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Real Estate in Madrid, Spain | Expat Exchange
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Plaza Mayor in Madrid

Real Estate in Madrid

By Joshua Wood, LPC

Last updated on Jun 04, 2023

Summary: The most desirable neighborhoods in Madrid, Spain are Salamanca, Chamberí, Retiro, and La Latina. The average cost to buy a nice 2 bedroom home in Madrid is around $400,000 USD, while a nice 3 bedroom home can cost around $500,000 USD. These properties typically include modern amenities such as air conditioning, central heating, and updated kitchens and bathrooms. Foreigners are allowed to purchase property in Madrid, however, they must obtain a tax identification number (NIE) from the Spanish government in order to do so. When searching for a home to buy in Madrid, an expat should consider their budget, desired location, and the type of property they are looking for. It is also important to research the local real estate market and consult with a real estate agent who is familiar with the area.

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How do I find a place to live in Madrid?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"Looked through a bunch of apartments mostly near the center. Asked around a bit at work as well. Found a flat in a good, central party area. It is small but I don't mind and I live with great people. A co-worker of mine found a place a week later 10 min away from me. for only 100euro more he gets a huge room, huge 2 story apartment with 2 balconies," explained one expat living in Madrid, Spain.

"One of the best ways to find a place to live in Madrid is to use online rental websites such as Idealista, Fotocasa, and Habitaclia. These websites allow you to search for rental properties in Madrid by location, price, and other criteria. Additionally, you can contact local real estate agents who specialize in renting properties in Madrid. They can provide you with more information about the local rental market and help you find a place that meets your needs. Finally, you can also look for rental postings on social media sites such as Facebook and Twitter," said one person in Madrid.

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What is a typical expat home or apartment like in Madrid?

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About the Author

Joshua Wood Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.

Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.

Plaza Mayor in Madrid

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