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. If you take out the prices of housing and clothes, Madrid is roughly 30% cheaper than Paris. For example, a bottle of water in Paris costs an average of 2.54€. In Madrid, the average price is 1.55€. The average price of a life of bread in Paris is 1.73€, whereas in Madrid it is 1.29€.
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 2024 Property Index, which is an overview of European residential markets, the average monthly rent in Paris is 31.3€ per square meter. In Madrid, the average monthly rent is 25.4€ 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 14,900€ per square meter. That’s the most expensive real estate in Europe. The average price of real estate in Madrid is 5,462€ per square meter. Meaning, it is almost three times 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 digital nomad visa. It does have a visa for founders and investors in technology companies, but the minimum investment is 300k€ and the process is extremely opaque.
Although Spain recently mothballed its golden visa program, there are many options of obtaining a visa to legally live in Spain. You can get a Spanish entrepreneur visa or a Spanish digital nomad visa, both of which give you the right to live and work in Spain. The required monthly income for the entrepreneur visa is surprisingly low. All you need to do is demonstrate you have 600€ per month to live on; however, you do have to start your own company and the immigration authorities verify that you do this. 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 2,400€.
Would you like to learn more about relocating to Madrid? Contact our Founder at fabiana@madrid-estate.com or WhatsApp +34 680 306 337 to discuss the wonderful expat lifestyle Madrid offers.
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 can drive up rental prices. Although it gets its fair share of tourists, they don’t flock to Madrid like they do Paris. Barcelona is the city in Spain that gets the throngs of tourists. Madrid gets a lot of tourists during Real Madrid games, but aside from that there is a reasonable amount. 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. According to Veranda Magazine, Spain is the third best country for American expats. 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.
Other articles in the Why Madrid Series
Are you interested in comparing Madrid to other popular expat cities? We invite you to read any of these articles that compare expat life in Madrid to these destinations across a variety of metrics and amenities:
Why Madrid? Madrid vs. Tel Aviv
