Madrid is attractive for its architecture, cosmopolitan atmosphere, and high standard of living. However, before moving to the capital of Spain, Spain-Real.Estate wants to take a closer look at some of the most desirable residential districts in Madrid to buy real estate. We will also answer questions about how to choose a neighborhood, find an apartment, and make a deal in Madrid.
Content:
- Reason for purchase: Investment, vacation, or permanent residence
- Madrid’s districts characteristics
- How can a foreigner buy an apartment in Madrid?
- Is it worth buying a property in Madrid?
- Madrid's most desirable residential districts
- Spain-Real.Estate can assist you to purchase an apartment in Madrid
Reasons for purchase: Investment, vacation, or permanent residence
The reason for purchase determines the type of real estate one chooses.
Real estate in the city center or near the sea is more suitable for investment purposes.
It is easier to rent out a home in popular tourist quarters.
Real estate in Spain with developed infrastructure is suitable for permanent residence.
Madrid’s districts characteristics
Prices in various districts depend on aspects like location, attractions, infrastructure, availability of parking spaces, and a property’s condition.
Let us take a closer look at which areas are best to buy an apartment in Madrid.
1. Salamanca
Location
Salamanca is a neighborhood in the center of Madrid. It covers an area of 5.39 sq. km. The population is about 143,000.
Infrastructure
Cultural institutions (Liceo Theater, two modern concert halls, four cinemas).
Stores from famous European brands.
Sports facilities (stadium, playgrounds for football, basketball, tennis, golf courses, dozens of gyms, yoga halls, many dance studios, and bike paths).
City and forest parks.
Beauty salons and spa centers.
Language school.
Development and housing types
The neighborhood’s development took place in the 19th century so there are many palaces, mansions, and monasteries. The housing market offers large apartments with an area of 200 sq. m. or more.
Average price per square meter
| Purchase | Rent |
|---|---|
| Average price per sq. m. ‒ 6403 € | Average price per sq. m. – 18 € |
| Average real estate price – 827 109 € | Average real estate price – 2033 € |
| Price per number of rooms (sq. m.): | Price per number of rooms (sq. m.): |
| Price per studio or 1 room – 6144 € | Price per studio or 1 room – 1102 € |
| Price per 2 rooms – 6888 € | Price per 2 rooms ‒ 1846 € |
| Price per 3 rooms – 6612 € | Price per 3 rooms – 2389 € |
| Price per 4 rooms ‒ 6217 € | Price per 4 rooms – 2615 € |
| Price for services (sq. m.): | Price for services (sq. m.): |
| Price per sq. m. with terrace – 6220 € | Price per sq. m. with terrace – 2404 € |
| Furnished real estate – 6997 € | Furnished real estate – 1897 € |
| Real estate with elevator – 6453 € | Real estate with elevator – 2107 € |
| For a parking space – 6568 € | For a parking space – 2677 € |
Advantages and disadvantages
Pros: One of the most prestigious areas of the capital, an elegant and bourgeois district, high standard of living and quality of service, increased levels of security, and a quiet life.
The disadvantages include the high real estate prices.
2. Chamberi
Location
Chamberi is one of the oldest districts of the capital. It is located on an area of 4.69 sq. km. The population is 140,000.
Infrastructure
Architectural attractions (palaces of Bermejillo on Paseo de Eduardo Dato, Miguel de Maura on Ruben Dario Square).
Cultural institutions (the Joaquin Sorolla House Museum, the museum in the abandoned Estación de Chamberí metro station, the National Geological Museum of Madrid, the Mining Museum).
Michelin-starred restaurants, many shops, and bars.
Development and housing types
The majority of residential buildings were built in the late 19th-early 20th-century – these buildings have high ceilings and complex facades.
