Everything here is long-term residential rent: a lease for someone’s home, never a tourist or short-stay let. Asking rent is what landlords advertise today. Rent on existing leases is what tenants pay, as recorded in tax returns, and it reaches the statistics about two years later. It runs lower; the yield here is on asking.
The rental numbers come with the search pass.
Asking rent, yield, running costs and the five-year view for this home.
03·The market over time
How this home’s market has moved
Centro, from official records. Only the 2025 rent point is our estimate; every other line is published data.
The official price index, since 2022
+31.6%since early 2022
Official index of second-hand sale prices, 2022 = 100. Madrid rose 53.8% over the same quarters. The year and quarter changes are in At a glance.
Q2 2026Centro128.8Madrid149.6
100
120
140
160 · index, 2022 = 100
Q1 2022202320242025Q2 2026
Q1 20222024Q2 2026
Q1 2022Q2 2026
The official price index, since 2022
Quarter
Centro
Madrid
Q2 2026
128.8
149.6
Q1 2026
131.3
145.9
Q4 2025
129.4
140.5
Q3 2025
129.8
138.5
Q2 2025
124.6
133.2
Q1 2025
119.4
126.9
Q4 2024
115.1
120.4
Q3 2024
110.8
116.8
Q2 2024
108.8
113.0
Q1 2024
108.3
108.5
Q4 2023
104.1
107.0
Q3 2023
104.9
105.8
Q2 2023
103.3
104.3
Q1 2023
99.7
102.6
Q4 2022
101.9
101.9
Q3 2022
99.8
101.9
Q2 2022
98.5
98.9
Q1 2022
97.9
97.2
What tenants pay on existing leases in Centro
€17.70per m² a month
up 5.5%in a year
Median rent on all leases declared in 2024, flats only. It moves slower than asking rents. The shaded band holds the middle half of leases. The dotted end is our estimate for 2025, not a published figure.
What tenants pay on existing leases in CentroWhat tenants pay on existing leases in Centro. Centro: median, with the middle half of leases beneath
Year
Centro
Middle half
Madrid
2025 · our estimate
€18.47€17.94–€19.79
—
€14.41€14.00–€15.44
2024
€17.70€14.00–€21.78
€14.00–€21.78
€13.97
2023
€16.77€13.33–€20.50
€13.33–€20.50
€13.30
2022
€16.01€12.82–€19.42
€12.82–€19.42
€12.77
2021
€15.32€12.12–€18.60
€12.12–€18.60
€12.31
2020
€15.36€11.88–€18.94
€11.88–€18.94
€12.12
2019
€15.27€11.98–€18.89
€11.98–€18.89
€11.86
2018
€13.92€10.67–€17.31
€10.67–€17.31
€10.83
2017
€13.17€10.14–€16.30
€10.14–€16.30
€10.36
2016
€12.71€9.84–€15.63
€9.84–€15.63
€10.03
2015
€12.25€9.34–€15.17
€9.34–€15.17
€9.85
2014
€12.02€8.89–€15.00
€8.89–€15.00
€9.80
2013
€12.12€8.71–€15.31
€8.71–€15.31
€10.00
2012
€12.70€9.15–€16.04
€9.15–€16.04
€10.58
2011
€12.80€9.09–€16.26
€9.09–€16.26
€10.84
04·Who buys in this district
Who buys here, and how.
Spain’s land registry publishes who completes purchases, by district: where buyers come from, and whether they buy through a company. Names are never included.
BuyersCentro district
Who buys in Centro: official figures are on their way.
Coming
Buyers from outside Spain
Buying through a company
How long owners keep a home
Nothing here is estimated. Each figure appears once it is loaded from its source and checked. Buyer figures are published for the whole district, never for a single street or home.
05·The neighbourhood · Centro
Centro: who lives here, what homes sell for, what they rent for.
This flat is in Isabel La Catolica, a barrio (neighbourhood) of the Centro district. The people who live here, what homes sell for and what rent costs, each set against Madrid city. Green means up, red means down, blue means little change.
