28001: Madrid’s most valuable postcode and why it matters to prime buyers

In Madrid’s residential market, postcode 28001 has become a reference point. Corresponding largely to Recoletos, in the heart of the Salamanca district, it is now the most expensive postcode in Spain for residential purchases, according to notarial data.

In 2025, average prices reached €11,702 per square metre, with peak months exceeding €13,300. These levels place Recoletos ahead of traditionally comparable prime locations, including parts of the Balearics, and well above neighbouring postcodes within Salamanca itself.

For buyers operating at the top end of the market, this is not simply a pricing headline. It reflects a deeper shift in how Madrid’s prime residential market is structured, valued and accessed.

From district to microlocation

The Salamanca district is often spoken about as a single entity, but prime buyers no longer view it that way. Value is now defined at street level, and often by specific sections of a street.

As Paloma Pérez Bravo, CEO Residential at Dils Lucas Fox, notes, “location in the luxury market is no longer a macro concept. Buyers focus on precise streets and even individual stretches, depending on light, views, noise levels and proximity to key axes such as the Retiro or Castellana.”

This explains why crossing a single street, such as José Ortega y Gasset, can result in price differences of around €2,000 per square metre. It also explains why Recoletos, and particularly streets such as Serrano, Lagasca, Velázquez, Villanueva or Conde de Aranda, consistently command a premium over the wider district.

Recoletos, street by street

Within 28001 itself, price dispersion is significant. Prime sections of Serrano and Lagasca are transacting at averages above €16,000 per square metre. In smaller, highly concentrated pockets, particularly between Villanueva, Conde de Aranda and Columela, recent transactions exceed €15,200 per square metre.

New-build and fully refurbished projects have further lifted the ceiling. In some developments on Velázquez, prices approach €25,000 per square metre, with individual units trading at €10 million or more. These assets sit well above the postcode average and increasingly shape the long-term pricing structure once formalised at notary level.

A sophisticated international buyer base

Recoletos continues to attract a predominantly international buyer profile, with strong demand from Latin America, North America and Europe. However, this is not transient or speculative capital.

Buyers are highly selective and typically focused on classical buildings, strong architectural character, generous ceiling heights, natural light and long-term value preservation. Orientation, floor level and building quality are often more important than size alone.

As Paloma Pérez Bravo observes, “luxury residential buyers in Madrid are acquiring highly specific assets. They are combining lifestyle considerations with capital protection and future liquidity. That requires precision, not broad positioning.”

A decade of structural price growth

Prices in Recoletos have nearly tripled since 2014, with growth of around 60 percent since the pandemic alone. Today, €1 million buys approximately 80 square metres in this postcode, compared with close to 250 square metres a decade ago.

This has pushed secondary demand towards nearby areas such as Goya, Lista or Fuente del Berro, where buyers trade absolute location for space. The pricing gap between postcodes within the same district has become one of the most pronounced in Europe.

A market that rewards expertise

Despite its liquidity, Recoletos remains a highly opaque market. Many of the most sought-after properties never reach public portals and transact discreetly through private networks.

In this environment, access, timing and micro-level knowledge are decisive. Understanding not just the street, but the building, the ownership structure and the true pricing context is essential.

Premium advisory with Dils Lucas Fox

At Dils Lucas Fox, we advise private clients, family offices and investors on acquisitions and sales in Madrid’s most competitive micromarkets. Our premium advisory service is designed for clients seeking discretion, access to off-market opportunities and informed strategic guidance.

Whether the objective is a primary residence, a long-term investment or portfolio diversification in Recoletos or other prime areas of Madrid, our role is to provide clarity in a complex market.

If you are considering a purchase or investment within postcode 28001, our advisory team can offer a tailored, data-led perspective on where real value lies today.