Formula 1 drives up temporary rental prices in Valdebebas and surrounding areas: "They are offering 10,000 euros a month to rent an apartment in the area"
The arrival of Formula 1 is significantly increasing rental prices in Valdebebas, with some properties offered for as high as 10,000 euros per month due to the influx of visitors for the event.
The upcoming Formula 1 event is causing a surge in rental prices in Valdebebas, a neighborhood strategically located near Madrid's Barajas Airport and the Real Madrid sports city, as rental demand spikes in anticipation of the competition. With an influx of 300,000 people expected over the three-day event from September 11 to 13, both automotive teams and businesses related to the event are rushing to secure accommodations and parking spaces close to the racing circuit. The heightened demand has turned rental properties in Valdebebas into sought-after commodities, with some landlords asking for rents as high as 10,000 euros per month to capitalize on the anticipated influx of visitors. The area has become increasingly appealing due to its proximity to the venue and its reputation as a premium location, coinciding with a boom in luxury hotel establishments being opened to cater to high-spending tourists and visitors attending the Formula 1 races. As the event approaches, the local economy faces the challenge of accommodating a significant rise in visitors, with expectations that international tourist expenditure in European Formula 1 circuits will increase by 46%. This economic uplift offers both opportunities and challenges for the community and local businesses as they brace for the impact of the racing event on their infrastructure and service capabilities.