Average price per square meter
| Purchase | Rent |
|---|---|
| Average price per sq. m. – 5538 € | Average price per sq. m. – 18 € |
| Average real estate price – 760 422 € | Average real estate price – 1732 € |
| Price per number of rooms (sq. m.): | Price per number of rooms (sq. m.): |
| Price per studio or 1 room – 5501 € | Price per studio or 1 room – 1053 € |
| Price per 2 rooms – 5871 € | Price per 2 rooms – 1471 € |
| Price per 3 rooms – 5806 € | Price per 3 rooms – 2041 € |
| Price per 4 rooms – 5388 € | Price per 4 rooms – 2300 € |
| Price for services (sq. m.): | Price for services (sq. m.): |
| Price per sq. m. with terrace – 5499 € | Price per sq. m. with terrace – 2248 € |
| Furnished real estate – 5912 € | Furnished real estate – 1568 € |
| Real estate with elevator – 5575 € | Real estate with elevator – 1877 € |
| For a parking space – 5853 € | For a parking space – 2433 € |
Advantages and disadvantages
Pros: close location to the city center, friendly locals and numerous shops.
The disadvantages include poorly-cleaned streets.
3. Chamartin
Location
Chamartin is the central district of Madrid. It covers an area of 9.18 sq. km. The population is 143,424.
Infrastructure
Government offices, embassies, prestigious international institutions, colleges, business schools, and restaurants.
Development and housing types
The main housing consists of homes built in the 1960s and 1970s. These are apartments with an area of more than 200 sq. m.
Average price per square meter
| Purchase | Rent |
|---|---|
| Average price per sq. m. – 5369 € | Average price per sq. m. – 16 € |
| Average real estate price – 709 763 € | Average real estate price – 1651 € |
| Price per number of rooms (sq. m.): | Price per number of rooms (sq. m.): |
| Price per studio or 1 room – 6042 € | Price per studio or 1 room – 1090 € |
| Price per 2 rooms – 5235 € | Price per 2 rooms – 1458 € |
| Price per 3 rooms – 5195 € | Price per 3 rooms – 1839 € |
| Price per 4 rooms – 5270 € | Price per 4 rooms – 2174 € |
| Price for services (sq. m.): | Price for services (sq. m.): |
| Price per sq. m. with terrace – 5426 € | Price per sq. m. with terrace – 1840 € |
| Furnished real estate – 5847 € | Furnished real estate – 1536 € |
| Real estate with elevator – 5444 € | Real estate with elevator – 1641 € |
| For a parking space – 5690 € | For a parking space – 2202 € |
Advantages and differences
Pros: the best area of the capital in terms of infrastructure, price, and location.
The disadvantage of the area is the expensive real estate prices.
4. Retiro
Location
Retiro is located in the southeast of Madrid. It covers an area of 5.47 sq. km. The population is 118,000.
Infrastructure
Cultural institutions such as the Prado Museum, the Puppet Theater (Teatro de Títeres del Retiro), and several cinemas.
Sports centers.
Educational institutions include 2 institutes, 4 private and 14 public colleges, 12 of which are bilingual (Spanish-English).
Parks (Large city park with Velasquez Palace and Crystal Palace, Botanical Garden).
Most of the properties for sale are located near Ibiza and Narvaez streets that lead to the Goya English Courthouse in the Salamanca area.
Large chain stores for youth and children's fashion, shoe and decor stores, as well as restaurants.
Development and housing types
The real estate consists of low-apartment expensive houses. Homebuyers will have to pay more for good window views. The northern part of the region contains the most expensive housing and more affordable properties are located in the southern areas.
Average price per square meter
| Purchase | Rent |
|---|---|
| Average price per sq. m. – 5064 € | Average price per sq. m. – 16 € |
| Average real estate price – 608 483 € | Average real estate price – 1589 € |
| Price per number of rooms (sq. m.): | Price per number of rooms (sq. m.): |
| Price per studio or 1 room – 5406 € | Price per studio or 1 room – 1017 € |
| Price per 2 rooms – 5232 € | Price per 2 rooms – 1278 € |
| Price per 3 rooms – 4928 € | Price per 3 rooms – 1726 € |
| Price per 4 rooms – 4944 € | Price per 4 rooms – 1901 € |
| Price for services (sq. m.): | Price for services (sq. m.): |
| Price per sq. m. with terrace – 4819 € | Price per sq. m. with terrace – 1864 € |
| Furnished real estate – 5397 € | Furnished real estate – 1428 € |
| Real estate with elevator – 5089 € | Real estate with elevator – 1609 € |
| For a parking space – 4956 € | For a parking space – 1886 € |
Advantages and disadvantages
Pros: It is a quiet area with not many tourists and shops. It is also one of the most exclusive areas in Madrid.
