Should I Move From Uruguay to My Favorite European City?
Date: 01/27/2008
Monday, Jan. 28, 2008
Madrid, Spain
Read more about moving abroad in International Living Postcards—your daily escape
I walked into a well-known tapas bar in Madrid, Spain, and the first thing I saw was a dead guy. Actually, it was a series of pictures, not only of a dead guy, but also of a number of soon-to-be-dead guys in the process of being gored, trampled, or flattened by finely conditioned bulls in excess of 1,000 pounds. Of course, the bullfighters who won are here too, in a huge photographic display that covers some of bullfighting’s most exciting moments. This particular bar is one that pays proper tribute to the bulls that won their match.
The Torre del Oro is not just a tapas bar, but also a bullfight bar. I first saw it in 1996, and was concerned that it may not still be in business, but I needn’t have worried. The Torre del Oro opened its doors in 1925, and was converted to a bullfight bar in 1940 by Serafín Belmonte, a famous picador from Seville…so it looks like it’s here to stay. It’s popular not only with bullfight aficionados, but also with a number of famous bullfighters…as well as many tourists who—like me—come for the tapas.
I enjoy Madrid’s super restaurants, centuries-old architecture, and bars that don’t close…even when the sun comes up. I’ve always come here as a tourist…after all, Madrid has been my favorite city in the world since my first visit here 12 years ago.
I like all Spanish cities and towns, but there’s something that I connect with in Madrid. I feel as though I’m a part of history while exploring its streets and alleys, looking in the shops, and studying the architecture. And I take pleasure in the festive atmosphere of the tapas bars.
But other experiences draw me even more. The old woman who struck up a conversation while I was reading the paper one sunny winter morning on Plaza de Santa Ana; the guy in the beret who asked me to sit in on a game of checkers in a park; the woman with 1,000 stories who worked in Hostal López years ago. These memories make Madrid feel like home…albeit an expensive one, due to the fall of the dollar.
An apartment in Madrid for €87,000? The sign stopped me in my tracks as I walked along Calle de las Huertas between Plaza Mayor—Madrid’s center square—and the Prado. True, at today’s exchange rates that’s $127,500, but nonetheless it was a surprise to see anything this inexpensive in downtown Madrid. Maybe I can afford to live here…
But this apartment turned out to be the tiniest place I’d ever seen. It was bright, cheery, and perfectly located, but the maid’s suite in my small apartment in Montevideo is probably bigger.
The truth of the matter is that you should expect prices in Centro to start at about €3,800 per square meter ($516 per square foot), with most nice living quarters averaging more like €5,000 per square meter ($680 per square foot).
Experts expected property prices to drop in Madrid during 2007, and they have…by 0.3%. But digging into the year-end report’s details, I found that prices actually increased in the upscale areas of Salamanca, Chamberí, Chamartín, as well as in Centro. The significant price drops in cheaper areas such as Moratalaz and Villaverde are, in fact, what caused the overall decrease in 2007.
Some experts believe that this may be the start of an “adjustment” in the capital’s property prices after many years of increases. If so, it will be good news for people considering buying in Madrid.
A small, two-bedroom, one-bathroom, newly refurbished apartment in Centro’s Palacio district is now on offer for €189,000 ($277,000). To go a little more upscale, a classic-style fourth-floor apartment with two bedrooms and one bathroom, parquet floors, and balcony windows opening onto the street will cost you €252,000 ($370,000). These were both small, at 538 square feet. I saw something huge by European standards—over 1,000 square feet—in the same district…a newly restored apartment for €420,000 ($616,000).
Real estate aside, the prices of everyday things that I enjoy doing are quite affordable in Madrid, given the magnificence of the city.
An ice-cold pint of beer will set you back €2, while a rich espresso is only €1.25—which is less than you’d pay in some high-end restaurants in Uruguay. In one of my favorite tapas bars, a glass of excellent Rioja wine and an order of succulent jumbo shrimp cost only €1.90…and this was on Plaza Mayor, one of the most expensive areas of the city. I could spend a lifetime exploring Madrid and never grow tired of the fine dining, cafés, museums, rich culture, always-friendly people, and fascinating history.
Bottom line, I could manage to live here, and would be happy doing so. I’d probably be in Madrid at least half of the year if I could afford to buy a property—which is now out of my reach thanks to the fall of the dollar. (When I was here in 2002, that €87,000 apartment would have been worth $78,300…today it’s worth $127,500.) But as we know, that can change.
Believe me, when you compare downtown Madrid with Latin American real estate, it’s not going to look like a bargain. But the real question when shopping for a home overseas is not necessarily whether it’s cheap, but whether it’s a good value...that is, a property that brings you a lifestyle that you feel is well worth your money.
In Latin America, we often evaluate our cities on how “Europe-like” they are; the “Paris of South America” or the “Switzerland of Central America.” In Madrid, you’ve got the real thing…the place where Latin America began…and to me, there’s plenty of value in that.
Lee Harrison
Roving Latin America Editor, International Living
P.S. If you’re in downtown Madrid and would like to view properties, stop in to see Angelo De Simone at the Tecnocasa office at Calle de las Huertas No.1, just a few blocks from Plaza Mayor heading toward the Prado National Museum. If you’d like a short-term stay in a furnished rental, check out a new company called e-rent, or write to Mario López for information. You can view English-language listings of Madrid properties for sale at idealista.com.
Read related articles:
- Get a Big Discount on a Piece of Spanish Coast
- A Two-Bedroom Apartment for $6,000…and Other Bargains
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