Markets · Spain · Madrid
Luxury flats in Madrid
Madrid's prime market sits in Salamanca, Chamberí and Chamartín within the city, and in La Moraleja, which is in Alcobendas. Any foreign national may buy. Buying has not granted residency since April 2025.
This page is published with its full structure and with the field data still to be filled in. What is particular to Madrid and does not depend on street observation — the difference between a classic ensanche building and a new-build, what changes on tax between resale and new-build, the community of owners and the derrama, the nota simple and the energy certificate — is written in full.
Why does this page not yet carry prices by area?
Because we have not observed them. A price per square metre is only useful if it says what was transacted, in which area, in which typology and on what date. What circulates as an «average Madrid price» is almost always an asking price scraped from portals, aggregated by district and undated — it describes advertised supply, not closed transactions, and the two diverge systematically.
The easy alternative would be to copy those figures and publish them with an air of authority. We do not, for two reasons. The first runs through the whole site: we do not publish a figure we cannot date and defend. The second is editorial — a city page that could have been written by someone who has never been there is of no use to the reader, and none to whoever indexes it.
The rule we apply
If a page could be written by someone who has never been to Madrid, it is not published as though someone had. The defence against generic text is direct observation.
What is missing, specifically
- 01
An observed price per square metre in each area, with the date and the method of observation.
- 02
The dominant typology in each area, and what is gained and given up by choosing it.
- 03
One field observation per area, made by someone who has been there, signed and dated.
- 04
The consultant responsible for the market, with a portrait and an author page.
- 05
At least one property under mandate or one completed transaction in the city.
- 06
The transfer-tax rate in force in the Comunidad de Madrid, confirmed against the primary source and dated.
Which areas make up Madrid's prime market?
The four areas below are the ones we follow. The municipality column is factual and checkable, and it is filled in: La Moraleja is not in the municipality of Madrid but in that of Alcobendas, and that has practical consequences. The observation columns stay empty until we hold data of our own.
| Area | Municipality | Dominant typology | Observed € / m² | What you gain |
|---|---|---|---|---|
| Salamanca | Madrid | Not yet observed | Not yet observed | Not yet observed |
| Chamberí | Madrid | Not yet observed | Not yet observed | Not yet observed |
| Chamartín | Madrid | Not yet observed | Not yet observed | Not yet observed |
| La Moraleja | Alcobendas | Not yet observed | Not yet observed | Not yet observed |
What do we say about each area?
Each area's paragraph describes urban form and administrative position, which anyone can confirm on a map or in a municipal register. What is missing is the other kind of knowledge: the light on a particular street, noise at particular hours, the stretch where the price changes without the map showing it. That is labelled as pending until someone can sign it.
Salamanca
Madrid
A district born of the nineteenth-century ensanche, with an orthogonal grid, regular blocks and buildings of the period carrying high ceilings and classical layouts. The fabric was later infilled with newer construction, so period buildings and new-builds sit on the same street. Serrano, Velázquez and Goya organise the retail and set much of the district's daily movement.
Awaiting a signed, dated field observation.
Chamberí
Madrid
Also of the ensanche and of the same period, with a more residential matrix. It divides into barrios with characters of their own — Almagro, Trafalgar, Arapiles, Ríos Rosas, Gaztambide and Vallehermoso — which do not behave as one unit: what holds in one may not hold in the next, and the difference is measured block by block.
Awaiting a signed, dated field observation.
Chamartín
Madrid
To the north, crossed by the final stretch of the Paseo de la Castellana and served by Chamartín station. It gathers very different urban situations: El Viso, with its low-rise houses of the nineteen-thirties, sits in the same district as barrios of later construction and as the office axis along the Castellana.
Awaiting a signed, dated field observation.
La Moraleja
Alcobendas
A low-density residential development north of Madrid, with detached houses on their own plots and private access roads. It belongs not to the municipality of Madrid but to that of Alcobendas: the town hall, the consents, the municipal charges and the annual property tax are Alcobendas's, and that is where they are checked. It is searched for alongside Madrid; it is administered separately.
Awaiting a signed, dated field observation.
What separates a classic ensanche building from a new-build?
