Greetings from Ireland…
The sun is splitting the stones here—as we say. Hard to believe, but it’s been nearly three weeks of sunshine since I arrived.
I’ve been making the most of it: evening golf, scenic drives, and lots of al fresco dining.
I wouldn’t want to be anywhere else—at this time of year, of course. Come January, you’ll find me in Cabo.
Next weekend, I’m off to Portugal to check in on my place in the town of Caminha, in the far north of the country. I’ll fly from Shannon airport to Porto on Ryanair. Shannon is a small airport just over an hour from my home in Ireland. The ticket to Porto cost me only €60.
Being in Europe always reminds me how easy it is to get around. Low-cost airlines make hopping from country to country quick and cheap. Trains and short drives open even more doors.
One of my team members, based in Denmark, recently spent time in Spain’s capital, Madrid. I haven’t scouted real estate there—and haven’t been in close to two decades. But I’m hearing a buzz: an influx of international buyers and surging property values.
There’s a global appetite for European capital-city living, especially in places with great weather and still-reasonable prices.
London, Paris, and Lisbon have all seen prices soar. Madrid, a grand historic capital, flew under the radar…until now.
It’s stylish, elegant, and well-connected—with top-notch food, culture, and architecture.
Here’s what my scout Luis found…
Wishing you good real estate investing,
Ronan McMahon
Founder, Overseas Dream Home & Real Estate Trend Alert
P.S. Stay tuned for my reports from Caminha. I recently bought a 5,000-square-foot historic mansion there because I believe the next big real estate play is in northern Portugal. I ranked Caminha and Portugal’s “Undiscovered North” at the top of our 2025 index of the best places to buy real estate worldwide.
Where to Live and Invest in Spain’s Capital Right Now
By Luis León
In Spain, the bar is the center of everyday life.
Part-café, part-restaurant, part-pub, Spanish bars are where mornings begin with coffee and conversation, afternoons stretch over tapas and laughter, and evenings pulse with the rhythm of clinking glasses and shared stories.
Visit a bustling traditional bar and you’ll quickly see the joyful nature of Spanish society, and you’ll understand why Madrid—and Spain as a whole—is such a sought-after destination…
I’ve just spent a couple of weeks in Madrid, savoring slow travel and settling in like a local. I’ve also been getting under the hood of the real estate offerings…
Luis snapped this picture of the Palace of Cibeles, a great example of the stunning Spanish architecture found in Madrid. The city is seeing renewed attention as demand for European capital-city living grows.
Nestled in the heart of the Iberian Peninsula, Madrid has been Spain’s capital since the 16th century. With nearly seven million people in its greater metropolitan area, it is known for world-class museums, stunning architecture, lively neighborhoods, and an unbeatable quality of life.
Walking around Madrid is a feast for the senses. The architecture is among the most striking in Europe…and the city is famed for its culinary scene.
Madrid’s international food scene is booming, with Latin American cuisine making a particular mark—think arepas from Venezuela, ceviche from Peru, tacos from Mexico, and Argentine-style grilled meats.
But at its core, Madrid’s culinary soul is deeply Mediterranean, with regional treasures from across Spain: the fresh seafood of Galicia and Andalusia, the saffron-rich paellas of Valencia, and the unmistakable jamón ibérico from the northern provinces.
Spain’s bar culture reflects its relaxed way of life and passion for good food and drink—a key part of the country’s internationally admired lifestyle.
Given the rich lifestyle, it’s little surprise that Madrid continues to attract a growing number of expats. At least 10,000 American citizens now live in the city.
One key incentive: Compared to cities like New York, San Francisco, or even European capitals like Paris, Brussels, or London, the lifestyle in Madrid remains highly affordable. You can enjoy a full meal at a local restaurant for just €20—and the portions are generous.
Where Do Expats Usually Live in Madrid?
Madrid is a patchwork of unique, charming neighborhoods—each with its own vibe and personality. The city is divided into 131 official barrios.
Here are a few standout areas where expats tend to settle, plus a look at some properties currently available in each…
La Latina
La Latina is a relatively affordable neighborhood compared to other areas in Madrid.
Set in the historic center of the city, La Latina is true old-world Madrid. Known for its top-tier tapas bars, stunning historic architecture, and the bustling Sunday market El Rastro, it offers expats a warm, authentic atmosphere with a strong sense of community—ideal for those who value tradition, social life, and walkable neighborhoods.
One of La Latina’s key attractions is its relatively affordable real estate—especially for such a central location. An example…
Set in a highly sought-after and exclusive part of the Palacio neighborhood, this one-bedroom apartment has pleasant views of the surrounding area, and its east-facing orientation brings in abundant sunshine year-round. It spans 570 square feet and is listed for €430,000.
Malasaña
Malasaña’s bohemian vibe—full of vintage shops, indie cafés, and street art—has made it a magnet for expats seeking a slice of contemporary Spanish culture.