Neighbourhood
€44,958household income a yeara year
Madrid €49,916Household income · Madrid €49,916
Official district
People
Population
down 3.1% in a year
141,800
Average age
Madrid 44.2
43.9
Aged 65 or over
Madrid 20.7%
16.9%
Registered unemployment
Madrid 5.8%
5.3%
Years of income to buy
average-size home (72 m²) ÷ household income · Madrid 9.7
11.8 years
SaleCentro · askingasking
€9,545per m²
Madrid, homes we track: €10,903
Price trend
up 3.4%in a year·down 1.9%on the quarter
Official price index · all second-hand sales in the district
What homes here sold for
Homes here sold for about
registered sales across the whole district, brought up to this quarter · not matched to barrioswhole district · not matched to barrios
€7,350/m²
Asking vs sold
Homes we track ask about 30% more than recorded sales across the district. Part of that is location.about 30% more, whole district
Asking rents are for homes advertised today. What tenants pay on existing leases comes from tax returns, runs about two years behind and is usually lower.
No grade for mortgage defaults or homes occupied without a lease (ocupación), on purpose. Spain publishes both only for the whole province, so a Centro grade would be invented precision.
06·The building itself
What the advert says about the building, and how to check it.
Spain’s land registry (the Catastro) records every building’s size, age and use. The first two figures are the agency’s; pull the building’s own record below to check them.
—the year it was builtnot stated in the listing
—lift not statednot stated in the listing
What comes back
Built area
—
Year built
—
Useresidential, office, shop…
—
Homes in the buildingand other units
—
This homefloor and door
—
Cadastral reference20 characters
—
07·Things that would change the deal
Spanish situations that catch foreign buyers out.
None of these are unusual in Spain, and none of them are visible in a photo. Each one changes what you are actually buying.
Sold with a tenant already in it
Vendido con inquilino. You inherit their contract — in Spain that can run five more years at the rent they already pay.
Ask the agency
You buy it, the seller keeps living in it
Nuda propiedad, literally “bare ownership”. You own the home but cannot use or let it until the seller dies. Prices look like a bargain for this reason.
Ask the agency
Someone is living there without a lease
Vivienda ocupada. Resolving it goes through the courts and can take more than a year. Ask the agency whether the home is empty.
Ask the agency
Being sold at auction
Subasta. You usually cannot view it first, and you may take on the previous owner’s debts on the property.
Ask the agency
No first-occupancy licence
Sin licencia de primera ocupación. The building cannot legally be lived in yet, which also means most banks will not lend on it.
Ask the agency
A big repair bill on the way
Derrama (a one-off levy the building charges owners for big repairs, such as a new lift or facade). Ask for the last three years of owners’ meeting minutes (actas de la comunidad) to see what has been agreed.
Ask the agency
Tourist lets in this district
Vivienda de uso turístico (a licensed tourist flat). The city’s Plan Especial de Hospedaje restricts new ones in this district.
Restricted here
We do not yet read listings for these. Ask the agency before you offer; your lawyer confirms each one in the nota simple (the land-registry extract).
None of this tells you whether to buy it.
It tells you what to ask, what to budget, and what a fair number looks like. The verified agent can tell you the rest.
An independent buyer’s agent Frankly has verified. 30 minutes, free, no obligation. Paid by you, not by the seller.
How we got these numbers
Is this price fair? · This home
Every figure in this section: what it measures, where it comes from, and what we did to it.
Asking price
€690,000
Measures
The price the agency is asking for this home, as advertised.
Source
The listing, published by the agency and read by Frankly every day.
Period
Today. Updates daily.
Method
None.
Kind of figure
Listing data, not verified
The page header
No read on this price
Measures
The same comparison as “Against homes on sale nearby”, shown in the header at the top of the page.
Source
Frankly’s fair-value comparison, over the listings above.
Period
Today.
Method
As above.
Kind of figure
We calculated this
What this exact home last sold for
—
Measures
Spain publishes no sale price for a single home, only averages by barrio and district, which is why the check above uses Centro’s.
Source
—
Period
—
Method
—
Kind of figure
Nobody publishes this
Attribution
Listing prices belong to the agencies that publish them. Frankly does not verify them.
How we got these numbers
Neighbourhood · Centro
Every figure on this card: what it measures, where it comes from, and what we did to it. Figures cover the official district.
Household income
€44,958
Measures
The average yearly net income per household living in Centro, against the same figure for Madrid city (€49,916).
Source
INE, Household Income Distribution Atlas (ADRH).
