Article published on January 24, 2017 in LF Relocation
Madrid: Top 5 districts for investing in property
Madrid has long since been a significant business hub, with hundreds of international companies choosing to relocate to the city every year due to its increasing affluence and strategic location. Since last year’s Brexit vote, there has been a rise in the numbers of British companies looking to centre their company headquarters in the Spanish capital, thanks also to its cheap and available workforce. An economic, political and cultural metropolis, Madrid is well-connected, both to the rest of Spain and the world, with excellent public transport systems and a large airport.
The city is divided into many different districts, offering different advantages and disadvantages. Here we have focused on the best in which to invest property.
Salamanca
The district of Salamanca is located in the north east of the city centre and is renowned as one of the wealthiest and most exclusive districts of Madrid. It is highly sought-after by the local and foreign elite and part of its attraction is the high standard of living offered by the stunning refurbished buildings in the area. Salamanca has an elegant, classical ambience when wandering through the wide streets, including the Paseo de Recoletos and Paseo de la Castellana. Salamanca is also home to some of the most expensive streets in Spain, including Calle Serrano which offers designer shopping and a plethora of fine restaurants. Salamanca’s Recoletos and Goya neighbourhoods are also home to some of the key Madrid sights, including Puerta de Alcala.
“This district is often the first choice for international and national clients wanting to invest in central Madrid. Renowned for being one of the most affluent areas in the city, offering a wide choice of luxury boutiques on streets such as Serrano and Goya, and tree lined streets with beautiful buildings with their classical façades. It is very well communicated to the rest of the city and has a strategic location in the heart of the capital. Besides, the Retiro park is only a few steps away as well as the principal museums and galleries. The price per m2 here is consistently rising due to high demand and a reasonable rental yield is achievable.”
Rod Jamieson, Director of Sales & Operations Barcelona & Madrid
City Centre
Madrid’s city centre is an extraordinary buzzing metropolis which offers everything one could possibly need. It is the most vibrant district of the city, which includes touristic Sol, romantic Palacio, stunning Cortes and the charming up-and-coming area of Justicia, which is becoming increasingly popular with working professionals and property investors. Neighbourhoods of the city centre tend to be very varied, from the regal Palacio to the lively La Latina. The centre of Madrid offers some of the best restaurants, shops and nightlife, whilst also being home to the most important museums, including the Museo Nacional del Prado, the Museo Thyssen-Bornemisza and the Museo Nacional Centre de Arte Reina Sofia.
“The most authentic area in the city, incorporating the neighbourhoods of Cortes, Huertas, Sol, La Latina and Palacio and are the districts with the highest level of tourism. Investing in this area means that higher than average returns are possible for touristic or mid and short term rentals. The main tourist attractions of the city are located in the centre, including the many world renowned museums and art galleries, Mercado de San Miguel and Plaza Mayor. One can’t resist walking through the charming streets full of history”
Rod Jamieson, Director of Sales & Operations Barcelona & Madrid
Chamberi
Chamberi is one of Madrid’s smaller districts and encompasses the peaceful neighbourhoods of Almagro, Rios Rosas and Trafalgar. Chamberi offers stunning classical buildings and high quality living in a more family-friendly environment. Some of the most ornate architecture of Madrid can be found in Chamberi, due to many aristocrats choosing to live here over the last 200 years. Chamberi is also the district which boasts the exclusive new Jose Abascal 48. a prime example of the standard of living. There are plenty of quaint bars and cafes, which give the district an authentic Spanish feel, and some delightful cultural attractions too such as the Teatros del Canal and the Plaza de Olavide.
“One of the most beautiful residential neighbourhoods of Madrid. Chamberí (especially Almagro) has been singled out by high society. The area is surrounded by beautiful buildings with historical façades, convenient services, fine restaurants and bars and green areas, it is also brilliantly connected to the rest of the city. There are a limited number of high end New Development projects within this area which is positively influencing property values.”
Rod Jamieson, Director of Sales & Operations Barcelona & Madrid
Retiro
The affluent district of Retiro is situated towards the south east of the city centre, named after the famous El Buen Retiro Park within the district. The park is an important attraction for many thousands of tourists, who flock to enjoy the enormous green space, filled with trees, fragrant gardens and unique Palacio de Cristal. Also situated in this district are some popular attractions, including the stunning Jeronimos and Niño Jesus cathedrals, and the scenic Paseo de Prado which is a boulevard passing many of the major museums and the Royal Botanical Gardens. Retiro offers some beautiful properties, most notably in the Jeronimos neighbourhood which boasts architecture that competes amongst the best in Madrid. Retiro is suitable to any number of clients looking to move to Madrid, due to its close proximity to the city centre and its exclusive nature.
“One of the most iconic areas in Madrid, as its location is a privilege just right between the emblematic Retiro Park and the Prado Museum. The neighbourhood has one of the highest price per m2 in the city and is very popular due to the elegance of the buildings and high profile of its residents. The properties located here are mainly high end with exceptional volumes, high ceilings and spacious rooms and demanded by Madrid’s elite.”
Rod Jamieson, Director of Sales & Operations Barcelona & Madrid
Chamartin
The district of Chamartin is located to the north of the city centre. It is widely recognised as Madrid’s business district because many global businesses and banks are based here, including the iconic Cuatro Torres and the Gate to Europe. Chamartin is a modernising district, and many high quality homes and new developments are located here. The most exclusive neighbourhoods of this district are Nueva España and Hispanoamerica, which give a distinctly residential feel whilst still being in easy distance of the centre and the headquarters of major companies. The world-famous Santiago Bernabeu stadium can also be found in Chamartin, attracting thousands of tourists every year. There are also reputable schools and colleagues nearby, making this a great choice for families.
“Chamartin is one of the most suitable areas for families and investors as it is a short distance from the AZCA Business district in Madrid and close to the Chamartin train station allowing access to AVE high-speed trains. The area also is easily accessible to the M30 and surrounded by many offices and services. These features make this neighbourhood an excellent option for families who are looking for a more reasonable alternative to the Salamanca district.”
Rod Jamieson, Director of Sales & Operations Barcelona & Madrid
