Real estate rents and urban property constituted an important part of the wealth of some members of the Madrid elites at the end of the 18th century. Investments in urban property increased notably due to a general recovery in rents, to which must be added the increase in demand initiated in this process. The irruption of the real estate market underwent important modifications in the period between 1750 and 1850, when a part of the ecclesiastical properties changed hands and the ownership of individuals increased considerably. In this sense, Madrid constituted a peculiar model of growth in comparison to other imperial capitals, as cities such as London or Paris broke their historical limits in the face of a new urbanisation. The titled aristocracy owned 10% of the total urban property in the town on the Manzanares. However, it controlled 24% of the rental income as its properties were highly profitable due to their location where the price was higher. Aristocratic property enjoyed prestige as it was the expression of a way of life based on wealth and birth. Thus, it reproduced a stately style within the walls, seeking to imitate the royal palace. In this sense, the location of the property was determined by its proximity to the palace, as in the 17th century there was a certain shift to the eastern part of the Villa, coinciding with the Buen Retiro Palace and the Paseo del Prado. The Carrera de San Jerónimo, Alcalá, Atocha and Mayor streets were predominant in the 18th century.
Collection: Statistics
Project: 3. Rural world and urban world in the formation of the European identity., 4. Family, daily life and social inequality in Europe.
Chronology: XVIII
Scope: Secondary Education, Baccalaureate, University
Resource type: Statistics
Format: Table
Source: Cruz, Jesús, «Propiedad urbana y sociedad en Madrid, 1749–1774», Revista de Historia Económica, Journal of Iberian and Latin American Economic History, 8, 2 (1990), pp. 239–269.
Language: Spanish
Date: 1990
Owner: Álvaro Romero González (Modernalia)
Copyright: ©Jesús Cruz © Revista de Historia Económica
Abstract: The price and distribution of housing in Madrid during the 18th century according to social status
Image
Tags
