Madrid’s Retiro Park is one of the most iconic landmarks of the Spanish capital and for many residents of the upmarket district of Salamanca, it serves as their back garden. In the 19th Century, Salamanca became a stomping ground for Madrid's wealthy upper class and today this tranquil district continues to appeal to a sophisticated clientele.
Salamanca is generally regarded as Madrid’s most prestigious and coveted neighbourhood, offering boutique shopping, excellent gastronomy, historic architecture and of course prime real estate.
The barrio acquired its name after the Marquis de Salamanca commissioned the construction of many beautiful residential buildings in the 19th Century.
When it comes to fine dining, Salamanca has an abundance of choice. It boasts no less than 4 of Madrid’s 14 Michelin-starred restaurants including Kabuki and Punto MX.
For culture vultures, there are endless possibilities - Madrid’s National Archeological Museum, Spain’s National Library and the Fundacion Lazaro Galdiano are also located in Salamanca. The world-famous Prado museum is also just a few minutes away.
With so much on offer, it is not surprising that Salamanca is the area with the highest property prices per square meter in Madrid . Typically, prices range from 6.500 Euros per square metre to 14.000 Euros per square metre depending on location and quality of the finishes.
Up until midway through 2015, Madrid property prices remained fairly stable due to the lack of new construction but more recently new development projects have begun to emerge, especially in the area of sought-after Recoletos, a short walk from here. Compared to the likes of Paris or London, Madrid prime property prices are still competitive, so for well informed investors, this special neighborhood offers some very exciting opportunities.