The Madrid Buying Guide

What I explain to every buyer before they start looking, in one place.

By Jaime Romero, independent property finder in Madrid. Prices updated June 2026.

1. The honest timeline

Realistically one to three months from accepted offer to keys. The NIE and the mortgage are what stretch it, which is why both go first.

2. The money, in full

Add about 10 per cent on top of the price. A 400,000 euro flat really costs about 440,000.

If you need a mortgage

Non residents are typically offered 60 to 70 per cent of value, residents often up to 80. So as a non resident buying at 400,000 you need roughly 160,000 to 200,000 euros of your own money, deposit plus costs.

3. Price cheat sheet

Asking prices per square metre, June 2026 (Idealista). Multiply by the size of the flat.

Note the last column. The expensive districts have stalled and the cheaper ones are rising fast. That is the single most useful pattern in this table.

4. Documents you need

• Passport
• NIE (not optional)
• Spanish bank account
• Proof of income: contract, payslips, or accounts if self employed
• Tax returns from your country, usually the last two
• Bank statements, six to twelve months
• Proof of the origin of your funds (anti money laundering)
• Official translations, and sometimes an apostille

5. The process, step by step

1. NIE and bank account. Start early, the appointment is the bottleneck.
2. Mortgage pre approval, if you need financing. It tells you your real budget.
3. Search and viewings. Video viewings work well if you are still abroad.
4. Offer and reservation.
5. Arras contract, normally 10 per cent. Under the standard form, you walk away and lose it, the seller walks away and pays you double.
6. Legal checks. Your lawyer, not the seller’s.
7. Valuation and mortgage approval.
8. Notary. You sign the escritura, pay, get the keys.
9. Registration and taxes, usually via a gestor.

6. The legal checks that matter

• Nota simple from the Land Registry: who owns it, and whether there are mortgages, embargoes or charges
• Community debts: they follow the property for the current year plus the previous three
• Approved derramas: building works voted but not yet paid
• IBI (council tax) paid and up to date
• Licence of occupation or habitability certificate
• ITE: the building’s technical inspection, if required
• Energy certificate
• Registered square metres match reality, and any extension is legal
• Tenants: if occupied, the contract passes to you

7. Viewing checklist

• Lift, and which floor
• Orientation and natural light at different times
• Heating and air conditioning, and who pays
• Windows: double glazing or single
• Damp in corners, ceilings, behind furniture
• State of the building: entrance, roof, facade, garage
• Noise, including a visit after 10pm
• Monthly community fee, and what it includes
• Any works planned in the building
• Neighbours and how the community is run
• Walk to the metro or train, timed, not estimated
• Renovation needed, and a realistic quote before you offer

8. Red flags

9. Useful Spanish

General information, not legal, tax or mortgage advice. Price data: Idealista, June 2026. Tax rates, lending criteria and rules change: confirm with a lawyer, gestor or tax adviser before committing.