on Nov 13, 2025

Exploring Land Value Capture in Madrid: Lessons for Ankara’s Metro Expansion

HR&A Advisors and our partner Needs Map Global organized a tour in Madrid, Spain, on behalf of the European Bank for Reconstruction and Development (EBRD) for a delegation from the Ankara Metropolitan Municipality (AMM). The visit is part of HR&A’s ongoing Land Value Capture (LVC) Opportunities Study for EBRD and AMM, as AMM plans to expand its metro network over the next decade with EBRD’s financial and technical support. 

 

At HR&A, we believe that cities thrive when public investment and private development work in concert to deliver lasting public benefit. Our work on land value capture brings this principle to life—helping local governments design financing and policy tools that make major infrastructure investments both financially viable and socially equitable.

 

It was fantastic to see how this is taking shape in Madrid. Our tour focused on how Madrid integrates transit investment, urban regeneration, and land value capture through flagship initiatives such as:

• • • • Madrid Calle 30 & Madrid Río Park: A transformative project that buried a 10 km section of the M-30 ring road to create a linear park and unlock adjacent redevelopment opportunities.
      • Madrid Nuevo Norte: A long-term rail yard redevelopment anchored by a regional mobility hub, demonstrating how public leadership and private delivery can generate district-scale value creation.
      • MetroSur (Line 12): A circumferential metro line connecting multiple southern municipalities, catalyzing station-area development and expanding access to jobs and services.

     

    Through these visits, the delegation observed how well-designed public investments can unlock surrounding land value and how fit-for-purpose delivery models—such as Spain’s Junta de Compensación, a legal corporate entity charged with executing urban planning intitiatives—align public and private incentives by organizing landowners to finance and deliver infrastructure in exchange for development rights.
    

    These insights now inform the next phase of our work: identifying the most effective LVC tools and projecting potential revenues to support urban regeneration in three AMM-selected pilot areas along planned metro corridors. 

     

    We extend our sincere thanks to our hosts and colleagues in Madrid for their time and generosity: Ayuntamiento de Madrid, Comunidad de Madrid, Crea Madrid Nuevo Norte, Metro de Madrid, and TYPSA. We look forward to translating these lessons into action in Ankara.