widely seen as one of the most luxurious neighborhoods in all of Madrid. The 145,000 residents in the area make up the wealthiest 3% of people in the city.

Madrid, Spain – October 30, 2022: Santiago Bernabeu Real Madrid stadium, fans during a football match.
Madrid, Spain – October 30, 2022: Santiago Bernabeu Real Madrid stadium, fans during a football match.

Madrid, Spain – October 30, 2022: Santiago Bernabeu Real Madrid stadium, fans during a football match.

While this may be the case, the renovations at the Bernabeu have directly influenced the hike in real estate prices. According to El Pais, over 400 homes in the neighborhood cost over $1 million.

The news outlet reports that prices on rental homes in the Bernabeu area have risen 46% since the renovations began. The price per square meter (about 10.7 square feet) on these residences was around $4,585 back in September of 2016. However, this fee has now skyrocketed up to about $6,822. This, according to the source, is the highest price point in the neighborhood’s history.

Stadium to host Taylor Swift, NFL game, and potential World Cup matches

Despite the rise of value in the Chamartín area, there could soon be plenty of headaches for residents. As the Bernabeu reopens in full, it will host a plethora of events outside of soccer. This includes a series of already scheduled concerts and music festivals.

The Locos por la Musica festival is the first concert in the updated stadium on April 26. However, other top musical stars such as Taylor Swift, Karol G, and Duki will all also perform at the arena in the coming months.

This, according to Madrid real estate expert Francisco Castro, will prove to be problematic for locals. “This has always been an elitist area. Whoever lived here sought tranquility,” Castro told Revelo in 2023. “There will be no problems beyond one or two games a week, but now events will be held every day. And that entails street closures, entry controls, and parking problems.”

Nevertheless, the new Bernabeu will also help Madrid attract key sporting events. The NFL will play their first-ever regular season game in Madrid at the arena in 2025. The Bernabeu is in the running to potentially host 2030 FIFA World Cup matches as well. Spain, along with Portugal and Morocco, will co-host the prestigious soccer tournament.