The cost of living in Madrid

Moving to Madrid:  here’s what you need to know.

With a population of a bit over 3.4 million, Madrid is the most populous city in Spain and its Capital, but is Madrid expensive? Madrid is a fascinating city with a huge and varied lifestyle and should be on everyone’s list of European cities to visit.  But it’s also great if you are looking for property investment rental.

Madrid is one of the best places to live in Spain. The city has lots of jobs, a high quality of life, and a never-ending nightlife. It also has a busy social scene, a rich culture, and a lot of different people. Integrating into the city can be difficult, so it’s best to consider using a professional relocation agent to help you. There is usually plenty of property for sale on Spain, but managing the market can be difficult.

But what is it really like to live there? Is Madrid expensive to live in? If you fancy moving to Madrid, there are certain things that you will need to know.

I’ll give you the lowdown on the kinds of costs that you can expect to find if you want to live in the city, as well as the current costs of things like food, utilities, clothing, and eating out. So, what is it like living in Madrid?

How is Living in Madrid?

You’ll find Madrid a fairly expensive city to live in, especially if you are looking for penthouses to rent. The cost of living in Madrid and Madrid real estate is pretty much in line with many other European cities.  Current costs for a family of four WITHOUT rent is around 2,496 €, and around 709 € WITHOUT rent for a single person. I’ve done these figures without the rent as that can vary quite considerably. Rental will be influenced by factors such as overall location, closeness to shops and restaurants, availability of local public transport and overall condition.  In general, I would expect to pay:

  • One bed apartment in city centre 1,024.18 €
  • One bed apartment outside of centre 21 €
  • Three bed apartment in city centre 1,698.64 €
  • Three bed apartment outside of centre 1,241.94 €

While those might seem to be very expensive, Madrid is around 21% cheaper to live in overall than Bristol in the United Kingdom. I find that the standard charges that you are likely to pay are a little below UK prices too, even with penthouses to rent. Utilities – electricity, gas heating, water supply, and rubbish removal – shouldn’t cost more than around 140 € per month for a small (852 metre) apartment. A mobile phone contract is around 17 € per month while I pay about 30 € for superfast Broadband internet.

Food is always going to be expense in any city, but Madrid is proud of its culinary traditions, and with so many street bars and other wonderful eating places, you’re going to be spoilt for choice. But food in Madrid varies a lot in price. I have sampled all levels of food in Madrid, and while all are delicious, the cost is pretty varied. Currently, I pay in the range;

  • Meal, inexpensive restaurant (such as Tapas)             7.50-18.00 €
  • Mid-range restaurant, three-course meal for two people,     32.50-80.00 €
  • Combo-meal at McDonalds             8.00 – 12.00 €

There is such a range of meals available in Madrid that you will always find something that suits both your budget and your tastes. I find that drinks in bars are pretty reasonable and I usually pay around 3.00 € for half a litre of domestic beer and 3.50 € for a 33cl bottle of imported beer like Budweiser.  A regular Capuchino coffee will cost you around 2.00 € and a bottle of Coke is around 2.40 €

Living in Madrid: Finding an Apartment.

If you fancy moving to Madrid, you can look forward to swapping the 1,500 hours of sunshine that the UK averages for around 3,000 hours of sun in the Spanish Capital. Moving to Madrid is an exciting thing to do and property investment rental is good too. If you are relocating to Madrid, and looking to buy, you can expect to pay per square metre for property.

Buying Madrid property for sale is going to cost you around 2,630 € per square metre. An apartment within the city centre area is going to cost you around 4,160 € per square metre.  If you are looking to buy, how to find an apartment in Madrid?

Property is purchased through an Estate Agent, and it is essential that you have a Spanish Lawyer to complete the legal aspects.  Moving to Madrid comes with some standard costs, such as a Transfer Tax, Notary fees, Land Registry fees, Stamp Duty, and Lawyers fees.  This will vary quite considerably and, in most cases, depending upon the size and location of the property that you are buying.  Madrid property for sale is plentiful, but the process of buying can be difficult, so let Moving2Madrid avoid any stress while we take care of the entire process for you.

What is The Nightlife Like?

Madrid is a fantastic party city..!  In Madrid, a normal night doesn’t even start until midnight and finally ends around 6 a.m. and it has some well-defined areas. Young, active people go to Fuencarral to dance at clubs, The Huertas for international parties, Chueca for madrid gay bars, Malasaa for hipster drinks, and Gran Via for a fancier night out.

Madrid is the LGBTQ+ centre of Spain. The country also has some of the best pride and LGBTQ+ parades and parties around

How is Living in Madrid?

If you love to party, you’re gonna love Madrid. Finding property for sale on Spain is exciting and lively and with weather that is pretty constant all year. While it can become scorching in the height of summer, moving to Madrid makes lots of sense.  Despite being the capital, Madrid is actually more reasonable in terms of costs than many other Spanish cities that maybe don’t get the same good weather.

Madrid real estate is a great investment but the purchase can be made easier if you use a professional relocation company to handle the process. Moving2Madrid are experienced at this and can help smooth the way.

I’ll see you there.