Property in Madrid for a residency permit
It is possible to select properties in Madrid, Spain, for relocation or rental income remotely via the Citizenship-By.Investments website. The properties listed here come from verified sellers. All the options are suitable for obtaining a residence permit in Spain, so after finalizing the transaction, you can easily legalize your stay in Europe.
Choosing Spain’s capital for relocation or purchasing an apartment for income generation is driven by several factors:
- The city attracts the majority of foreign tourists, which ensures a dynamic real estate market.
- Optimal conditions for expats – a large Russian-speaking community, numerous entertainment options, and attractions.
- The sunny, warm weather almost year-round.
- Madrid hosts the highest number of international business forums, conferences, festivals, and other large-scale events.
- Excellent transport infrastructure, allowing quick and easy access to any part of the city.
- Prices of property for sale in Madrid range from €168,000 to €10–11 million, offering a wide selection for investors with different financial capacities and needs.
- Ongoing construction enables investment not only in the secondary but also in the primary market.
Residence permit in Spain by buying property in Madrid
Being a resident of an EU country offers a wide range of opportunities for travel, business development, and an improved quality of life. Foreigners purchasing properties in Madrid for investment purposes in 2024 can obtain a residence permit within 25–40 working days from the application date. It will take an additional 2–3 months to resolve the transaction formalities. This is a relatively short period, and the requirements for applicants are fairly simple, including:
- Being of legal age.
- Having a legal and stable source of income of at least €28,800.
- Providing documents proving the purchase of residential and/or commercial real estate totalling more than €500,000.
- Confirming the absence of systemic diseases that pose a threat to life.
When relocating with family, a residence permit can also be granted to the spouse, children under 18 years old (or older if they are financially dependent), and parents. However, be prepared for additional financial obligations, as Spanish authorities want to ensure that residents won’t become a burden on the state.
Once you receive a positive response, you will be issued a residence card valid for 3 years. If you decide to stay longer, you can extend the residence permit or, after 5 years, apply for permanent residency (PR). The option to obtain a Spanish passport becomes available after 10 years of residence.
Investment real estate in Madrid
Property prices in Madrid are considered among the highest in Spain, and this is true to some extent. Most transactions are completed for sums starting at €390,000, though there are more affordable options. However, the profitability of housing is high, and investments quickly pay off if you rent out an apartment or villa. The average rental rate is €182 per m². Additionally, profits can be made through resale, as the price per square meter in the capital grows by an average of 10%, with some areas seeing increases of 15–20%.
Investors should consider the following features of the local market:
- It’s possible to buy property in Madrid with minimal investment in areas like Vallecas, the residential district of Ciudad Lineal, near Barajas airport, or in the Chinese quarter of Usera.
- Not all properties come furnished or renovated, so additional costs for setting up the property should be factored in.
- If you plan to earn rental income, it’s worth selecting apartments in Salamanca and Hortaleza, as well as in the Chamartín and Fuencarral districts.
- For a quiet, peaceful living environment, consider housing in Moncloa or near Retiro Park.
Apart from the primary sum, future residence permit holders will need to pay taxes.
There are no restrictions for non-residents regarding real estate purchases in the capital of Spain, and there is no special process for such transactions—they follow the usual legal procedures. The law protects owners' rights, even if they do not obtain a residence permit for real estate in Madrid. It’s important to collaborate with a reliable agency or developer, conduct legal checks on the real estate for encumbrances and ownership history, and pay taxes.
Non-residents who purchase apartments, land, or houses in Spain are eligible for the Golden Visa program. To qualify for a residence permit, applicants must be at least 18 years old and own property in the country valued at a certain minimum (no less than €500,000). Mandatory conditions include:
- No past violations of national immigration laws.
- Legal documents confirming housing ownership in Spain.
- Correctly filled application with accurate personal details.
- Proof of the absence of serious illnesses.
- An annual income of at least €28,800. Those applying for a temporary residency permit for themselves and their spouse, children, or parents must deposit an additional €7,200 per person included in the application.
The residence card is valid for 3 years but can be revoked if the foreigner sells the property.
To successfully apply for a residence permit in Spain through real estate purchase, the applicant must own one or several housing units with a total value of at least €500,000. Depending on personal preferences and plans, you can choose from apartments, villas, penthouses, or even commercial real estate. The most advantageous offers are found in the primary market, but there are also options in the secondary market with shorter payback periods.
The most attractive districts to purchase an apartment in Spain’s capital include Hortaleza, Retiro, as well as Chamberí, Chamartín, and Salamanca. For long-term investments, the best options with real estate for sale in Madrid are El Cañaveral, Sanchinarro, Puerta de Hierro, and Valdebebas, where modern residential complexes with growing social infrastructure are located.