Are you considering moving to Madrid and wondering how much an apartment will cost you? Well, the answer is not straightforward as it depends on various factors such as location, size, and condition.
In this article, we will discuss the average apartment prices in Madrid and the different factors that affect them. So let’s dive right in!
Madrid Apartment Prices
According to Idealista, one of Spain’s leading real estate portals, the average price per square meter for an apartment in Madrid is €3,711. This means that a 60 square meter apartment would cost around €222,660. However, this is just the average price and can vary depending on several factors.
Factors Affecting Apartment Prices in Madrid
Location: One of the most significant factors affecting apartment prices in Madrid is its location. Apartments located in central areas like Salamanca or Chamberi are much more expensive than those located on the outskirts or suburbs.
Size: The size of an apartment also plays a crucial role in determining its price. Larger apartments with more bedrooms and bathrooms are often more expensive than smaller ones.
Condition: The condition of an apartment can also affect its price significantly. Newly renovated or refurbished apartments are generally more expensive than older ones.
Average Apartment Prices by Neighborhoods
If you’re looking for specific neighborhood averages for apartments in Madrid, here are some examples:
- Salamanca: One of the most exclusive neighborhoods in Madrid with an average price per square meter of €6,812.
- Chamberi: Another prestigious neighborhood with an average price per square meter of €5,441.
- Lavapies: A trendy neighborhood with a growing popularity and an average price per square meter of €3,105.
- Tetuán: A diverse and affordable neighborhood with an average price per square meter of €2,216.
Additional Costs to Consider
Apart from the apartment’s price, there are also additional costs to consider when renting or buying an apartment in Madrid:
Agency Fees: If you’re renting an apartment through a real estate agency, you’ll need to pay agency fees which can range from one month’s rent to 15% of the annual rent.
Community Fees: If you’re buying an apartment, you’ll need to pay monthly community fees which cover maintenance costs for shared areas such as elevators and gardens.
Property Taxes: Property taxes in Madrid are calculated based on the cadastral value of the property and generally range between 0.5% and 1.1% of its value.
In Conclusion
Overall, Madrid is a beautiful city with a vibrant culture and an excellent quality of life. However, before making any decisions about moving there, it’s crucial to understand the different factors that affect apartment prices in Madrid and consider additional costs such as agency fees, community fees, and property taxes. With proper research and planning, you can find your dream home in this exciting city without breaking the bank.