madrid daily travel expenses

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Madrid price guide | calculating the daily costs to visit madrid.

The daily costs to visit Madrid. How to estimate your budget for food, hostels, hotels, attractions, alcohol & more.

Madrid is the capital of Spain and the country’s biggest city. Best of all, it’s one of the cheaper cities in Western Europe. Pair those reasonable prices with an incredibly lively nightlife scene and beautiful architecture, and well… it’s no surprise it’s one of the most popular tourist destinations in Europe.

In this Madrid travel price guide, we’ll outline the estimated travel expenses for food, accommodation, attractions, alcohol, and other things that you’ll experience when you visit Madrid.

This Madrid Price Guide is part of our  City Price Guide Series  where we break down the travel costs of Europe’s most popular cities.

Average Daily Travel Costs For Madrid

For budget-minded travelers, it costs around €45-€80/day to visit Madrid. These prices are based on what you’ll need to visit the city comfortably as a budget traveler.  If you want to upgrade your accommodations, add another €40-€100/night depending on your stay. These prices also don’t include things like big nights out at the bar/pub, club entry fees, souvenir/clothing shopping, tours, random purchases, nicer food, etc.

DAILY COST OF BUDGET TRAVEL IN MADRID: €74 (APPROX. $80)

• Attractions: €15 (one paid attraction + any free sights)
• Breakfast: €4
• Dinner: €15
• Treat (dessert/beer/wine): €3
• Transportation: €1.50
• Accommodation (hostel): €28

DAILY COST OF FRUGAL TRAVEL IN MADRID: €46 (APPROX. $50)

• Attractions: €6 (free walking tour + visit one of the free sights)
• Breakfast: €2
• Lunch: €5 (ethnic street food, takeaway shop fare, or similar)
• Dinner: €10 (make your own meal in the hostel or grab something cheap)
• Beer (pint): €2
• Transportation: €0 (the city is very walkable)
• Accommodation: €20 (cheap hostel bed)

Madrid Attraction and Museum Prices

Madrid offers a wide range of attractions, and many of them are cheap or even free on certain days of the week. Furthermore, Madrid is a great city for strolling the streets and gawking at the architecture.

• Royal Palace of Madrid :  €12
• Thyssen-Bornemisza Museum :  €13, free on Monday afternoons (noon-4 pm)
• Museo Nacional del Prado :  €15
• Basilica de San Francisco el Grande :  free during mass, €5 guided visit
• Ermita de San Antonio de la Florida :  free
• Walking tour:  Free (but you should tip the guides) or €15–€50 (for paid tours)
• Bike tour:  €22-€35

Check out our in-depth Madrid Travel Guide and our Things To Do in Madrid guide to get a better idea of all that Madrid has to offer! If you plan on visiting multiple attractions you might like the Go Madrid City Pass .

Madrid Food Prices

Like most of southern Europe, Madrid’s food prices are quite reasonable so it’s not too difficult to eat well on a budget. Locals traditionally don’t eat lunch until later in the afternoon so places serving lunch at noon are probably catering to tourists. Similarly, dinner doesn’t start until around 9 pm — so keep that in mind when planning your day and meals.

However, you can usually stop into a bar at any time of the day to feast on cheap tapas. As always, try to scope out where locals go since that is a good sign that the food is good quality. Be especially wary of paella restaurants catering to tourists because they’re notoriously bad.

Another note: While it’s becoming rarer, some tapas bars offer free tapas—as long as you’re buying beer or wine. These places will be crowded but seek them out if you want to save a few euros.

Read more of our strategies for Eating and Drinking in Europe on a Budget .

Budget Breakfast Prices in Madrid: €3–€ 6

• Many hostels will offer a free simple breakfast that normally consists of cereal, bread/croissant, and maybe milk, coffee, tea, or juice (some hostels will offer more and some less).
• A typical Madrid breakfast consists of toast with marmalade and coffee. Churros (long, thin fried doughnuts) with chocolate dipping sauce is another great option if you’re feeling fancy. Expect to pay €3-€5.
• The typical Madrid breakfast is eaten quite early. If you sleep in a bit, you might be more on track for the 11 am snack time. You’ll find more savory options then—such as toasted ham and cheese sandwiches and omelets. The chain restaurant 100 Montaditos has some good options if you’re on a budget. Go ahead and fill up because lunch isn’t until around 2-3 pm. Expect to pay €4-€6.

