Salamanca

In the 19th century, the Marqués de Salamanca intentionally created Salamanca to be an enclave for the capital’s aristocracy and wealthy bourgeoisie. To this day, the neighborhood attracts the rich and famous not just from Spain, but from around the world. Barrio Salamanca is home to many embassies, located in elegant old buildings. For example, the beautiful Italian embassy is located in a French Baroque style building designed by Joaquín Rojí, one of the best Spanish architects of the early 20th century. The building once belonged to the Marquess of Amboage, a man of immense wealth who had a noble title granted to him by the Vatican.

The Salamanca neighborhood is especially evocative in spring, when the trees lining the elegant streets are festooned with yellow flowers. Calle Serrano, which starts at the roundabout that houses the Neo-Classic arch called Puerta Alcala, is Spain’s version of the Champs-Élysées. It is lined with shops from big international brands, such as Longchamps, MaxMara, Coach and Caroline Herrera. The smaller streets, such as Calle Lagasca and Calle Claudio Coello, have many fashion boutiques, as well as shops by local designers.

Pricing Overview

Real estate in posh Salamanca is the most expensive in Madrid. As of January, 2025, the average price for a square meter of real estate in Salamanca was 8,993€. Rarefied Recoletos, which lies directly to the north of the historic Retiro park, is the most expensive part of Salamanca with a median price of 10,769€ per square meter. The premium apartments in Recoletos have views of Retiro Park, echoing the vibe of the apartments on New York City’s Upper East Side along Fifth Avenue. Real estate prices in old school Goya really took off in 2024, the median price of a home here is 9,2956€ per square meter, which represents a 30.6% year on year increase.

Real estate in the northern part of Salamanca, called Castellana, has a median home price of 9,843€ per square meter. This part of Salamanca has a younger, more dynamic vibe as it is home to IE University, one of Europe’s best business schools. The median price of a home in Lista is 8,851€ per square meter. Guindalera and Fuente de Berro, located in the eastern part of Salamanca, have more attainable prices, with median home prices of 5,786€ and 6,264€ per square meter, respectively. However, these represent big prices increases over 2024 prices as buyers looked to the more reasonably priced neighborhoods in Salamanca.

Current Market Prices