To better secure your investment, we suggest our clients to focus your property search within M30 – the circular highway that sets the boundary and defines the “inside” and “outside” city of Madrid.
Madrid is divided into 21 districts (distritos). Of the 21 districts, only number 1,2,3,4,5,6,7, and a partial of 9 and15 (please refer to the map in the left) are located within the M30 – the inner Madrid.
Today, we are going to zoom in District One – The Centro
1.The Centro: Palacio, Embajadores, Cortes, Justicia,Universidad, Sol
SOL
Sol is not only the centre centre of Madrid, but also the centre of Spain - it is the km 0 of all roads built from Madrid and going all over Spain.
Is it also the obvious point for newcomers to start a tour of Madrid, do some sightseeing, shop or even party. It is the meeting points for where tourists gather, just like the Times Square in Causeway Bay or the xx in New York.
We recommend investing in Sol if you want to rent out for students, young families or tourists. Since locals may not particularly like to stay in the centre centre, although it is the hub of everything, the price per sqm could be varies. If you have the patience, you may find some unfurnished, walk-up 100 sqm apartment at cost of 500,000€ +. Or same sized, newly renovated ones at 650000€ to 750000€.
2. CHUECA (in the district of JUSTICIA)
Chueca is a district for gay, trendy people, mixed with traditional Madrid traits. It is equivalent to Les Marais in Paris, or it is the quieter version of Soho in London. It is in the north of its main avenue “Gran Vía”, east of the alternative, shopping and party neighbourhood Malasaña, and bordered by the posh and quiet neighbourhoods of Alonso Martinez and Salamanca.
It is an open neighborhood where everyone comes to have a drink, with very nice restaurants, the amazing San Anton market and a great atmosphere.
We recommend living in Chueca if you want to live in the center, in a trendy and diverse neighbourhood rooted in its Madrid traditions. You will never be bored in Chueca, and can still have a kind of “village” lifestyle, going to the market, having a beer with your neighbor on Chueca’s square, helping a grandmother take her shopping up the stairs. This is the kind of experience you should expect of Chueca.
With 500k€ investment, you can get a un-reformed 100m2 sqft, or a 80sqm reformed apartment where you can rent it to a trendy family at rental of 1400€ to 1600€ per month, or to convert it into 3 single room where you will receive 550 to 600E of rental each.
3. LA LATINA
La Latina starts is the southwest part of Madrid city center, south of the ancient neighbourhood of Opera and the cathedral, west of the diverse neighbourhood of Lavapies. La Latina is a good mix of both: tradition and diversity, with the tapas and fiestas to make the mix work.
This most famous street for tapas in Madrid is the Cava Baja street. It has the highest number of bars per square meter of all Madrid, and is a typical meeting place for Spaniards and expats alike.
You just have to choose carefully the street and flat you will live in, because you do not want to sleep just above a hot party spot. The best way is to pass by the property street at night on a Thursday, Friday or Saturday, and ask neighbours.
The good thing with La Latina is that it’s right in the center of Madrid, in a really authentic neighbourhood, but you can still find quite cheap rentals south of La Latina. This south part of La Latina has one of the best price to quality ratio of Madrid. For instance, this flat is a good example of a modern flat in la Latina where you can enjoy the Madrid way of life without the inconvenient of the noise and for a reasonable price tag.
With 500k € investment, you can get a un-reformed 140m2 sqft, or a 90 sqm reformed apartment where you can rent out for 1400€ to 1600€ per month. Since this is a hot-spot for tourist, if you are keeping one of the room to stay in, you can convert the rest of the room as AirBnB, for say if it is an apartment of 5 bedrooms, you will be able to rent out 4 bedrooms hence receiving around 4000 € a month! (according to the Madrid law, you cannot convert the entire house for AirBnB rental use)
4. LAVAPIES
Lavapies starts just south of the very center of Madrid, from the Tirso de Molina Square which marks the start of this neighbourhood, and goes south until the metro station of Embajadores
Lavapies has the best “quality-to-price” ratio if you want to live close to the centre of Madrid: the square meter is 10-20% cheaper than the average: 15-17 € / m2 to rent compared to 20-22 € in other neighbourhoods in the center.
Lavapies once used to be where immigrants from Africa, India and Bangladesh for they cannot afford cars to commute, hence staying around centre. The authenticity neighbourhood attracts many international people who want to live in Madrid on the long-term, with the evolution of a new neighbourhood with art, NGO, festivals, bars with international roots.
To learn more
Lily Siu + 34 680688082 / +852 51252850
siu.blackwell@epicasia.net
