What kind of Madrid flat is within my budget?

Read this article to learn the overall pricing dynamics of the Madrid real estate market and the see what size of Madrid flat you can get, and in which neighborhoods, for different price points.

Madrid real estate market overview

As mentioned in our 2018 Madrid Real Estate Report, prices in Madrid rose significantly in 2017 and 2018. They have slowed their rate of increase, but appear to be finding support at a higher level than they attained in the past. This makes sense as the apartment stock is improving and more foreign investment flows into Spain.

Madrid real estate report, Madrid housing marketThe days of finding a Madrid flat in the Center for under 100,000€ are over. However, there is still a great deal of variation by neighborhood. Depending upon your budget, there are plenty of options if you look outside premium neighborhoods.

best Madrid neighborhoods, property in Madrid

Madrid flat shopping on a budget

100k€

As mentioned above, there is not much available in this price range- particularly if you want to live in the Center of Madrid or a comfortable suburb.

However, you can find properties in this price range in the southeast of Madrid. The notorious neighborhood, Villa de Vallecas, is outside the M40 and is filled with badly constructed, new apartments that are often vacant. This is the result of the overbuild created in the construction boom of the early 2000s.

However, its adjacent neighborhood, Puente de Vallecas, is located between the M30 and M40. This is technically not the center of Madrid, but still has a neighborhood feel. Moreover, if you purchase a property in the center of Puente de Vallecas, many places are well connected via Metro Line 1. Since it is not technically in the Center, you can still find an apartment for less than 100k€.

Example- 89k€

This two bedroom, 60 m2 apartment is located in Puente de Vallecas. It is located on the third floor in a building with a lift. It has a living room, kitchen and one bathroom. It is a few minutes walk from Metro Line 1. The ask price is 89k€.

 

100k-200k€

In this budget you can find a one bedroom apartment within the M30, which is technically in the Center. We recommend looking in an up and coming neighborhood like Arganzuela. You also can find something in Tetuán, although it is likely to be a very small walk-up (building without a lift).  You will most likely have to refurbish your Madrid flat if you purchase in this price range.

You will not find a flat in a premium neighborhood for under 200k€.

Example- 196k€

This one bedroom, 50 m2 flat is located in Arganzuela. It is located on the first floor. They are in the process of installing a lift. It has a lot of light, and even a small balcony. However, it needs to be refurbished. The ask price is 188k€, which the owners have recently dropped from 196k€.

200k-300k€

In this price range you can find two bedroom flats. We recommend looking in a neighborhood like Lavapiés. For under 300k€, you can find smaller flats (60-70 m2) that are not refurbished. Most are on lower floors, often without elevators. However, many are well connected to the tourist center of Madrid. With these transit connections, an apartment with these characteristics can be rented on the Airbnb market.

Alternatively, you can look for apartments in a more premium neighborhood, like Chamberí. However, in this price range they are likely to be interior or basement apartments (not a lot of light).

Example- 259k€

This two bedroom, one bath, 75 m2 apartment is located in Lavapiés. It is located on the fifth floor in a building with a lift. It definitely needs to be renovated. The ask price is 259k€. Situated on Calle Toledo, it is right on the border of La Latina. La Latina is the oldest neighborhood in Madrid. The apartment is a few minute’s walk from Calle Cava Baja, the most famous place for tapas. Properly renovated, it would make an excellent Airbnb investment.

 

300k-400k€

In the upper end of this price range, you can find a three bedroom Madrid flat or one in a more premium neighborhood, such as Chueca or Justicia. If you are looking for a fixer upper, you can do both: find a three bedroom apartment in a premium neighborhood.

With this budget, you can also buy a fully refurbished apartment. However, it will likely only have one bedroom if you are looking in a premium neighborhood.

Example- 360k€

This three bedroom, one bath, 84 m2 apartment is located in the premium neighborhood of Chueca. It is situated on the second floor in a building without a lift. It was built in 1940 so the building has some beautiful old details, but the flat definitely needs to be refurbished. The ask price is 360k€, which the owners have recently dropped from 375k€.

The location is excellent. It is only a four minute walk from Alonso Martínez. Filled with bars and cafes, Alonso Martínez is a very popular meeting spot for Madrileños. Properly refurbished, it would make an excellent home for those purchasing a Madrid flat in which to live.

400k-500k€

You start to find some nice Madrid flats in this price range. You can easily find a three bedroom apartment. You might even be able to find a renovated three bedroom apartment with a lift. Or, you can start shopping in the exclusive neighborhoods, such as Salamanca, but you probably won’t find a three bedroom in this price range.

Example- 490k€

This one bedroom, one bath, 70 m2 apartment is located in the premium neighborhood of Goya. It is located on the third floor in a building with a lift. The apartment is fully refurbished, has a large terrace and lots of light. The ask price is 490k€.

The building is located in the elegant neighborhood of Salamanca. It is on a quiet street, filled with world class boutiques. It is only a few blocks away from Calle Serrano, home to posh international brands like Gucci, Yves Saint Laurent and Prada. It would make an excellent home for those relocating to Madrid from a big, elegant city such as Paris or London.

500k-600k€

There are many options in this price range. You can find fully refurbished, two bedrooom apartments in Salamanca, three bedroom, beautifully refurbished apartments in neighborhoods like Palacio or maybe even an unrefurbished flat in the exclusive Recoletos (Madrid’s version of living on Fifth Avenue).

Importantly, once you invest 500k€ or more you can get Spanish residency for you and your family. This is through Spain’s Golden Visa program, which is the best in Europe.

Example- 550k€

This two bedroom, 112 m2 apartment is located in the premium neighborhood of Palacio, right next to the Plaza de Ópera. It is located on the third floor in a building with a lift.  It has two full baths. The apartment is fully refurbished, has three balconies and lots of light. The ask price is 550k€.

600k€+

If you spend more than 600k€, you can find a Madrid flat in any neighborhood, including exclusive Recoletos. In this price range, Madrid has some beautiful flats. Your money will go a lot further in Madrid than in other capital cities. In New York or London, 2 million euros will get you a one or two bedroom flat, likely less than 100 m2. In Madrid, 2 million euros will get you this:

Example- 1,950k€

This four bedroom flat has three bathrooms- one en suite. It is 236 m2 and has four balconies, all over-looking one of the most iconic streets in Madrid. It is on the fourth floor in a building with a lift. It is located in the posh neighborhood of Recoletos. The ask price is 1,950k€, which the owners have recently dropped from 2 million euros.

Do you want to see what kind of flats you can purchase within your personal budget? If so, arrange a FREE CONSULTATION TODAY to learn more.

NOTE: All of the above flats are from the Idealista web site

Posted on 28 June, 2019 by maryclare in Costs, New ? Start Here

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