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Price of flats in Madrid by areas

Madrid is currently a true paradise for those who have a house to rent out or for those who have enough money to buy a flat and rent it out. This is simply due to the fact that prices do not stop increasing, as was the case in 2017. In fact, last year there was an increase of 6.3 square metres, which places the price of the monthly rent only 3 per cent at the historical high recorded in 2007.

In this article, Engel & Völkers wants to proceed to make an analysis of the Madrid flat price by areas so that you can get a better idea of which areas are seeing higher growth and which areas offer more profitable investment options at this moment in time.


The price of flats in Madrid: upward trends

When we take a look at these data, we can see that location greatly influences the price of property in the city of Madrid. The first thing we want to say is that currently the average price is 2601 euros / square metre, which means a year-on-year variation of 17.1 per cent with respect to 2016. In fact, only during the last quarter of 2017 was there a price increase of 4.5 per cent.

On the other hand, the price per square metre of a flat for rent differs from the price of a flat for sale. In fact, while in the first case the Chamberí district is in the lead, with respect to the second, Salamanca continues to be on the top, which means maintaining a trend that has lasted several decades. In fact, in this neighbourhood the price per square metre for a flat is 4466 euros / square metre, which represents a growth of 17.6 per cent year-on-year.

Secondly, this time we can find the Chamberí district, which offers homes at a price of 4049 euros / square metre, at 11.7 per cent higher than the previous year. Of course, if we are purely talking about growth, the winning cards are in the hands of Centro district, which has raised its prices by 21.1 per cent in 2017. This has today resulted in its flats costing 4027 euros per square metre. This figure contrasts with the fact that the increase in rental prices has been very low indeed.




Madrid - El Precio de los Pisos en Madrid por Zonas

Foto: © Engel & Völkers Madrid

Very close to the districts of Chamberí and Centro we can find Chamartín. The price of the flats located in this area of Madrid reach 3976 euros / square metre, thus representing an increase of 14.8 per cent compared to the previous year. Especially severe has been the increase during the last three months of 2017, in which it reached 8.4 per cent.


Starting from the Chamartín district, a price gap begins to show itself. The next neighbourhood with the highest price per square metre is Retiro, with 3619 euros / square metre. Its annual growth rate is 17.1 per cent, but it is worth mentioning that, during the last quarter of last year, it was only 2.1 per cent, which is a clear slowdown of the upward trend.

Further away is the district of Moncloa-Aravaca with its 3255 euros / square metre for property. In addition, the growth in this area of ​​Madrid has not been as noteworthy as in the other areas. Specifically, it stood at an interannual variation rate of 11.9 per cent, being only 1.9 per cent in the last quarter.

A neighbourhood surrounding the historic centre that also maintains an interesting upward trend is Tetouan. At present, the price per square metre for a plot of land is around 2860 euros / square metre and its growth, with 11.2 per cent, has been very similar to that of Moncloa-Aravaca. Closely followed is Fuencarral-El Pardo, where the average price of land per square metre is 2819 euros. This mewns the growth rate is 10 per cent.

Hortaleza, with its 2776 euros / square metre, is the next district that deserves a mention in this article. This price has risen by 10.4 per cent compared to 2016. However, the price is even more sensitive as far as the rental market is concerned. This is probably due to the fact that the high cost of property in more central areas is pushing many people to reside in this area of ​​the capital as it's very well connected to other towns and enjoys all kinds of services.

Although further away and with a much lower upward trend than in the previous cases, the next district that we should comment on is Barajas. Here the price per square metre reaches 2598 euros, although it is true that its annual growth rate was only 7.8 per cent and the last quarterly 0.5 per cent.


Madrid - Foto de Chamartin

Foto: © Engel & Völkers Madrid

At this point, we can only talk about Ciudad Lineal, a district in which the price per square metre stands on average at 2333 euros with an increase of 6.9 per cent. Moratalaz is a more affordable area thanks to its properties costing 2071 euros / square metre.

To find areas with prices less than 2000 euros per square metre, you should take a look at la Latina (1904 euros / square metre, 17.1 per cent growth in 2017), Vicálvaro (1788 euros / square metre, 14.4 per cent) , Carabanchel (1747 euros / square metre, 16.2 per cent), Usera (1640 euros / square metre, 13.2 per cent) and Puente de Vallecas (1451 euros / square metre, 7.4 per cent).

Madrid's flat prices by areas: downward trends

Although it may seem incredible in light of what we have said before, there are still areas of Madrid where there was a downward trend in prices during the year 2017. Undoubtedly, these are the districts, together with those mentioned in the previous paragraph, that offer a greater number of benefits for renting in the future.

Specifically in this paragraph, we must mention the district of San Blas. With an average price of 1973 euros / square metre, its decline was 2.6 per cent during the last quarter of 2017, although it is true that its growth was 5.2 per cent for the entire year. In addition, we must mention Villaverde, which is the cheapest area in the entire city. In fact, the price of property per square metre is on average only 1292 euros. This is a figure that has been reduced by 1.2 per cent compared to the third quarter of last year. This area's annual growth rate was 9.4 per cent. 
To summarise, the capital of Spain's property market is in an excellent position so this is the right time to buy as an investment or as a main residence. It is expected that the upward trend will continue for quite some time thanks to the shortage of new properties and the low interest rates on offer. We invite you to contact Engel & Völkers in Madrid if you want to know more.


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