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Should you rent or buy an apartment in Madrid?

Madrid is a city that offers many real estate opportunities, of which should be studied thoroughly to know what their advantages and disadvantages are. The real estate specialists at Engel & Völkers know that one of the main questions raised by many is the decision to buy or rent an apartment in Madrid; so here we will try to clarify some of the main issues that have raised concern.
Buying or renting are both the perfect opportunity for obtaining housing as each of these options guarantees some advantages but also some disadvantages. Therefore, the issue should be approached from a different perspective and tailored to the individual situation of each applicant.

Area and location of the properties

The first thing to be taken into account when looking for an apartment in Madrid is the area where you want to live. It's not the same looking for housing in the Salamanca district or in the vicinity of El Retiro or Chamberí. Each location offers a different price and conditions that may make it advisable to rent or purchase for future investment.
It may seem obvious, but if the area is central and well communicated, the prices of homes in this location will be significantly higher and, therefore, this can be a difficulty in accessing a one-storey property.
However, these privileged areas are also offering the opportunity to understand the purchase of an apartment as an investment for the future, as they rarely lose their value over time.

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Rent or buy an apartment in Madrid?

Once you have chosen an area, it is necessary to consider what the access features offered by each mode of housing are. Here, as we said earlier, the issue is not simple, since each option has advantages and disadvantages.
One of the most common clichés of the Spanish real estate sector is the insistence that rental income can be equated to pay a mortgage. This statement has led many people to opt for the purchase of property without carefully thinking the real characteristics of this process.
An apartment in always a more popular type of investment property for rent. The reason lies in the added costs that have nothing to do with the mortgage payment. The owner of a property must pay all the relevant taxes, be aware of housing maintenance and contemplate the possibility of possible developments or changes both at home and in the community.
These expenses will never have an impact on the tenant, so it should be recognised as a saving if you choose to rent instead of purchase. Of course, access to an apartment in Chamartin or other areas such as the Salamanca district will always represent a good investment and can be seen as a long-term business opportunity for anyone who decides to buy rather than rent a house or apartment.

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Living in a better area at a reduced price

As it's clear from what we have said before, renting offers the possibility of accessing houses that are located in better areas without having to bear the costs associated with any home ownership.
All those who wish to live in central locations where the apartments are pricier can find the perfect way to fulfill their dream. There are a few young people who want to live in the centre of Madrid or any other city in Spain, but haven't considered the possibility of the investment potential that is involved in buying an apartment. It is in these cases that renting becomes highly recommended, so this type of access to housing should not be overlooked.

The market situation

Now let us assume that there is sufficient capital to buy a property. One must always analyse the right time when investing in a house or apartment. The bursting of the bubble has now lowered the price of housing, which provides a unique opportunity for all who wish to access a property in Madrid and make an investment.
There is no doubt that by carefully exploring the market, one can find the best way to get the information needed to buy a home with all its facilities, as this expenditure represents one of the most important decisions in the life of any person.

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If you are still having doubts about the advantages of buying or renting apartments in Madrid, at the real estate Engel & Völkers Madrid office, we are at your disposal to advise you in a professional manner.

Engel & Völkers

Madrid
Génova, 27 - 5th floor
28004 Madrid
Spain
Phone
+34 91 277 45 00

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