Period
2023. Yearly. Each edition covers the income year about two years earlier.
Method
None. Shown as published.
Kind of figure
Official record
Population
141,800 · down 3.1%
Measures
People registered as living in Centro, and the change on a year earlier.
Source
Ayuntamiento de Madrid, Padrón: population by district and barrio on 1 January.
Period
Jan 2026. Yearly, residents on 1 January; published mid-year.
Method
Sum of 6 barrios, padrón 1 January. The change is on the same date a year earlier.
Kind of figure
Official record
Average age
43.9
Measures
The average age of registered residents, against Madrid city (44.2, Sep 2026).
Source
Ayuntamiento de Madrid, Padrón: residents by census section, age and nationality (monthly).
Period
Sep 2026. Monthly snapshot of the register.
Method
Mean of single-year ages over 110 census sections, padrón 2026-09-01; 100 and over counted as 100.
Kind of figure
Official record
Aged 65 or over
16.9%
Measures
The share of registered residents aged 65 or over, against Madrid city (20.7%, Sep 2026).
Source
Ayuntamiento de Madrid, Padrón: residents by census section, age and nationality (monthly).
Period
Sep 2026. Monthly snapshot of the register.
Method
Residents aged 65 or over ÷ residents over 110 census sections, padrón 2026-09-01.
Kind of figure
Official record
Registered unemployment
5.3%
Measures
People registered as unemployed, as a share of the working-age population, against Madrid city (5.8%, Feb 2026). Not the survey (EPA) rate.
Source
Ayuntamiento de Madrid, District and barrio indicator panel.
Period
Feb 2026. Yearly panel; unemployment is the February count.
Method
February registered unemployed ÷ padrón residents aged 16–64.
Kind of figure
Official record
Years of income to buy
11.8 years
Measures
How many years of an average household’s income the typical home sold here costs.
Source
Ayuntamiento de Madrid × Colegio de Registradores, Registered home sales by district and barrio, 2007→ (city data bank); Comunidad de Madrid, Second-hand home price index (IPVCM), base 2022, by Madrid district; Ayuntamiento de Madrid, District and barrio indicator panel; INE, Household Income Distribution Atlas (ADRH).
Period
Sold price at Q2 2026 prices; size 2025; income 2023.
Method
Brought-forward sold price per m² (€7,341, every registered sale) × average size of homes sold (72.2 m², 2025) ÷ average net household income (€44,958, 2023) ≈ 11.8 years. Madrid, the same way: 9.7 years. It uses the price of every registered sale here, not only in the barrios of the homes we track: it is about the typical home sold, not our listings.
Kind of figure
We calculated this, from official records
Mortgage defaults and homes occupied without a lease
No grade
Measures
Why this page gives no grade for defaults or homes occupied without a lease (ocupación).
Source
Only province-level data exists: Banco de España (delinquency), INE Ejecuciones hipotecarias (foreclosures), Ministerio del Interior (reported occupation without a lease).
Period
—
Method
A district grade would be invented precision, so we don’t make one.
Kind of figure
Nobody publishes this
Attribution
Elaboración propia con datos extraídos del sitio web del INE: www.ine.es, 2023. Licence CC BY 4.0.
Origen de los datos: Ayuntamiento de Madrid, 2025–2026. Licence CC BY 4.0.
Comunidad de Madrid, IPVCM, Q2 2026. Licence CC BY 4.0.
Source: Colegio de Registradores, via Ayuntamiento de Madrid statistics.
How we got these numbers
Sale · Centro
Every figure on this card: what it measures, where it comes from, and what we did to it.
Asking price per m²
€9,545
Measures
The middle asking price per m² of the 865 homes for sale in Centro today. Half ask less, half ask more.
Source
Listings published by 38 agencies, which Frankly reads every day.
Period
Today. Updates daily.
Method
Asking price divided by built area for each home, then the middle value.
Kind of figure
Listing data, not verified
Madrid, homes we track
€10,903
Measures
The same middle asking price per m², across the 5,592 homes we track in Madrid.
Source
The same agency listings.
Period
Today. Updates daily.
Method
As above, over all Madrid districts we cover.
Kind of figure
Listing data, not verified
Price trend
up 3.4% · down 1.9%
Measures
How the prices of all second-hand homes sold in Centro changed: over a year, and over the last quarter.
