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Spain: Community of Madrid (Comunidad de Madrid)

Overview

Madrid (population 5.8 million), situated in the centre of Spain, is a region, province and the capital city of Spain (since the 16th century). It embraces an area of 7,995km2 (3,087mi2) and its main towns include Alcalá de Henares, Aranjuez, Getafe and San Lorenzo de Escorial (with its imposing palace-monastery). The city of Madrid (founded by the Moors) is Europe’s highest capital (600m/2,000ft above sea level) and the third-largest city in the European Union (EU), after London and Paris. It’s one of Europe’s great cities with a wealth of museums (the Prado houses one of the world’s best collections) and art galleries, magnificent parks and gardens, striking architecture, lively theatres, fine restaurants and fashionable nightspots.

It’s a friendly, free-wheeling, densely-populated city of some 3 million inhabitants (known as Madrileños), bursting with art treasures and culinary delights, and has been dubbed the capital of joy and contentment (it never sleeps – a siesta is essential for ravers). Madrid stages the most famous bullfighting event in Spain, the fiesta of San Isidro in May, with 23 consecutive days of corridas, which take place at the Las Ventas bullring (the largest in Spain seating 25,000). Madrid is also home to Spain’s (and one of the world’s) most famous football clubs, Real Madrid with its ‘Galactic Team’ line-up of some of the world’s best players, including Beckham, Figo, Ronaldo and Zidane.

Madrid is a sprawling metropolis (with the highest population density in Spain) and its suburbs almost engulf the neighbouring towns of Segovia and El Escorial. It’s a major manufacturing centre which includes the production of flour, sugar, wood, chemicals, textiles, iron and steel, and cement, with an important agricultural sector (mainly vegetable and livestock farming). The region has a harsh Continental climate with very cold winters (there’s skiing in the nearby Guadarrama mountains) and scorching summers. Located at the geographical centre of Spain, Madrid is the centre of the country’s road, rail and air networks and also has an underground railway (metro) system. Property prices are the highest and have increased dramatically in recent years after hitting a low during the recession in the early ’90s. Property prices vary greatly depending on the district and a two-bedroom apartment costs from €200,000 to €600,000, and a small house with a garden from €500,000 to over €3 million. Property in Madrid is of little interest to foreign homebuyers, except perhaps for those working there.

© Survival Books Limited 2005

“Buying a Home in Spain 2006” 5th Edition, David Hampshire.

Reproduced with the permission of Survival Books Limited.

Further information on this topic can be found in “Buying a Home in Spain 2006” 5th edition, by David Hampshire.

For extensive, annually updated information about buying a property in Spain, you can purchase this book at www.survivalbooks.net

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