Barrio de las Cortes: the charm of culture in the most authentic part of Madrid

The history of Madrid is shaped by its events, urban planning, gastronomy, and culture, but also undoubtedly by the hundreds of illustrious people who were either born in the capital or came here to develop their work. Between the central streets of Alcalá, Gran Vía, and Sevilla to the north; Calle de la Cruz and Calle de Atocha to the south; Paseo del Prado to the east; and Calle de la Virgen de los Peligros to the west, lies the neighborhood known administratively as Barrio de las Cortes (the origin of the name corresponds to the fact that the Congress of Deputies is located there). This area is also known as the Las Letras neighborhood, precisely in reference to the great literary figures and, above all, playwrights who lived here: Lope de Vega, Quevedo, Góngora, and Cervantes. The author of Don Quixote de la Mancha spent his last days in a house at what is now Calle de Cervantes, 2, where there is now a commemorative plaque. Various verses in the streets pay tribute to this author and many others from our Golden Age. But this neighborhood has become the epicenter of culture in general, which is why its streets are full of references to many other artists who did not live here but who have contributed to Spain’s cultural heritage, as well as modern art galleries.

In Santa Ana Square, one of the most emblematic places in the neighborhood, we find statues dedicated to Federico García Lorca and Calderón de la Barca, as well as the historic Teatro Español. Very close to it, on Calle del Príncipe, we find the Teatro de la Comedia, and a few steps away, the Ateneo. Cultural development continues in our century in spaces such as the imposing CaixaForum and the Espacio Cultural Serrería Belga. This summer also saw the opening of the newly built multifunctional center on Calle Fúcar, where, in addition to various social services, a three-story underground parking lot has been installed for residents, with space for 197 cars and more than 100 bicycles. This long-standing demand from residents has been met in response to the growth the neighborhood is experiencing, with a steady but constant trickle of new developments in classic buildings that respect their facades and historical elements, but update them to today’s premium comfort standards.

Above all, this neighborhood enjoys a privileged location, just a stone’s throw from Atocha and a short walk from major national museums such as El Prado, Thyssen-Bornemisza, and Reina Sofía. Its commercial life, concentrated mainly on Calle Huertas, means that traffic congestion is a minor inconvenience when everything is within easy reach. It is also worth remembering that this neighborhood is home to gastronomic icons such as Lhardy, the German beer hall, Casa Alberto, and La Dolores, among many others. Terraces fill its squares and streets in any season of the year, and the number of 4- and 5-star hotels has grown considerably.

In short, it has all the elements to be one of the most desirable central areas in Madrid, and despite there being no new land available, demand for real estate is expected to continue to grow, as has happened in the neighboring neighborhood of Justicia. Although demand has traditionally been domestic, for the past five years or so it has also attracted international buyers, who have become aware of the area partly due to the Canalejas effect and the tourist boom in Madrid. These clients now value a pied-à-terre in one of the most complete areas of the capital: “For international buyers, this mix is very attractive because it combines historical heritage + contemporary design + cultural location, something that is rarely found in European capitals with equivalent prices,” says Silvia Hengstenber, partner at The Sibarist. Proof of this is that many institutional owners and wealthy families have decided to enhance the value of assets that had been untouched for decades: “The prime market in Madrid is absorbing units above €12,000/m² very well when the product is ‘unique,’ which is the case in most buildings in the Las Letras neighborhood that are undergoing comprehensive renovation to comply with regulations without losing their character,” summarizes the real estate partner.

A unique property with a perimeter balcony on Paseo del Prado

If we add to the unique characteristics of this area and its good location an outdoor space in the form of balconies or rooftop terraces that can be used as leisure areas, we find ourselves with a five-star property such as this 146-square-meter penthouse with a furnished rooftop terrace. This home also has a studio with access to the rooftop terrace.

The main house, measuring 146 m2, has four bedrooms, including a master bedroom with views of the Botanical Gardens, two further bedrooms, and a flexible space. The kitchen has a central island and the living room has a pleasant built-in fireplace.

A window onto Madrid (and a door to Europe) on an attractive corner

Without a doubt, the following property is the perfect pied-à-terre because it is a charming 111-square-meter property located on a privileged corner. The home has five balconies that flood each room with light and offer open views of a quiet square. In the most private part of the property, the master suite offers an intimate and peaceful retreat, accompanied by a second exterior bedroom, a bathroom with clean lines, and a practical laundry area, making this property the perfect springboard for someone looking for a pleasant home in Madrid, for temporary stays or as a starting point for other stays in Europe.

XXL home in the center of Madrid, the object of desire

Buying a home in the center of Madrid has always been conditioned by the limitation of square meters in an already mature market. For this reason, the few large-format homes are a rare find and the object of desire for the most premium buyers. This is the case with this 395 m2 home, completely renovated with high-quality materials. The master suite, with a dressing room and private bathroom, is complemented by five other elegantly decorated suites, each with its own bathroom, ensuring maximum comfort and privacy.

New builds and what only they offer

As we mentioned at the beginning, for more than five years we have seen a slow but steady trickle of entire buildings being renovated by developers and investors who are bringing exclusive homes to the market that retain some valuable elements, such as the structure and façade, but offer new residential units where open-plan spaces and top-quality features take precedence. These developments combine the best of the past, with ceilings between 3 and 5 meters high, with the most sophisticated modernity. In addition, these boutique developments have reduced the number of homes available in order to reserve spaces for common use, offering interesting areas such as a swimming pool, sauna, wine cellar, yoga room, and gym.

With this balance between pre-owned and new-build homes, which is meeting the growing demand for housing from an educated public, often linked to art, creativity, or the liberal professions, Las Cortes offers the perfect combination of tradition, sophistication, and urban neighborhood life on a human scale. It is therefore to be expected that prices, which currently range between €10,000 and €12,000 per square meter for premium buildings, still have room for growth.