It is the first real decision in Salamanca and Chamberí, and it is not settled by aesthetic preference. The two options trade different things, and the trade is always the same: the period building gives volume and a settled location, the new-build gives performance and predictable outgoings.
| Aspect | Period building | New-build |
|---|---|---|
| Ceiling height and volume | High ceilings on the principal floors, which determine what can be done with the plan. | Ceiling height set by the rule in force, generally lower, with more uniform layouts. |
| Structure | Load-bearing walls and structure of the period, which constrain internal demolition and require a design. | Concrete or steel frame, with more freedom in the initial subdivision. |
| Heritage protection | May carry a protection level assigned in the municipal plan, limiting the façade, common elements and works. | No heritage protection. |
| Services and performance | Services and insulation depend on the last intervention. We check what was done, under what design and under what consent. | Services and insulation executed to the standard applying at the date of the building consent. |
| Lift, parking and access | May have been added later, with compromise solutions. Confirmed on site and in the minutes. | Designed in from the start, usually with a parking space attached to the unit. |
| Community charges | An older building tends to generate conservation works. Approved levies are read in the minutes before signing. | Running charges are predictable in the early years; extensive common areas raise the share. |
| Tax on the transfer | Resale: subject to transfer tax (ITP). | First transfer: subject to VAT (IVA), with stamp duty (AJD). |
There is no general answer. There is the right question — what the property is for and for how long — and the verification that follows it, on site, at the registry and in the community's minutes.
What changes on tax between resale and new-build?
The tax on the purchase changes. A resale acquisition is subject to transfer tax (Impuesto sobre Transmisiones Patrimoniales, ITP). A new-build acquisition, on first transfer, is not subject to ITP but to value added tax (Impuesto sobre el Valor Añadido, IVA), together with stamp duty (Actos Jurídicos Documentados, AJD).
This is not a formal distinction. They are different taxes, with different rules and set at different levels: ITP and AJD are set by the autonomous community — here, the Comunidad de Madrid — while IVA is set by the state. Two transactions at the same price can carry different tax costs according to whether the property is new or second-hand.
We publish no rate here. Publishing one would require confirming it against the primary source and dating it, and transfer taxation varies between autonomous communities, which makes any loose percentage right for some readers and wrong for others. The calculation is run for the specific property and delivered in writing, with the date and the rule applied.
| Charge | Resale | New-build |
|---|---|---|
| Transfer tax (ITP) | Applies. Set by the autonomous community. To be confirmed | Does not apply. |
| Value added tax (IVA) | Does not apply. | Applies. Set at state level. To be confirmed |
| Stamp duty (AJD) | Does not apply to a purchase deed subject to ITP. | Applies. Set by the autonomous community. To be confirmed |
«To be confirmed» means the rate has not been verified against the primary source for publication on this page. It does not mean the charge does not exist, or that it is negligible.
What are community charges and the derrama?
A building divided into units is subject to the horizontal-property regime. Each unit holds a participation share in the common elements — façade, roof, stairs, lift, main services — and that share determines how much each owner pays and how much their vote weighs at the owners' meeting.
Community charges are the running cost: cleaning, lift maintenance, the building's insurance, management, consumption in the common areas. The derrama is a different thing: an extraordinary levy approved at a meeting for expenditure the running budget does not cover, typically works to a roof, a façade, or the installation or replacement of a lift. A levy approved before the purchase and still unpaid is a real cost that does not appear in the advertisement.
That is why the minutes of recent meetings are read and the certificate that charges are paid up to date is requested before signing. The property answers for certain outstanding amounts, so the extent of that liability is confirmed in writing and on the date of the transaction, not from this page.
| Element | What it determines |
|---|---|
| Participation share | How much of the common expenditure the unit bears, and the weight of its vote at the meeting. |
| Common elements | Façade, roof, structure, stairs, lift and the building's main services. |
| Owners' meeting | Approves the budget, the works and the levies. Decisions are recorded in the minutes. |
| Running charge | Periodic cost provided for in the approved budget. |
| Derrama | Extraordinary levy approved for expenditure outside the running budget. |
| Certificate of debt | Document stating whether the unit is paid up to date with the community. Requested before signing. |
What does a nota simple show, and why is it read first?
The nota simple is the Land Registry's informative extract on a specific property. It is read before the viewing, before the offer and before any conversation about price, because it is the only document that says who can sell and what comes attached to the property. It costs little, and it resolves — or ends — most problematic transactions before there is any money at risk.
| Element | What it is for |
|---|---|
| Registered title | Says who is registered as owner and in what proportion. Selling without every holder identified is a common cause of postponed deeds. |
| Registry description | Describes the property as registered, including its area. Set against the cadastre and against measurement on site. |
| Mortgages and attachments | Shows the charges entered that must be cleared or dealt with before or at the deed itself. |
| Easements and limitations | Third-party rights over the property that survive the sale. |
| Resolutory conditions and affections | Entered clauses and affections that can constrain ownership or the transfer. |
| Horizontal-property regime | Identifies the unit within the building and its participation share in the common elements. |
It is requested twice: at the outset, to decide whether to proceed at all, and close to the deed, because a later entry changes the picture without telling anyone.
Is the energy performance certificate compulsory?
Yes. The energy performance certificate is required in order to market and to transfer a property, is issued by a qualified technician and is registered with the competent body of the autonomous community. The rating must appear in the property's advertising, and the certificate is handed to the buyer.
