Distinguished Madrid neighborhoods north of the Center
Many people buying investment properties in Madrid focus on neighborhoods in the Center of the city, such as Malasaña, La Latina and Lavapiés. Read this article to learn about neighborhoods north of the city center and what makes them appealing to home buyers and investors alike.
Many property hunters are familiar with the Madrid neighborhoods in the south of Chamberí, such as artsy Almagro and elegant Trafalgar. However, Chamberí is much larger than people realize. It has some excellent neighborhoods in the north. They have a residential feel and zero tourists, yet are just a short walk or Metro ride from the Center.
This neighborhood is located around the Metro stop with the same name. It runs south to include Plaza de España and is bordered on the north and west by the lovely Parque de Oeste. It even has an authentic Egyptian temple: the Temple de Debod. Built in the 2nd century BC, it was originally situated about 15 km south of Aswan. The Egyptian state donated the temple of Debod to Spain in 1968 as a sign of gratitude for the help provided by Spain in saving the Abu Simbel temples.
There is great shopping around the Argüelles Metro stop and on Calle de Alberto Aguilera, anchored by a large El Corte Inglés and the usual international brands with some smaller boutiques thrown into the mix. There is also an excellent selection of restaurants in this neighborhood. The luxurious Küche is situated in a dramatic corner of Madrid, next to the old stables of the Palacio de Liria. A few meters walk from there is the elevated Plaza Cristino Martos, which houses the trendy coffee shop and cocktail bar Mür Cafe and the insanely popular El Jardín Secreto.
Argüelles used to have an older demographic. However, this is changing as more young professionals buy property in the area. Because of its traditionally older demographic, it is still relatively easy to find a property that needs renovating. Although prices in the neighborhood aren’t cheap, you can find larger apartments than in the Center.
Would you like to learn about property pricing in Argüelles, and how it compares with Salamanca or Retiro? If so, email us today with your questions.
This neighborhood is located a kilometer and a half north of the Center of Madrid. However, it has a completely different feeling. There are virtually no tourists and it has a village like feel. You won’t find many cutting edge restaurants here, or glamorous shopping. You will find lots of local bars and cafes where retired people sit outside on small terraces and have their 1:00 pm pre-lunch aperitif. There are lots of grocery stores, local fruit stands and a small branch of El Corte Inglés. The neighborhood was traditionally anchored by the Mercado de Vallehermoso. Built in 1933, it fell into disrepair and disuse after the arrival of international supermarkets and the financial crisis. Things changed in 2015 and the market, like many of the old Madrid markets, experienced a rebirth. Craft beer stands, authentic taco stands and sushi restaurants now draw a large, relatively young crowd at night. During the day, local producers and farmers sell their wares.
Arapiles is also home to Cines Verdi, one of the best theaters in Madrid to see foreign films in their original languages. Just down the street from there, at Calle Bravo Murillo 7, is the original branch of Pastelería Mallorca, Madrid’s delectable old pasty shop. It first opened in 1931 and now operates branches all throughout Madrid and as far away as Tokyo. The recently refurbished shop on Bravo Murillo is filled with elegant, older ladies that have been lunching there for years.
The apartment stock in Arapiles is older, and many have not been renovated. It is an excellent choice if you want to buy a large, four or five bedroom apartment for under 700k€ and renovate it to your personal taste and needs.
Vallehermoso sits directly north of Arapiles. It is a very traditional neighborhood that is slowly evolving. Because a large portion of it can’t support large buildings (due to the three large underground reservoirs in the neighborhood and adjacent Ríos Rosas), it has a lot of sports installations, swimming pools and one of the biggest gyms in Madrid, GOfit. This is beginning to attract young families to the neighborhood. The gym and running piste in Parque de Santander are a magnet for stores selling workout equipment and health food.
New businesses are changing the landscape of the neighborhood. The excellent organic bakery Levadura Madre, the organic cafe and shop La Magdelena de Proust and the French organic grocery chain Bio c’Bon have all opened branches in Vallehermoso. Trendy new restaurants, such as La Musa Group’s Run Run Run continue making inroads into the neighborhood.
If you like culture, the Teatros del Canal, located in the south of the neighborhood, houses Madrid’s prestigious Victor Ullate ballet company. It also stages a number of theater, dance, opera and other performances throughout the year.
The western part of Vallehermoso has lots of students, as it is home to some small colleges and adjacent to the biggest universities in Spain. It is an excellent place to look for small rental properties to let to students. The rest of the neighborhood, like Arapiles, has large, older apartments in need of renovation mixed with a number of newly renovated properties, meaning there is something for everyone.
Ríos Rosas/Nuevos Ministerios
Ríos Rosas has changed dramatically in recent years and is becoming quite interesting. The popular Calle Ponzano runs directly through it. This street is filled with bars- both traditional and new. It is the street of choice for many locals and young professionals for a tapear, or tapas crawl. In fact, there are 72 bars on one kilometer stretch of the street! As rents increase on Calle Ponzano, fashionable new restaurants are spreading away from Calle Ponzano into the neighborhood of Ríos Rosas.
In the northern part of the neighborhood is Nuevos Ministerios, which is a transporation hub and features a lot of opportunities for “power shopping.” The largest, poshest El Corte Inglés is located here as are all the big international brands. It is a very popular place to live for professionals that work in the surrounding area, or further north in the CBD of Madrid. If you want to buy a property in Madrid to rent long-term, the area around Nuevos Ministerios is a great option.
The population is changing a lot as Calle Ponzano attracts an increasing number of younger residents. It still has one of the eldest populations in Madrid- there are 220 residents over the age of 65 for every 100 under the age of 16. It is also the area with the most female residents: 78,140 women to 61,308 men. This influx of younger inhabitants has driven up real estate prices- it is now more expensive than adjacent Arapiles or Vallehermoso. That said, if Calle Ponzano continues to expand and attract more people “ponzaning,” real estate prices will likely continue to rise as Ríos Rosas becomes the “new Malasaña.”