Source
Comunidad de Madrid, Second-hand home price index (IPVCM), base 2022, by Madrid district.
Period
Q2 2026. Quarterly, about two months after the quarter ends.
Method
None. We show the index's own published changes.
Kind of figure
Official record (the quarterly change is calculated by us)
Homes here sold for about
€7,350/m²
Measures
What second-hand homes sold for per m² in registered sales, brought up to the latest quarter with the official price index.
Source
Ayuntamiento de Madrid × Colegio de Registradores, Registered home sales by district and barrio, 2007→ (city data bank). District table, second-hand homes. Brought forward with Comunidad de Madrid, Second-hand home price index (IPVCM), base 2022, by Madrid district.
Period
2025 average, brought up to Q2 2026. Yearly, covering the previous year's registered sales.
Method
Registered 2025 average for second-hand homes × (IPVCM Centro for Q2 2026 ÷ its 2025 average of four quarters), rounded to €50: €7,171 × 1.024 ≈ €7,341, shown as €7,350. This is the whole-district figure: only 51% of the homes we track could be placed in an official barrio, and we weight by barrio only from 60%. We bring it forward because a 2025 price read today would look cheap.
Kind of figure
Official record, brought forward by us
Asking vs sold
+30%
Measures
How far today’s asking prices sit above what homes sold for.
Source
The asking price and the sold price above.
Period
Today’s asking prices against Q2 2026 sold prices.
Method
€9,545 ÷ €7,350 − 1 = 29.9%, shown as about 30%. Sold prices cover every sale, not only the homes we track, so part of the gap is a difference in the homes themselves.
Kind of figure
We calculated this
Priced below our fair value
30%
Measures
The share of homes for sale that ask less per m² than three in four similar homes nearby.
Source
Frankly’s fair-value comparison, over the listings above.
Period
Today. Updates daily.
Method
Each home is compared with similar homes in the district by size, bedrooms and condition. 216 of the 710 homes we can compare fall in the cheapest quarter.
Kind of figure
We calculated this
Typical time advertised
117 days
Measures
The middle number of days the homes for sale have been advertised.
Source
Frankly’s daily record of each listing.
Period
Today. Updates daily.
Method
Days since we first saw each listing, then the middle value. A home that is taken down and listed again starts from zero.
Kind of figure
We counted this
Have cut their price
12%
Measures
The share of homes for sale whose asking price has dropped at least once.
Source
Frankly’s price history for each listing.
Period
Today. Updates daily.
Method
108 of the 865 homes have at least one recorded drop.
Kind of figure
We counted this
Attribution
Comunidad de Madrid, IPVCM, Q2 2026. Licence CC BY 4.0.
Source: Colegio de Registradores, via Ayuntamiento de Madrid statistics.
Listing prices belong to the agencies that publish them. Frankly does not verify them.
How we got these numbers
Rent · Centro
Every figure on this card: what it measures, where it comes from, and what we did to it.
Asking rent per m²
€31.1
Measures
The middle monthly asking rent per m² of the 342 homes to rent in Centro today.
Source
Listings published by 52 agencies, which Frankly reads every day.
Period
Today. Updates daily.
Method
Monthly rent divided by built area for each home, then the middle value.
Kind of figure
Listing data, not verified
Madrid, homes we track
€30.6
Measures
The same middle asking rent per m², across the 1,658 homes to rent we track in Madrid.
Source
The same agency listings.
Period
Today. Updates daily.
Method
As above, over all Madrid districts we cover.
Kind of figure
Listing data, not verified
What tenants pay on existing leases, per m² a month
€17.7 per m²
Measures
What tenants actually pay, from the rents landlords declare in their income-tax returns: flats let as a main residence, lets to relatives excluded. It arrives about two years late. Flats in buildings only; houses are a separate series. MIVAU withholds any census section with fewer than 10 lets. Not comparable with the asking rents above: two years apart, and the whole rental market rather than the homes we track.
Source
MIVAU, State rent reference index (SERPAVI): rents declared in tax returns, by municipality, district and census section.
Period
2024. Yearly. Each edition covers the tax year about two years earlier (the 2026 edition has 2024).
Method
None. We show the median MIVAU publishes.
