Do you dream of living in Europe? If so, you’re not alone. All of us at Madrid Estate have moved here from other countries. The first step you need to take, before moving to Europe, is to figure out where you want to live. In this series of articles called Why Madrid?, we explore the costs and benefits of living in Madrid compared to other European capitals. Read this article to learn the benefits of living in Madrid vs. Paris.
Cost of living
Although prices have increased across the board in the past couple years, Madrid is still cheaper than Paris. For example, a meal at an inexpensive restaurant in Paris costs an average of 15.78€. In Madrid, the average price is 13.15€. The average price of a life of bread in Paris is 2.18€, whereas in Madrid it is 1.04€.
Madrid is particularly cheap when it comes to housing costs, which represent a third to a half of most people’s monthly expenses. According to Deloitte’s 2022 Property Index, which is an overview of European residential markets, the average monthly rent in Paris is 29.10€ per square meter. In Madrid, the average monthly rent is 18.46€ per square meter.
If you are looking to purchase an apartment, the price difference is even greater. The price of residential real estate in Paris is 13,462€ per square meter. That’s the most expensive real estate in Europe. The average price of real estate in Madrid is 5,073€ per square meter. Meaning, it is over twice as expensive to buy an apartment in Paris vs. Madrid.
Ease of getting a visa
Unless you get a company to sponsor you, which can be tricky, getting a visa to live and work in France requires a lot of money. France does not have a golden visa program. It does have a visa for founders and investors in technology companies, but the minimum investment is 300k€ and the process is extremely opaque.
Spain, on the other hand, is much more welcoming when it comes to granting residence permits. It has what is arguably the best golden visa program in Europe.
If you can’t afford to invest 500k€ in Spanish real estate, there are plenty of other options. You can get a Spanish entrepreneur visa or a Spanish freelance visa, both of which give you the right to live and work in Spain. The investment thresholds for both are minimal. All you need to do is demonstrate you have 579.02€ per month to live on. Alternatively, if you have income from either investments, retirement income or income from work conducted in other countries, you probably quality for a non-lucrative visa. This requires you to demonstrate a monthly income of 2,259.60€.
Crime
Paris has become increasingly dangerous in recent years. There is not much violent crime like in US cities, but there is a lot of petty crime and muggings are definitely on the rise. Your blog writer has two friends that have been mugged in Paris in recent years; both occurred in what are considered very good neighborhoods. A third friend was attacked in the Paris Metro in broad daylight.
Madrid, on the other hand, is extremely safe. Like all big cities there is some pick-pocketing in very touristy areas like Puerta de Sol and the Gran Vía, but if you live in Madrid, you likely won’t frequent those areas.
Lack of tourists
Living and working in a city that is filled with tourists not only makes your life unpleasant, but it drives up rental prices. Although it gets its fair share of tourists, they don’t flock to Madrid like they do Paris. Paris has more tourists than any city in the world, except for Bangkok. There are many places in Paris, like Montmartre, that are so thronged with tourists that they have lost all their local charm and are not even pleasant to visit.
Work/life balance
Madrid has the best work/life balance of any city in Europe. But you don’t have to believe us on this! Every year, HSBC ranks countries for expats. In 2021, they ranked Spain the number 3 country for quality of expat life; France ranked 9th. If you move to Madrid, you will likely spend a lot of time on terrazas, having copas or cañas with your friends and enjoying the fantastic weather and brilliant sunsets. A very excellent reason to move to Madrid vs. Paris.
