Madrid Property Market and Real Estate Guide
Madrid is a popular city to purchase property in Spain, partly due to its status as the country's capital city, but also owing to its beautiful architecture, modern amenities and powerful prominence in the financial and business worlds, as well as the presence of Spain's largest university.
Property in the city is considered expensive, mainly because the allure of the city is ongoing and not merely a fad, while renting is around half the price of buying. Year-round warm weather makes purchasing property here popular with people from colder European countries, with some buying property as a second home.
The two main urban areas are known as the Inner Ring and the Outer Ring, and there are many large suburbs located to the south of Madrid that are also popular places for residential sales. The demand for rental properties in Madrid is around five times greater than the supply, making it hard to find the ideal rental, especially in popular central areas like La Latina.
Students will find suitable accommodation in Moncloa, while business people will enjoy the convenience of Castellana, although expat families may prefer the outer residential districts of Nuevos Ministerios, Chamartin and Rios Rosas. Safety is a concern in some districts, but getting around is never a problem with the efficient metro.
Renting Serviced Apartments
Madrid apartment rentals are not easy to come by, as the Spanish capital boasts one of the lowest levels of houses to rent in Europe, with only around 14 percent of the properties in the city for rent. The Centro district is home to a scattering of serviced apartments as it is home to many large corporations. A contract on a serviced apartment is usually for a minimum of six months, with the majority of landlords requesting two months' rent as a deposit.
A handful of serviced apartments can also be found in Arganzuela, Retiro and Salamanca, and they are equipped with all the latest mod cons, furnishings and facilities. Air conditioning is standard and the more expensive apartments have communal gardens or swimming pools. Prices in the central areas are reasonable for a capital city, while in the large Fuencarral-El Pardo area to the north of the city centre, prices drop considerably.
Buying Apartments and Houses
The city is vibrant and lively, as well as costly, but if you can afford property here, then it makes for a great investment. Buying a flat in Madrid will usually mean paying a 20 percent deposit of the total price, with 10 percent further on legal fees, taxes and registration. There are no restrictions on foreigners purchasing property in Madrid.
An agent is the best person to assist with a purchase, as they can organise the paperwork and ensure the property has no debts that you will be liable for. Be aware that fees are slightly higher on new properties for sale than on resale homes.
Real Estate Agents
The majority of sales and rentals are handled by estate agents. Some buyers choose to use an agent from their country or origin who then deals with a Spanish agency on their behalf, but there are plenty of Spanish agents who conveniently speak a variety of languages.
Check out the following Madrid real estate agents:
Address: Rafael Calvo 4, Madrid, 28010, Spain
Tel: +34 60 055 21 88
A3A specialises in property for sale and rent in Madrid and boasts a good central location.
Address: Avenida de la Industria, 37-39 Oficina 3-4, Madrid, 28108, Spain
Tel: +34 91 490 02 13
This agency handles the sale of flats, houses and land lots in rural areas.
Address: Fernando El Santo, 9-1, Madrid, 28010, Spain
Tel: +34 91 308 65 13
A real estate agency that specialises in semi-detached houses, detached houses and apartments for sale in the city.