The Retiro neighborhood takes its name from The Retiro park; 350 acres of beautiful green in the center of Madrid. It was initially created between 1630 and 1640 as a part of the Buen Retiro Palace- a mansion created for King Phillip IV. It is considered one of the very last works of Renaissance architecture in Spain. Most of the palace was destroyed in the War of Independence from Napoleon, in 1808-1813. However, the park remained. Following the war, Ferdinand VII tried to recover the lost splendor of the Retiro gardens. He embellished them with new elements, called Caprices, such as ornamental fountains and The Fisherman’s Cottage. Later, other features were added such as The Crystal Palace and the Palace of Velázquez. The park is extremely popular, and many flock to it over the weekends to enjoy the sun and nature. Art lovers should check out the rotating contemporary art exhibits in The Crystal Palace, the Palace of Velázquez and the House of Cows (it used to be a dairy farm and milk trade office). They are offshoots of the Reina Sofia Museum and are free of charge.

The most expensive real estate in Madrid is in Salamanca, bordering the Retiro to the north. However, there is a neighborhood called Retiro that borders the Retiro in other directions, and extends to the south and east. Not all of Barrio Retiro is premium real estate, but there are two micro-neighborhoods we love: Jerónimos and Ibiza.

Jerónimos is mostly composed of the park. However, there is a thin sliver of real estate that lies between the park and Paseo de Prado that has some exquisite apartments. Much of Spain’s old money owns apartments, or even entire buildings, in this neighborhood. The prices are on par with those found in Recoletos. The neighborhood has a quiet, traditional feel to it. How could it not, when it is surrounded with so many classic monuments? The Casa de Buen Retiro, which was the ballroom and one of only two remaining buildings of the Buen Retiro Palace, the Prado, the Puerta de Alcalá and the Royal Botanic Gardens all feature predominately in this neighborhood. Salamanca may be international and glitzy, whilst Jerónimos is pure Regal Spain.

Ibiza, which lies to the west of the Retiro, is much more working class. It is a very family friendly neighborhood with local bars and restaurants. If you want to live by the Retiro but can’t afford the price tag of Salamanca or Jerónimos, it is an excellent option and a very pleasant place to live, with its tree lined streets and residential vibe.