Just north of the iconic Gran Vía, there’s Malasaña. This is Madrid’s bohemian heart—an eclectic neighborhood where vintage shops, indie cafés, and street art blend with rich history and modern creativity. Roughly a 15-minute walk northeast of La Latina, Malasaña offers a more alternative, youthful vibe while still being deeply rooted in Madrid’s central core. It’s also walkable and has a vibrant nightlife.
Prices here can be relatively affordable too, for a major world capital such as this.
I came across a two-bedroom apartment with a well-planned layout and a cozy design. It offers 538 square feet of living space and panoramic views of the neighborhood. It’s also well-connected to the city’s main attractions.
It’s on the market for €415,000. Check the listing here.
El Retiro
Like New York’s Central Park, Madrid’s El Retiro park offers a lush escape in the heart of the city. It also lends its name to the surrounding neighborhood.
The El Retiro neighborhood is the more refined, tranquil side of Madrid, centered around the iconic El Retiro Park—a historic, 125-hectare green oasis filled with monuments, manicured gardens, and a grand lake, beloved by both locals and visitors.
With its elegant boulevards, cultural institutions, and residential charm, it’s ideal for expats seeking green space, a slower pace, and convenient access to both city life and peaceful retreats.
El Retiro is considered a more upscale area, and property prices here tend to be above average. In the Ibiza district (yes, like the island), I found a stylish, modern three-bedroom, two-bath apartment listed for €828,000. It has a 1,011 square feet of living space and a contemporary design.
According to the listing, the apartment is currently undergoing a full renovation and is expected to be move-in ready when sold. Check it out here.
Moncloa
The district of Moncloa, where you can find the seat of the Spanish Government, is popular among students, professionals, and expat families.
The Moncloa neighborhood lends its name to the official seat of the Spanish Government: The Palace of Moncloa, located at the heart of the district. It sits just west of the city center, a short walk from Malasaña, making it feel close to the action while still offering a bit more breathing room.
Moncloa combines academic energy with residential calm, thanks to its proximity to major universities and green spaces like Parque del Oeste.
Popular among students, professionals, and expat families, it offers spacious housing, excellent transport connections, and a relaxed atmosphere—just minutes from the city center.
I came across a fully renovated apartment here with a stylish design and an excellent location. It has two bedrooms, one of which includes an en-suite bathroom. The property has 744 square feet of living space and comes with a balcony.
It’s on the market for €595,000 and you can check the full listing here.
These are some of the most in-demand neighborhoods, but there are other spots worth checking out too.
If you’re looking at the high-end of the market, take a look at areas like Salamanca, Almagro, or Chamberí.
Luxury real estate is booming there, with historic buildings being converted into upscale and even branded residences—big-name hotel chains are getting in on the action too.
Prices in these neighborhoods start around €1.5 million and can easily climb past €10 million.
RONAN SAYS: I plan to visit Madrid this October to scratch on any opportunity there.
But unless you really want Madrid, and only Madrid, my advice for now is to look beyond the capital. Consider secondary or even tertiary cities where you can snag a “mini-Madrid” for half the price.
Or better yet, head north to San Sebastián in the Basque Country. There, you get a blend of mini-Madrid and mini-Paris—at half the price—and with an incredible beach thrown in. And when you want to visit Madrid? Just jump on a train.
Members of my Real Estate Trend Alert (RETA) group have done exceptionally well in Spain, but it’s the southern coast where the RETA formula has truly shined.
The stunning, luxurious coast of Spain’s Costa del Sol—where RETA members have seen numerous incredible deals with uplifts of nearly €300,000.
Spain’s Costa del Sol is the site of some of the best deals in the 17-year history of our RETA club, with members seeing incredible uplifts like €209,100, €223,000, and €258,000 on our past opportunities here. Here’s a few examples…
- €155,000 Boost—I brought RETA members a deal to own sea-view homes in a community called Rock Bay. One RETA member bought here in 2018 for €230,000 and has since sold for €385,000.
- Uplift of €209,100—In 2017 RETA members got in on a deal to own luxury homes in a golf community called Ibergolf. In 2024, a RETA member who bought here in 2017 for €189,900 sold for €399,000.
- A Boost of €223,000—We had our RETA opportunity at Casares Costa in 2020. A condo bought by a RETA member here for €174,000 sold last year for €365,000. That’s €191,000 more. Another condo a RETA member bought here for €327,000 was sold in late 2023 for €550,000—an incredible gain of €223,000.
- €258,000 Gain—In 2015, I brought RETA members a deal in the Señorio de Gonzaga community in Marbella. I hear that one member who bought here for €127,000 sold in 2024 for €385,000—that’s €258,000 more.
My team and I are always on the lookout for new opportunities like these in Spain. I’ll let you know what we find…
