Madrid City Guide

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Introduction

The 2018 real estate market in the Community of Madrid has been marked by a slight increase in the price of housing of more than 5%, and by a strong advance in new project initiatives which will surpass 37% and exceed 28,000 newly constructed homes. These new homes can be seen particularly in neighborhoods such as El Cañaveral, Valdebebas, Sanchinarro, Puerta de Hierro, and Los Altos de Aluche.

Average price for 85 sqm apartment

To buy - €163,966

To rent - €1,054

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Interview with real estate professional

Cremades

José Luis Pérez Cremades, Director General of real estate consulting company Gilmar

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What are the activities, tourist destinations, and curiosities that most attract the foreigners who visit the city?

There are many cultural activities that are both emblematic and full of personality. We have numerous, varied museums, some of which rank among the most important museums in the world: the Prado Museum has its collection of the best painters, the Sorolla Museum is dedicated to the Valencian painter of the same name, and the Thyssen also stands out for the quality of its works.

Other popular tourist attractions include the Royal Palace and the Almudena Cathedral next door. The Plaza de Oriente is famous for its gardens and the gastronomic fair that takes place there. The neighborhood of los Austrias has its 16th-17th century buildings. These are absolute attractions for all tourists.

Another activity to highlight, for example, is the San Isidro Festival. This is the most important bullfighting fair in the world and is held in the Las Ventas bullring from May to June.

Madrid is very famous for its gastronomy. It has restaurants for all tastes, many of which have been awarded with the famous Michelin stars. It is possible to eat marvelously for anywhere from 10 to 300 euros. It is worth noting the oldest restaurant in the world, the Sobrino de Botín, is located in the Arco de Cuchilleros. There you can taste both lamb and suckling pig.

What cultural and artistic events take place in the city throughout the year?

We have expositions by famous artists including Rubens, Warhol, Toulouse Lautrec, Picasso, and Fortuny. There are also musical concerts from top artists such as Metallica, Bob Dylan, Bruno Mars, Shakira, and U2.

Among the most important festivals, we can mention IFEMA where SIMA takes place, the first real estate show in the world every May, and FITUR, the tourism fair and one of the first of its kind in the world.

In the Teatro Real this year is an adaptation of The Exterminating Angel by Blanca Portillo.

In the Matadero Madrid: performances by the Royal Ballet.

In Madrid we also have major sporting events such as the karate world championship, the international athletics meeting, and the Madrid Open tennis tournament…

Let’s not forget that every day thousands of people come to visit the spectacular Santiago Bernabéu Stadium, the headquarters of the Real Madrid soccer team.

Which would be the best neighborhoods or areas that you would recommend to a foreign buyer?

For those with high economic possibilities, the neighborhood of Salamanca, from María de Molina to el Retiro. Prices range from 8,000 to 12,000 euros per square meter. It is part of the almond-shaped central zone of Madrid.

Plaza del Sol, Calle Higueras, Calle Mayor, Plaza de Oriente, downtown Gran Vía: these are all parts of the city with extraordinary demand from foreign investors. Another zone is at the exit of the Carretera de Burgos in La Moraleja. This residential area is very elitist and very appreciated by foreigners. The homes here can cost between 1 and 20 million euros.

A new, very popular zone is La Finca, which has the best security in all of Europe. It is in the Somosaguas area and many artists, such as Alejandro Sanz, live there.

What type of product sells best to foreigners? Apartments? Single-family homes? Mansions? Residences? And also, how many rooms? With a swimming pool? Garden? Terrace?...

We generally have two types of buyers: those who are looking for a habitual residence and those who want to invest.

The residential buyers buy apartments or, if they can, houses or single-family villas, with pools. The apartments are 100-150 square meters with 2-3 bedrooms. Europeans normally look for an apartment that has a balcony or a terrace, a garden, and a community or private pool to enjoy the good weather that we have here.

For those looking for townhouses, we have options in Puerta de Hierro, la Moraleja, and Pozuelo, which is only 15 km from Madrid.

Our clients appreciate the legal security of the country. They buy in Madrid where the rental market is magnificent, where there is high profitability, and where the equity is increasing.

What does your management have to offer a foreign buyer?

First of all, they will be in professional hands. This provides them with a legal guarantee and with comprehensive legal advice. They are going to save a lot of time, have more security, and the end price will be cheaper.

Did you know that with the purchase of a real estate object worth at least 500,000 euros, for example, foreigners are able to apply for legal residence in Spain? This type of information is of great interest in the Asian market.

Email Gilmar directly.

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