Both cities are really a perfect choice, and, in fact, not cheap ones! For example, 2015 in the ranking of the most expensive cities in Europe for the cost of living Expatistan, Madrid and Barcelona were located just too close – on the 38th and 39th places respectively. However, the life of the two largest cities of Spain varies greatly in terms of real estate.
In terms of prices the options in two cities are very diverse: the cheapest studio apartment outskirts can be purchased for 70 000 euros, and the elite villa can cost more than 1 000 000 euros.
The Major Contributing Factors for Property Price in Both Cities Are:
- The year of building and utility bill/stage of construction for investment project.
- Interior design, furniture (if available).
- Infrastructure, neighborhood.
- Natural environment: parks, green zones, sea etc.
Let’s try to figure out some tips which can help clients to understand the market.
First of all, the cost of renting a flat in Madrid and Barcelona is one and a half times higher than the average for Spain. On the other hand, by European standards, an apartment or a room will not cost as much as in London or in Paris – think about this if you are an investor. Secondly, Madrid is a capital and obviously more expensive.
In Madrid housing prices start at 3 thousand euros for sq m, and in elite neighborhoods fluctuate around 5-7 thousand euros. Especially expensive will be the accommodation in the bohemian neighborhood of Malasana, old Madrid, the quarter of Chueca and the area of government buildings Chamartin.
The cheapest options are located in the Atocha, Tetuan, Moncloa and Arguelles districts. For example, 5-bedroom apartment of 132 sq m in a new residence area off-center can cost from 356 thousand euros while a modest studio in Malasana may go for two times more.
Buying property is much more affordable in Barcelona. The average cost per square meter of housing on the outskirts of the city is 1900-2500 euros, and in the prestigious areas – 4000-4500. Here you will earn more on renting offering to the tourists cozy house or apartment near sea.
In Barcelona there are more spacious options with stylish panoramic sea view windows and private swimming pools with, f. e,. price of 192 000 Euro for 2-bedroom apartment of 62 sq m 20 minutes from sea by foot.
Despite the more affordable property, it’s not to say that Barcelona is a“cheap”city: it takes much more to live there than in the capital. For example, utilities are almost twice as high as 100-150 euros per month, while in Madrid they are 60-90 euros. Food in Barcelona also costs more, about 5% more than in Madrid. Especially noticeable is the price for alcohol. However the prices for entertainment and shopping in both cities are equally high.