How Expensive Is a House in Madrid?

By Michael Ferguson

Are you thinking of buying a house in Madrid? Madrid, the capital city of Spain, boasts a rich cultural heritage, vibrant nightlife, and beautiful architecture. However, before you decide to invest in a property here, it’s important to know how much it will cost you.

Average House Prices in Madrid

According to data from Idealista.com, one of Spain’s leading property portals, the average price per square meter for a house in Madrid is around €3,600. This means that a 100 square meter apartment would cost approximately €360,000. However, prices can vary greatly depending on the neighborhood and type of property.

Neighborhoods in Madrid

Madrid is divided into 21 districts and each district is further divided into smaller neighborhoods. Below is a list of some popular neighborhoods and their average price per square meter:

  • Salamanca: one of the most exclusive neighborhoods with an average price per square meter of €6,000
  • Chamberí: a trendy neighborhood with an average price per square meter of €5,200
  • Retiro: a residential area near Retiro Park with an average price per square meter of €5,000
  • Chamartín: a central business district with an average price per square meter of €4,800
  • Tetuán: a diverse neighborhood with an average price per square meter of €2,900

Note: These prices are only averages and can vary based on factors such as location within the neighborhood or type of property.

Types of Properties in Madrid

Madrid offers different types of properties ranging from apartments to townhouses and villas. Below are some average prices for different types of properties in Madrid:

  • Apartment: €3,600 per square meter
  • Townhouse: €4,100 per square meter
  • Villa: €5,300 per square meter

Additional Costs to Consider

Apart from the cost of the property itself, there are additional costs that you need to take into account when buying a house in Madrid. These costs include:

  • Taxes: Buyers have to pay a transfer tax (ITP) that varies between 6% and 10% of the purchase price depending on the property value. There is also an additional stamp duty tax that varies between 0.5% and 1.5% depending on the region.
  • Notary Fees: Notary fees in Spain are set by law and vary based on the purchase price of the property.
  • Legal Fees: Legal fees can vary based on your lawyer’s hourly rate or a flat fee arrangement for their services.

Conclusion

In conclusion, buying a house in Madrid can be expensive, but it all depends on your budget and what you’re looking for in a property. The average price per square meter in Madrid is €3,600, but prices can vary greatly depending on factors such as location and type of property. Additionally, don’t forget to factor in additional costs such as taxes, notary fees, and legal fees when planning your budget.

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