The Centro neighborhood of Madrid is the oldest, most historic part of the city. Keep in mind: it can be confusing when talking about Madrid neighborhoods, because there are names that are locally used for different sections of Barrio Centro which are different from the official district names. Take La Latina, for example. Everyone refers to it as La Latina, but its official name is Palacio. Likewise, the official district of Embajadores is referred to by locals as Lavapiés. Justicia is colloquially known as Chueca and Las Cortes is referred to as Huerta.
La Latina is the oldest part of Madrid. Although most people think the name La Latina means it is Madrid’s equivalent of Paris’s Latin Quarter, this isn’t true. The neighborhood was named after the writer and humanist Beatriz Galindo, one of the most relevant personalities of the fifteenth century. She was often referred to as “La Latina” because she was highly skilled in Latin. She was the tutor of Queen Isabella the Catholic and her children. Along with her husband, she established a hospital on Calle Toledo, next to Plaza de la Cebada, which came to be known as “Hospital de La Latina.”
There are two main plazas in La Latina: Plaza de la Paja and Plaza de Cebada. Paja means straw in Spanish, and Cebada means barley- the straw and barley markets were originally in these locations. It is the most traditional of all Madrid neighborhoods. Although the main streets are often filled with tourists, you can walk through the side streets and find quiet, beautiful squares that are evocative of medieval times. Everywhere you look, you will see massive, Neoclassical domed churches like the Basilica of San Francisco el Grande, which is filled with frescos by Goya, historic paintings and statues.
If you venture to the south of La Latina you will find Lavapiés, which is the most diverse neighborhood in the city. If you enjoy eating food from different cultures, a trip to Lavapiés is a must as you can find Moroccan, Indian, Senegalese restaurants and more. Many buildings in this neighborhood are covered with street art, contributing to the neighborhood’s gritty vibe. Time Out magazine voted Lavapiés the “Coolest neighborhood in the world” in 2019.
The true center of Madrid is located in Puerta de Sol, which is like the Times Square of Spain. The real estate to the east of Sol, in Huertas, is much more desirable. This is the old literary district of Madrid. Its narrow streets, lit by electrified old gas lights and paved with literary quotes, are a haven of hipster boutiques, independent fashion ateliers and vibrant bars and restaurants.
The neighborhoods in the north of the Center, Malasaña and Chueca, are where most of the nightlife in the city is centered. Malasaña is all bars and restaurants and can be quite loud at night. Upscale Chueca is the center of Madrid’s gay community. There are many organic restaurants and trendy clothing stores in this area. During Pride Month, Chueca comes even more alive than it normally is. Pride in Madrid is not just for the LGBTQ+ community; it is a celebration enjoyed by all Madrileñ@s.
Although most of the people that buy in the Center are single or don’t have families, there are a few good bilingual schools and after school activities in the Centro neighborhood of Madrid.
Pricing Overview
Real estate prices in the Center of Madrid fell more than those of any other neighborhood during the worst times of covid, but it has also shown the strongest rebound. Post pandemic prices continue to rise. On average, real estate prices in the Center rose 17.1% from March 2023 to March 2024.
However, there was a lot of variation in prices across the neighborhoods in the Center. Prices in atmospheric Cortes (Huertas) averaged 7,533€ per square meter in March 2024. The price per square meter in party friendly Malasaña averaged 6,420€ in March 2024, while La Latina (Palacio) averaged 5,833€ per square meter.
If you want to live in the Center but can’t afford these prices, your best bet is to look in Embajadores (Lavapiés), where the average price of real estate per square meter was 4,683 in March 2024.
Current Market Prices
Restaurants
Pricing Overview
€ 6,144€ per square meter
17.1%
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