Refurbished penthouses: yield and heritage

The refurbished classic penthouse is, today, the most requested residential asset among our international clients. It combines three attributes rarely found together: a central location in a noble building, private outdoor space in the form of a terrace, and a level of refurbishment that allows for move-in from day one.

In districts like Chamberí, Justicia and Almagro, this product trades across a wide range: from €1.8 million to over €6 million, depending on size, height and quality of the refurbishment. The difference between a well-resolved penthouse and a mediocre one is not aesthetic — it is structural. Thermal and acoustic insulation, renewed installations, quality of joinery and the design of the terrace define the real value.

From a wealth perspective, these assets behave very steadily. Supply is limited by definition — there is only one penthouse per building — and international demand supports prices even in downward cycles. Over the last five years, average annual appreciation in prime areas has moved between 4% and 7%, well above inflation.

For buyers focused on use, the penthouse offers a differential quality of life: light, silence and privacy in the centre. For those buying as an investment, mid-stay rentals to international corporate profiles deliver stable gross yields. In both cases, selection is everything: we discard 90% of the product we see before proposing it.