It is worth reading rather than filing. The rating and the recommendations that accompany it describe the building's thermal behaviour, which is what drives the cost of heating and cooling it — a matter of some weight in a period building and in a climate with the temperature range Madrid has.
What do we verify in Madrid specifically?
These checks are not unique to Madrid, but this is where they come up most often and where skipping them costs most.
01
What was done to the building, and under what consent
In an ensanche building, the finish is the visible part and the cheap part to assess. We check what was done to the structure, the roof, the façade and the services, under what design and under what consent, and whether the work was to the unit or to the building. The useful question is not whether it presents well — it is what sits behind the new plaster, and whether the works were notified and consented.
02
Protection level assigned in the plan
A building carrying a protection level in the municipal plan has limits on what may be altered, and those limits apply before any interior design does. It is confirmed before a refurbishment is budgeted, not after it has been drawn.
03
Community minutes and approved levies
The minutes of recent meetings are read and the certificate of debt is requested. The minutes are where approved but unexecuted works, voted levies and the building's live disputes appear. None of those three things is in the advertisement.
04
Registry, cadastre and measurement on site
The area on the register, the area in the cadastre and the area measured diverge often in older buildings and where later works have been carried out. The divergence has tax consequences and can hold up registration, which is why it is reconciled before signing.
05
Where the property is, administratively
In La Moraleja the municipality is Alcobendas, not Madrid. The town hall, the consents, the charges and the annual property tax follow that boundary, and are checked there. Assuming otherwise is easy and costs time at the point where there is none.
06
Parking, and which unit it belongs to
We confirm whether the parking space is a separate unit, an annex to the flat or a right of use, because the three transfer differently and not all of them follow the home automatically. It is checked at the registry, not on the viewing.
Which properties do we hold under mandate in Madrid?
Properties under mandate in the city appear here, each linked to its particulars.
A portion of our mandates is never advertised. If you are looking for something specific, tell us what.
Send a briefWho is responsible for Madrid?
Each market has a named consultant, with a portrait and an author page. It is the same requirement we apply to Journal articles: without a real person's byline, we do not publish.
The consultant responsible for Madrid is published here once the profile is complete — name, portrait, languages, years active and author page. Until then we do not put up a generic name or a contact box with nobody behind it.
See the teamFrequently asked questions about buying in Madrid
Can a foreign national buy a flat in Madrid?
Yes. The rules are the same as for the rest of Spain: no restriction of nationality and no requirement of prior residence. A foreigner's identity number (Número de Identidad de Extranjero, NIE) is required, and is used to settle the transfer tax, execute the deed before a notary and register the purchase at the Land Registry.
Does buying a property in Madrid grant residency?
No. The Spanish golden visa, the residence permit by investment that included the property route, was repealed by Ley Orgánica 1/2025 with effect from 3 April 2025, and has no replacement. This applies to Madrid as to the rest of the country. Permits granted before that date remain valid.
Which tax applies on a purchase in Madrid: ITP or IVA?
It depends on the type of transfer. A resale purchase is subject to transfer tax (Impuesto sobre Transmisiones Patrimoniales, ITP), set by the autonomous community. A new-build purchase, on first transfer, is subject to value added tax (IVA), set at state level, together with stamp duty (Actos Jurídicos Documentados, AJD), which is also set by the autonomous community. We publish no rates on this page: they are confirmed against the primary source for the specific transaction and delivered in writing, with the date.
Is La Moraleja in Madrid?
No. La Moraleja is a residential development in the municipality of Alcobendas, north of Madrid. It is searched for alongside the city's prime areas but administered separately: the town hall, the consents, the municipal charges and the annual property tax are Alcobendas's, and that is where they are checked.
What is a derrama in a community of owners?
It is an extraordinary levy approved at an owners' meeting for expenditure the running budget does not cover, typically works to the roof, the façade or the lift. A levy approved before the purchase and still unpaid is a real cost that is not in the advertisement, which is why the minutes of recent meetings are read and the certificate of debt requested before signing.
What does a nota simple show?
It shows who is registered as owner and in what proportion, how the property is described on the register, and what charges are entered against it: mortgages, attachments, easements, resolutory conditions and affections. It also identifies the unit within the building and its participation share. It is requested at the start of the analysis and again close to the deed.
Do you publish a price per square metre by Madrid area?
Not yet. We will publish a price per square metre once it has been observed by Rhamos in real transactions, with the date of observation and the method stated. An average gathered from portals describes advertised asking prices rather than the values at which transactions close, and the two diverge systematically.
Where do we write about Madrid's neighbourhoods?
One article per neighbourhood, with data of our own, is the hardest content to replicate and the kind that requires being there. It is linked from here as it is published.
The first editions are in preparation.
Looking in Madrid, and wanting to know what is true
If you are considering buying in the city, the useful conversation starts with the criteria and the area, not with a list of properties. A portion of our Madrid mandates is never advertised; if you are looking for something specific, tell us what.