Kind of figure
Official record
Declared-rent index
up 4.1% that year
Measures
How rents declared for tax changed in Centro over 2024: INE’s rental price index, built from the same tax returns. A separate series from the € figure, so the two can differ.
Source
INE, Rental price index (IPVA), base 2015, by municipality and district.
Period
2024. Yearly, in spring, covering the tax year about 17 months earlier (May 2026 published 2024).
Method
None. We show the yearly change INE publishes.
Kind of figure
Official record
To rent now
342
Measures
Homes advertised to rent in Centro today.
Source
Listings published by 52 agencies, which Frankly reads every day.
Period
Today. Updates daily.
Method
Counted once each, across agencies.
Kind of figure
We counted this
Typical rent
€3,200 a month
Measures
The middle monthly asking rent. Half ask less, half ask more.
Source
The same agency listings.
Period
Today. Updates daily.
Method
The middle value of the monthly asking rents.
Kind of figure
Listing data, not verified
Typical time listed
135 days
Measures
The middle number of days the homes to rent have been advertised.
Source
Frankly’s daily record of each listing.
Period
Today. Updates daily.
Method
Days since we first saw each listing, then the middle value. A home that is taken down and listed again starts from zero.
Kind of figure
We counted this
Attribution
Elaboración propia con datos extraídos del sitio web del INE: www.ine.es, 2024. Licence CC BY 4.0.
Source: Ministerio de Vivienda y Agenda Urbana, SERPAVI, 2011–2024 database (file last updated 9 July 2026); figures for 2024. Reused under the ministry’s terms, which require this citation.
Listing prices belong to the agencies that publish them. Frankly does not verify them.
How we got these numbers
The building itself
Every figure in this section: what it measures, where it comes from, and what we did to it.
Year built, floor, lift
—
Measures
What the listing says.
Source
Listings published by the agencies, which Frankly reads every day.
Period
Today.
Method
None.
Kind of figure
Listing data, not verified
Attribution
Listing prices belong to the agencies that publish them. Frankly does not verify them.
How we got these numbers
The market over time · Centro
Every figure in this section: what it measures, where it comes from, and what we did to it.
Official price index
+31.6% since early 2022
Measures
How sale prices of second-hand homes have moved, as an index where 2022 = 100. An index, not a price. The publisher smooths this district’s series, so single quarters move less than the market underneath.
Source
Comunidad de Madrid, Second-hand home price index (IPVCM), base 2022, by Madrid district.
Period
Q1 2022–Q2 2026. Quarterly, about two months after the quarter ends.
Method
None. The quarterly index as published.
Kind of figure
Official record
Declared rent
€17.70 per m² a month
Measures
Monthly rent per m² that landlords declare in their tax returns for flats let as a main residence: the median and the middle half. The dotted end of the line is our 2025 estimate (next block).
Source
MIVAU, State rent reference index (SERPAVI): rents declared in tax returns, by municipality, district and census section.
Period
2011–2024. Yearly. Each edition covers the tax year about two years earlier (the 2026 edition has 2024).
Method
None. The median and quartiles MIVAU publishes.
Kind of figure
Official record
Rent in 2025 · our estimate
€18.47 per m² a month
Measures
Our estimate of the 2025 declared median before the Ministry publishes it. Madrid €14.41. Not an official figure; the official one replaces it.
Source
Built by Frankly from MIVAU SERPAVI 2011–2024 and the legal update caps for sitting tenants (INE CPI, IRAV).
Period
2025, one year past the last published year (2024); shown until SERPAVI publishes it.
Method
A stock–flow model: about a fifth of leases are new each year at market rent, and the rest rise with the legal cap. In backtests it missed by 1.3% on average one year ahead. The range, €17.94 to €19.79, holds 80% of past misses (about three in four in backtests). Why it may understate: in 2017–19, when sale prices were rising fast, it came in 3–8% low, and sale prices have risen fast again through 2025.
Kind of figure
We calculated this, from official records. An estimate, not a published figure
Attribution
Comunidad de Madrid, IPVCM, Q2 2026. Licence CC BY 4.0.
Source: Ministerio de Vivienda y Agenda Urbana, SERPAVI, 2011–2024 database (file last updated 9 July 2026); figures for 2024. Reused under the ministry’s terms, which require this citation.
INE, consumer price index (table 76134) and IRAV rent-update index (table 72975). Licence CC BY 4.0.
