PEACE OF MIND MADRID
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Write to us at info@peaceofmindmadrid.com
Call us at +34 616 700 383 / +34 627 676 316 ![]()
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A property manager is an experienced professional responsible for overseeing all aspects of a designated property. When managing a rental property, they serve as the primary point of contact for tenants, handling all issues related to the property and lease agreements. They are adept at swiftly and sensibly resolving any unexpected situations that may arise.
For secondary residences, property managers conduct regular inspections to ensure no issues arise and prepare the property for the owners’ arrival in Madrid. Visit our blog to explore the comprehensive range of services we offer. Some of the articles in our blog detail specific examples of interventions carried out for clients who have entrusted us with their property management needs.
Managing rental properties as a landlord can be challenging, especially from abroad, dealing with tenant issues and frequent demands. While self-management works well when things go smoothly, having a professional property manager becomes invaluable when faced with difficult situations.
At PEACE OF MIND MADRID, we specialise in managing properties on behalf of owners, handling all aspects of rentals after lease agreements are signed. We provide a dedicated emergency telephone line available 7 days a week to address any issues that may arise during a tenancy.
By entrusting us with your property, you can avoid the stress of dealing with tenant conflicts or emergencies directly. Our daily experience equips us to handle any problem efficiently, ensuring quick resolutions through our network of skilled professionals.
Word of mouth and client testimonials are invaluable for finding a reliable expert. At PEACE OF MIND MADRID, we take pride in our customers’ reviews, which highlight their satisfaction with our services. Their feedback is the best testament to our commitment and performance. Explore our clients’ opinions in our Google reviews to learn more.
If you need someone to take care of your second residence in Madrid, at PEACE OF MIND we offer comprehensive services to ensure your property is well-maintained and managed:
We handle:
- Coordination of maintenance and cleaning
- Periodic property inspections
- Prompt communication with owners regarding any issues
Choose from our tailored services:
- ESSENTIAL PM: Starting at €450* for property start-up. Click here for more information.
- PREMIUM PM: Starting at €180* monthly for comprehensive maintenance and readiness for your visits. Click here for more information.
- RENT + PM: Starting at 8% of monthly rent* for hassle-free rental management. Click here for more information.
(*Prices are subject to VAT.)
Under the LAU (Urban Leases Act), tenants have specific rights when a property with an active lease is sold:
- Pre-emption (right of first refusal): The landlord must inform the tenant of the agreed sales terms, including the sale price. The tenant has up to 30 days to decide whether to exercise their right to purchase the property under the same conditions, preempting any other potential buyer.
- Subrogation (right to continue the lease): If the landlord fails to inform the tenant of their intention to sell, the tenant can take legal action within the stipulated timeframe once notified by the new buyer.
According to the LAU, tenants have the right to remain in the rented property for 5 years, or 7 years if the landlord is a legal entity. This means the new owner must adhere to the terms of the existing lease agreement and respect the remaining duration of the contract.
The Urban Leases Law (LAU) of 1994 categorizes urban leases into two types: housing leases and leases for uses other than housing, such as vacation rentals.
The primary difference lies in the duration of the contract. Housing leases can extend up to 5 years (or 7 years if the landlord is a legal entity), whereas the duration of a seasonal lease is determined by mutual agreement between the parties.
In leases for uses other than housing, the contract duration is typically less than one year, and the property must be vacated by the tenant at the end of the agreed term. During this period, the tenant is required to pay the entire rent upfront. Additionally, tenants under such leases cannot register the property as their habitual residence.
Under the LAU, tenants benefit from more extensive legal protections in housing leases compared to vacation or seasonal rentals. These protections include stability of tenure, limitations on rent increases, and the ability to establish the leased property as their habitual residence.
In summary, while housing leases provide tenants with greater security and rights, seasonal leases are characterized by their shorter duration and more flexible terms, catering primarily to temporary accommodation needs.
Certainly! We specialise in managing properties for owners residing abroad, ensuring they find suitable tenants without needing to directly engage in the selection process. Owners trust us to thoroughly screen tenant profiles and ensure the best fit.
We prioritise transparency throughout the process. We keep you informed about potential tenants, and if we believe a candidate isn’t suitable for your property, we will communicate this promptly.
Moreover, our network includes collaboration with relocation firms, other real estate agencies, and connections with international schools and embassies. This extensive network enables us to reach a diverse audience and find the right tenant for your property.
