Real Estate Agency in Recoletos, Barrio de Salamanca (Madrid)

How much does an apartment in Recoletos cost in 2026

Two market sources give very similar figures. One puts the average sale price at 11,184 €/m² in May 2026, with a high of 11,276 €/m² in April and a low of 9,098 €/m² in September 2023. Another estimates 11,118 €/m² and a year-on-year rise of 3.6 %.

The average hides wide variation. Current listings include apartments to renovate in Goya or Núñez de Balboa below 10,000 €/m², and renovated homes in Villanueva, Castelló, Serrano or Columela above 19,000 €/m². That is why you should always compare by street, floor, condition and outdoor space, not by the whole neighbourhood.

On calle Recoletos itself, the average price of advertised apartments for sale was around 2 million euros, with examples of 100 m² at 1.6 million and 188 m² at 3.4 million.

What type of property is for sale

The apartment of 80 to 300 m² dominates, in classic stone buildings with wrought-iron balconies, alongside buildings from the 70s along the Recoletos axis. On calle Recoletos, the most representative property is between 105 and 120 m² and dates from 1970-1979.

• Newly renovated: this commands the highest price per m².
• To renovate: dozens of listings, with clear discounts compared with renovated homes.
• Penthouses, duplexes and ground floors with patio or terrace: scarce and highly sought after.
• Parking space: in some buildings it is usually sold separately, with options of around 100,000 €.

With 1 or 2 bedrooms there are offers from 600,000 to 1,000,000 €, mainly on upper floors, interior units or semi-basements. For families, 3 and 4 bedrooms start at around 1.8 million.

Renting in Recoletos: the most expensive in Madrid

It is the most expensive rental area in the city. Estimates for the neighbourhood range between 29 and 34 €/m² per month. On calle Recoletos, idealista listings averaged around 39 €/m² per month.

Recently published examples in the area: a 40 m² studio in Villanueva for 1,500 € per month, a 64 m² apartment in Lagasca for 2,200 €, and homes of 200 to 300 m² between 7,500 and 13,000 € per month. There is a lot of seasonal and furnished letting.

The estimated gross yield is around 3.4 %. That is a modest figure: here you buy for capital protection and scarcity of stock, not for yield.

Buyer profile

This is a wealth market. Buyers with substantial capital, international investors and Madrid families looking for a central address predominate. The average size of homes for sale in the Salamanca district is the largest in Madrid, about 167 m², and the average price of an apartment in the district is around 1.9 million.

This affects selling. A very well renovated apartment, with outdoor space and a good floor, sells per m² above the average. One with defects or an inflated price stays listed for months. A good asking price matters more than in almost any other neighbourhood.

Living in Recoletos: the surroundings

The neighbourhood borders the Parque del Retiro, and some listings highlight proximity to the Puerta de Alcalá and calle Velázquez. The Paseo de Recoletos, with the Plaza de Colón to the north, is the axis of the area. There is a Cercanías Recoletos station, and the metro and bus lines on Serrano, Velázquez and Alcalá cover the rest of your journeys.

High-street retail is top level: on Villanueva, Serrano, Velázquez or Castelló, ground-floor shops are advertised at between 30 and 55 €/m² per month. There are also many offices, with rents of 26 to 42 €/m² on Serrano, Claudio Coello, Alcalá or the Paseo de Recoletos. For living, that means traffic and noise on the main streets and more quiet on the side streets.

How we work in Recoletos

Aurovas is a boutique real estate agency and we cover Madrid with our team in the capital. Our listed apartment in Núñez de Balboa illustrates the segment: renovated and with 40 m² of outdoor space, an extra highly valued by those buying in central Madrid.

• Buyer: we select apartments by street, condition and outdoor space, and compare real €/m² before making an offer.
• Seller: we value using comparable listings on your own street, not the neighbourhood average.
• Investor: we calculate net yield with traditional and seasonal letting.

Call us on +34 654 841 986 and we will give you a first opinion on price, no obligation.