Public indices measure the average of the entire housing stock. But buyers and sellers at the top end do not operate in the average: they operate in a narrower market with its own price formation. This index measures exactly that market, using the data of our live portfolio.
What the Horlux Index is (and is not)
The Horlux Index is a monthly market note built on the homes Horlux markets in Madrid, both its own portfolio and that of partner firms. For each area we publish the median asking price per square metre and the central range where the middle half of the supply sits. It is not an official statistic and does not claim to be one: it is an honest, dated snapshot of the prices at which prime product passing through our hands is being offered today. These are asking prices, not closing prices, and should be read as such.
The data: August 2026
Cut-off: 18 August 2026. Sample: 109 homes for sale with a published price and floor area.
| Area | Median €/m² | Central range €/m² | Obs. |
|---|---|---|---|
| Salamanca district | 13,150 | 12,250 – 14,450 | 77 |
| Chamberí and Argüelles | 11,600 | 9,800 – 14,000 | 8 |
| Retiro | 11,100 | 10,300 – 11,400 | 5 |
| La Moraleja (villas) | 9,900 | 9,550 – 11,400 | 7 |
| Centro | 8,050 | 7,100 – 8,200 | 5 |
| Northwest: Pozuelo and Aravaca (houses) | 6,700 | 6,150 – 7,250 | 5 |
Asking prices over built area, rounded to the nearest 50 €. The central range groups the middle 50% of supply in each area (25th to 75th percentiles). Areas with fewer than 5 observations at the cut-off, such as El Viso, are not published this month due to insufficient sample size.
How to read these figures against the public indices
According to idealista (July 2026 data, published 4 August), homes in the city of Madrid are offered at an average of 6,547 €/m², just 1.1% below April's all-time high. By district: Salamanca 10,890 €/m², Chamberí 9,245, Retiro 8,467, Chamartín 8,262 and Centro 7,745. Fotocasa (August 2026) places the Salamanca district at 10,949 €/m², with Recoletos at 12,786 and Castellana at 11,993.
Our Salamanca median, 13,150 €/m², sits clearly above the district average and slightly above even Recoletos. That difference is not a contradiction: it is the definition of the segment. Public indices average the whole stock, including homes to renovate, ground floors and inward-facing units. Horlux's portfolio is curated product, largely renovated, outward-facing or on upper floors, at the best addresses of each neighbourhood. That distance between the district average and prime product, of around 20%, is precisely what this index sets out to measure month by month.
Two further readings from the August cut-off. First: on the Salamanca axis, the middle half of supply concentrates in a relatively narrow band, from 12,250 to 14,450 €/m², a sign of a market with well-formed price expectations. Second: the gap between prime central Madrid (Salamanca, Chamberí, Retiro) and detached houses in the northwest remains wide: the price of one square metre of a Salamanca apartment buys almost two square metres of house in Pozuelo or Aravaca.
Methodology
Sample: 109 homes for sale in Madrid and its premium area marketed by Horlux (own portfolio and partner firms) with a published asking price and floor area. Cut-off: 18 August 2026. Calculation: asking price divided by built area (usable area where built area is not available); we publish the median and the 25th to 75th percentile range, rounded to the nearest 50 €. Aggregation: always by area, never by individual property, to protect the confidentiality of owners and transactions. Areas with fewer than 5 observations are not published. Author: Álvaro Ortuño Ros, founder of Horlux. Benchmarks: idealista (July 2026) and Fotocasa (August 2026), cited above with dates.
Frequently asked questions
What is the Horlux Index?
It is a monthly market note produced by Horlux using the asking prices of its own portfolio of homes for sale in Madrid. It publishes the median and the central range of the price per square metre for each area, always with methodology, sample size and cut-off date.
Where does the data come from?
From the homes for sale marketed by Horlux, both its own portfolio and that of partner firms, with a published price and floor area: 109 homes at the cut-off of 18 August 2026. Figures are always published aggregated by area, never for an individual property.
Are these closing prices or asking prices?
Asking prices, meaning the prices at which the homes are listed for sale. Final closing prices are negotiated and usually settle below asking. Horlux does not publish closing prices out of respect for the confidentiality of the parties involved.
Why are the index figures higher than idealista or Fotocasa?
Because they measure different things. Portal indices average the entire housing stock of a district, across all conditions, floors and qualities. The Horlux Index measures a curated portfolio of prime product, largely renovated, outward-facing or on upper floors, which sits above the district average and closer to the most sought-after neighbourhoods such as Recoletos or Castellana.
How much does a square metre cost in the Salamanca district in 2026?
In August 2026, prime homes for sale in the Salamanca district within Horlux's portfolio show a median asking price of around 13,150 euros per square metre, with a central range between 12,250 and 14,450. The average for the whole district, according to idealista and Fotocasa, is around 10,900 euros per square metre.
If you are considering buying or selling in any of these areas, we can bring these figures down to your specific case: your street, your property type and its condition. You can view a selection of our portfolio under Properties or read our Salamanca district buyer's guide.
Would you like a valuation built on criteria, not averages?
Talk to Horlux