At PEACE OF MIND MADRID, we conduct thorough tenant screenings to ensure the best match for each property. While we handle legal matters related to leasing with our own expertise, we also collaborate closely with legal professionals who specialise in tenancy law. If necessary, they can provide tailored legal advice and handle any extrajudicial actions on your behalf. This comprehensive approach ensures that your legal concerns are addressed effectively and professionally.
With our PROPERTY FINDER service, we specialize in locating properties for sale in prime areas of Madrid. This service is tailored for non-resident foreign clients looking to invest in the capital, particularly those who are unfamiliar with the city and seek impartial guidance on the various market options.
According to the ‘Trends in the Real Estate Market in Europe 2024’ report by PwC and the Urban Land Institute (ULI), Madrid has risen to the top 3 in the ranking of European cities with the highest potential for real estate investment and development. It trails only behind major European capitals like London and Paris, which occupy the top spots in the rankings.”
This version is more concise and structured, directly addressing the inquiry about personalised purchasing services while incorporating relevant information about Madrid’s investment potential from the referenced report.
Since the enactment of Royal Decree 2335/2013 on June 1st, 2013, it has been mandatory to include the Energy Efficiency Certificate (EEC) in both lease agreements and property sales deeds.
The EEC is conducted by an architect or engineer to assess a property’s efficiency level and provide an estimate of the energy consumption associated with living or working there.
Various factors are taken into account during the assessment, such as the building’s construction materials, orientation, heating system, windows, and air conditioning. Based on these parameters, the property is assigned an energy efficiency rating ranging from A (most efficient) to G (least efficient). The resulting “energy label” is then registered with and submitted to the General Directorate of Industry, Energy and Mines of the Community of Madrid. This certificate remains valid for 10 years from its registration in the official registry.
Despite the fact that many rental contracts are still signed without the EEC, it is a legal requirement for both renting and selling properties. Failure to comply can result in fines ranging from €300 to €6,000.
The reference value is crucial for determining property transfer taxes (ITP), inheritance taxes, and donation taxes. Starting from January 1st, 2022, these taxes are calculated based on the market value of the property rather than the actual purchase price. However, the reference value often does not consider specific circumstances or characteristics of the property, such as recent renovations or the need for extensive updates.
Previously, taxpayers would declare the purchase price of the property, which the tax authorities would verify. Now, with the introduction of the reference value system, it is the tax authorities who determine the property’s value. If this value differs from the purchase price declared by the buyer, the buyer has the option to appeal the valuation.
This shift means that buyers must now align their understanding of a property’s value with the assessment made by the tax authorities, which can affect the taxes they are required to pay.
In Madrid, like any major city, each neighborhood boasts its own distinct personality and appeal that attracts residents from all over. The choice of where to live often hinges on lifestyle preferences and financial capacity, as average property prices per square meter vary significantly across different neighborhoods. Here are some of the most sought-after residential areas in Madrid:
Salamanca Neighborhood: One of the most exclusive areas, encompassing the Recoletos district with iconic streets like Serrano and Velázquez leading to Retiro Park. Here, you’ll find trendy restaurants in Jorge Juan Street, numerous terraces at Plaza de la Independencia, and luxury boutiques along the Golden Mile. La Paz Market exemplifies local charm with its array of fresh groceries stalls and gourmet offerings.
Justicia Neighborhood: Located in the Centro district, Justicia is known for its bohemian and cosmopolitan vibe. It’s a hub of culture with art galleries, design shops, and small theaters frequented by artists and creatives. The area boasts diverse culinary options, from traditional Spanish cuisine to Michelin-starred restaurants, along with vibrant nightlife centered around Plaza de Santa Bárbara.
Chamberí Neighborhood: Adjacent to Salamanca and Justicia, Chamberí is revered for its tranquility and elegant residences along streets like Almagro and Fortuny. It hosts traditional markets such as Vallehermoso and cultural venues like La Abadía and Teatros del Canal, making it a cultural and residential hotspot.
Jerónimos Neighborhood: Nestled near Retiro Park, Jerónimos is characterised by spacious residential buildings and leafy streets, offering a serene living environment close to nature and the Prado Museum.
Barrio de las Letras: Situated near the Canalejas development and the Four Seasons hotel, this neighborhood pays homage to Spain’s literary giants of the Golden Age, such as Lope de Vega and Cervantes.
Chamartín: Located in the north of Madrid, Chamartín comprises several neighborhoods including Castilla, Ciudad Jardín, and El Viso. It features quiet residential areas with green spaces like Berlin Park and is increasingly popular among homebuyers.
These neighborhoods represent some of Madrid’s finest residential areas, each offering unique amenities, cultural attractions, and a distinct lifestyle. Choosing the right neighborhood depends on individual preferences and needs.