In recent years Madrid has established itself as one of the top destinations for buying a home in Europe. It is becoming an increasingly attractive option for those looking for a luxury home in Europe, and want to live in a cosmopolitan place that offers the quality services that can be found in any major city in the world.
Madrid offers its foreign residents many advantages. Gastronomy, cultural offerings and a good climate. Attractive taxation for foreigners, with the so-called Beckham Law, and very attractive prices, with a better quality-price ratio than the rest of the European capitals.
Advantages of living in Madrid
Madrid is a vibrant and welcoming city offering an exceptional quality of life that combines a rich cultural heritage with the modernity and diversity expected in a European capital. These are just some of the advantages that make Madrid an ideal city to live in.
Culture and heritage: Madrid is brimming with history and culture at every turn. Its impressive museums, such as the Prado Museum, the Reina Sofía Museum and the Thyssen-Bornemisza Museum, house some of the world’s most important works of art. In addition, the city’s old town is full of historic monuments, charming squares and cobbled streets that tell the story of Spain’s history.
Gastronomy: Food is a fundamental part of life in Madrid. The city is full of bars and restaurants offering a wide range of delicious tapas and traditional Spanish dishes. From cocido madrileño to bocadillo de calamares, Madrid is a paradise for foodies.
Parks and green spaces: Despite being a big city, Madrid has a large number of parks and green spaces. Retiro Park is one of the most famous and well known.
Pleasant climate: Madrid has a continental Mediterranean climate with mild winters and warm, dry summers. This means you can enjoy pleasant, sunny weather most of the year.
Nightlife and entertainment: Madrid’s nightlife is world famous. Bars, discos and live music venues offer something for everyone, from flamenco to electronic music. The fun never stops in Madrid.
Diversity and tolerance: Madrid is a cosmopolitan city that welcomes people of all nationalities and cultures. Cultural diversity and tolerance are values that are highly valued by the people of Madrid, creating an inclusive and enriching atmosphere.
Madrid is a city that combines a rich cultural heritage, delicious cuisine, a pleasant climate and an exceptional quality of life, making it one of the perfect European capitals to live in.
What is the Beckham Law?
The Beckham Law, also known as the Régimen Fiscal aplicable a los Trabajadores Desplazados a España, is a special Spanish tax legislation named after the famous footballer David Beckham. It was passed just as the British footballer was signed by Real Madrid in 2005. Its aim is to attract highly qualified foreign professionals, especially sportsmen and women, to work in Spain.
The most prominent aspect of the Beckham Law is a favourable tax regime for certain workers posted to Spain. On the one hand, income generated by professional activities in Spanish territory by these workers is subject to a special tax regime which implies a much lower taxation compared to normal tax rates. On the other hand, they are given the possibility to choose to be taxed only on their income generated in Spain, rather than on their overall income. This is very interesting for sportsmen, entrepreneurs or artists who have business or income in other countries of the world.
To benefit from this special tax regime, posted workers must meet certain requirements. These include that the worker has not been a tax resident in Spain during the six years prior to his or her arrival in the country. In addition, once covered by this regime, the beneficiaries must maintain their tax residence in Spain for a period of at least six years.
The most attractive prices in Europe
The difference in the price of a luxury home in Madrid compared to other European cities is quite attractive. Buying a luxury home in Madrid is much more affordable than in other European cities such as London, Paris or Milan. This attracts many investors and expatriates who manage to buy or rent better houses for the same money.
Firstly, in Madrid you can still buy at competitive prices unique houses in historic buildings or restored palaces that in other European cities are exorbitantly priced. In Madrid you can buy a luxury flat in the best area of the city for less than two million euros, while in London a flat with the same characteristics does not go below five million.
Secondly, the small size of the city also influences the prices of a luxury property. While some more central areas, such as the Barrio de Salamanca, tend to have higher prices, other peripheral areas offer luxury properties at a lower price. You can live in the urbanisations of La Moraleja or Aravaca, and be only 10 minutes from the city centre. This is not the case in other major European cities where living on the outskirts means spending more than an hour each way to the city centre.
Another factor is the stability of Madrid’s real estate market compared to other major European cities. Despite economic fluctuations, the luxury real estate market in the city has remained relatively stable.
Finally, it should be remembered that the cost of living in Madrid is lower, which means that maintaining a property in this city is cheaper than in other capitals.
Promora, the preferred real estate company of foreigners arriving in Madrid
Since its foundation, Promora has been the real estate agency of choice for many foreigners who come to Madrid to find their ideal home. Many top sportsmen, businessmen, multinational executives and diplomats have used our services to move to Madrid. For example, we were the real estate agency that found a home for footballer Beckham and his family when he lived in our city.
If you would like to buy or rent a luxury home in Madrid please do not hesitate to contact our offices. Our international team will be pleased to help you.