Shortcomings include a small number of young people.
5. Fuencarral
Location
Fuencarral is the largest district of Madrid located in the northwest of the capital. Its area is 237.81 sq. km. The population is 220,000.
Infrastructure
There are many medical centers and sports facilities.
Shopping malls, restaurants, and recreation areas.
Transport links include the metro and buses.
Educational institutions like the Autonomous University of Madrid, other institutes, Arroyofresno schools, and kindergartens.
Development and housing types
The housing market consists of various types of housing from studios to spacious villas.
Average price per square meter
| Purchase | Rent |
|---|---|
| Average price per sq. m. – 3816 € | Average price per sq. m. – 13 € |
| Average real estate price – 424 871 € | Average real estate price – 1199 € |
| Price per number of rooms (sq. m.): | Price per number of rooms (sq. m.): |
| Price per studio or 1 room – 4313 € | Price per studio or 1 room – 889 € |
| Price per 2 rooms – 3886 € | Price per 2 rooms – 1015 € |
| Price per 3 rooms – 3662 € | Price per 3 rooms – 1231 € |
| Price per 4 rooms – 3737 € | Price per 4 rooms – 1446 € |
| Price for services (sq. m.): | Price for services (sq. m.): |
| Price per sq. m. with terrace – 3707 € | Price per sq. m. with terrace – 1430 € |
| Furnished real estate – 3529 € | Furnished real estate – 1070 € |
| Real estate with elevator – 3981 € | Real estate with elevator – 1250 € |
| For a parking space – 4166 € | For a parking space – 1366 € |
Advantages and disadvantages
Pros: Quiet area, high level of safety and quality of life, an area of contrasts where rich, artistic, historical and natural heritage coexists with the sights of modern Madrid.
Cons: Lack of urban cohesion; due to its location, some areas are isolated from other parts.
How can a foreigner buy an apartment in Madrid?
- Search and compare apartments with the help of a real estate agency in Spain.
- Personal visit to the housing unit with an expert.
- Obtaining an NIE.
- Verifying the real estate documents.
- Coordinating the price and terms of purchase.
- Concluding a deposit agreement.
- Signing the sales agreement.
- Payment of taxes.
- Registering the sale in the Land Registry.
Is it worth buying a property in Madrid?
The housing market in Madrid attracts investors with its high housing yields.
The Madrid market is dominated by British, Germans, Moroccans, French, and Romanians.
Madrid's most desirable residential districts
Where is the best place to buy an apartment in Madrid?
You can choose an area in Madrid to buy or rent real estate based on your interests, lifestyle, and budget.
Recommendations for choosing an apartment in Spain for residence depend on the buyer’s wishes.
The areas close to the city center or near universities are suitable for students and youth, such as Fuencarral and Chamartin.
Retiro and Chamberi are areas where foreigners and pensioners can reside.
Green areas with developed infrastructure and low housing prices like Fuencarral are suitable for families with children.
A suitable area to buy an apartment to rent or for investment is Salamanca.
It is best to live in Salamanca and Fuencarral if you plan to live in Spain for a long time.
This Madrid district guide for different buyers can assist anyone in selecting suitable housing.
Spain-Real.Estate can assist you in purchasing an apartment in Madrid
If you want to invest in real estate in Madrid, the Spain-Real.Estate experts can always provide you with information, help you choose the right property, prepare the necessary documentation, and ensure a profitable transaction.
Start your happy future by choosing an apartment through Spain-Real.Estate!