Renovation Opportunity: Spacious 4-Bed Apartment in Recoletos, Madrid
€4,990,000€17,089/m²
4
bedrooms
4
bathrooms
292 m²
interior
Apartment
property type
29 May 2026
listed
The Habio take
AI summaryThis exclusive 292m² apartment in the prestigious Recoletos area offers a fantastic renovation opportunity. Located in the sought-after Salamanca neighbourhood of Madrid, it promises a luxurious urban lifestyle.
- city
- historic
- investment
- renovation
- luxury
Highlights
- Spacious 292m² interior
- Exclusive location in Recoletos
- Room for renovation and personalisation
- Four bedrooms and four bathrooms
- Close to upscale amenities and culture
Worth knowing
- Renovation required throughout the apartment
- High price point relative to average local properties
Good fit for: Ideal for buyers looking to invest in a prestigious location with potential.
Lifestyle scores
- Beach
- 0
- Walkable
- 90
- Remote work
- 70
- Family
- 65
- Retirement
- 60
- Airport access
- 80
- Investment
- 85
- Luxury
- 88
- Value
- 40
About this place
Exclusive 292m2 apartment for sale to renovate in Recoletos, Salamanca neighbourhood , Madrid
Buying property in Spain
Spain welcomes foreign buyers with no nationality restrictions. The buyer needs an NIE (Número de Identidad de Extranjero) before completion, and most buyers open a Spanish bank account to handle the deposit and ongoing charges. An independent lawyer (abogado) is strongly recommended — the notario only checks the deed, not the wider title.
- 1
Get an NIE
Apply for the foreign-resident tax number at a Spanish consulate, police station, or via a representative with power of attorney.
- 2
Open a Spanish bank account
Needed for the deposit, taxes, mortgage payments, and utilities.
- 3
Engage an independent lawyer
Lawyer runs title, debts, planning, and community-of-owners checks — the notario will not.
- 4
Reservation contract
Small deposit (€3,000–€10,000) takes the property off the market while due diligence runs.
- 5
Sign the contrato de arras
Private purchase contract with a 10% deposit. If the buyer pulls out they lose it; if the seller pulls out they pay double.
- 6
Sign the escritura pública
Final public deed signed before a notario; balance and taxes paid; keys handed over.
- 7
Register the property
Lawyer registers the deed at the Registro de la Propiedad and arranges utility and IBI transfers.
Spain ended its Golden Visa property route in April 2025. Non-resident mortgages are widely available, typically 60–70% LTV. Non-resident sellers face a 3% withholding from the sale price (retención), claimable against capital gains tax. Always check community-of-owners (comunidad) debts and outstanding IBI before completion — they transfer with the property.
General guidance only — confirm specifics with a qualified local lawyer or tax adviser. Reference
