Madrid council discovers major miscalculation in Real Madrid sports complex revenue estimate

Madrid’s municipal government re-classified a large parcel in Valdebebas for a mixed-use project that will include offices, a hospital, schools, student housing, hotels and retail, after a study commissioned by the Almeida mayoralty. The study, prepared by Savills, contained a calculation error that dramatically overstated the annual tax income the city would receive once the development is complete. Savills acknowledged the mistake, describing it as a material erratum, while the council said the zoning plan itself remains unchanged but the error will be rectified.

The timing of any corrective steps, including whether a new study is required, was not clarified. Opposition leader Rita Maestre labeled the incident a major scandal and urged the mayor to withdraw the approval, also questioning the choice of Savills given its prior work for the club.