Budget-Friendly Breakfast Spots

• La Mallorquina : Classic bakery with lots of goodies and coffee.
• Chocolat : Excellent spot for churros and hot chocolate.
• Matilda Cafe Cantina : Cute little breakfast spot with a small but tasty menu.
• Martina Cocina : A cozy spot for coffee and lots of healthy breakfast options.
• Cafelito : Lovely little coffee shop.
• Toma Cafe : Hip coffee joint, complete with avocado toast.
• Pan Adore : Lovely cafe serving up coffee, juice, and a handful of breakfast dishes.
• Sanissimo Opera : Beautiful vegetarian dishes, smoothies, and juices.
• Plenti : Nice coffee and other healthy breakfast/brunch dishes.

Budget Lunch Prices in Madrid : €5-€14

• Lunch is traditionally the largest meal of the day and can include multiple courses, but you can still find some budget-friendly options.
• Super budget travelers can make a cheap lunch of bread, cheese, and fruit from any grocery store for a few euros.
• Pans & Company is a chain “fast-food” restaurant that offers fresh sandwiches and salads. Think of it as the nicer, Spanish version of Subway. You can get a sandwich, drink, and side for €5-€8.
• You can find calamari sandwiches for €3-€6.
• A cheap takeaway meal (like a kebab with fries) will cost about €5-€.
• Lunch at a budget-friendly restaurant/café will run €9-€13+.

BUDGET DINNER Prices in Madrid: €15-€ 25

• Spanish people tend to eat dinner later in the evening, around 9-11 pm. A great way to bridge the hunger gap between lunch and dinner is tapas. You can also sample a few and make a meal out of them. Expect to pay €3-€5/tapas or about €15 for dinner.
• Cocido (Madrid’s famous stew): €18-€30
• You should also be able to find dinner at a restaurant in a less touristy part of town for around €13-€18.
• Many of the options from the Budget Lunch section above also apply to dinner.

Budget-Friendly Lunch and Dinner Restaurants

• Gandario : A bustling tapas bar a bit outside the city center.
• El miniBAR : A super-popular tapas bar. Excellent food.
• Tinto y Tapas : Another popular tapas bar.
• Bocadillos Oink : Tiny hole-in-the-wall sandwich shop specializing in Iberico Jamon sandwiches.
• B13 : Vegan bar food.
• La Sanabresa : Authentic home-style Spanish dishes.
• Taberna Malaspina : Simple but tasty traditional Spanish fare.
• Bar La Campana : Very popular place serving up fried calamari sandwiches.
• Pampa Beef : Delicious and reasonably priced steaks.
• Fiaschetteria La Saletta : Excellent pizza and pasta.
• La Pizzateca : Tasty pizza by the slice.

DRINKS AND ALCOHOL Prices in Madrid

• A pint of standard beer at a bar: €3
• Pint of beer from a grocery store: €1
• Bottle of (drinkable) wine from the grocery store: €5
• Espresso: €1.80

Madrid Transportation Prices

Madrid has an inexpensive and extensive network of subway and bus lines. The major sights are all within about a 20-minute walk from the center of the city so you may not find yourself using public transportation too often.

• Single one-way Metrobús ticket for Metro (subway) and bus: €1.50
• Metrobús 10 journey ticket (valid for use on Metro and bus): €12.20
• 1-day pass: €8.40
• 2-day pass: €14.20
• 3-day pass: €18.40
• 5-day pass: €26.80
• 7-day pass: €35.40
• Bus from airport to city (Airport Express): €5
• Taxi from airport to city: €30 (flat-rate)

Madrid Hostel, Hotel & Rental Apartment Prices

Madrid sees a huge influx of visitors during the summer so it’s recommended that you book your accommodation in advance if you want to have the most options available. That said, accommodation is reasonably affordable and it’s usually good quality.

Hostels Prices in Madrid: €20-€45

The average price of a hostel bed in Madrid starts around €29/night per person for a well-rated property—although many hostels raise their prices on the weekend. Remember, these prices are for a bed in a shared dorm room. Private hostel rooms will cost around €100-€180/night.  Check out the latest hostel prices at  Hostelworld .

The Top Hostels in Madrid:

• Sungate One Hostel
• The Hat Madrid
• OK Hostel Madrid

Check out The Savvy Backpacker’s guide to The Best Hostels in Madrid  to get a more in-depth look at Madrid’s various hostel options.

Budget Hotels Prices in Madrid: €90-€160/night

Budget hotels in central Madrid start around €75/night but the quality gets better at around €100/night. A well-rated budget hotel in Madrid starts at around €130/night. Prices do rise if you book last minute—especially during the summer.

We suggest checking out  Booking.com  to see hotel prices for your dates since they’re always changing.

Rental Apartment Prices in Madrid: €80-€140+/night

Madrid has plenty of rental apartments. They can be a good option for large groups or travelers who want a little more space (and a kitchen). On the other hand, you may also have to deal with inconvenient check-in processes and things like extra cleaning fees and service charges. For short stays, we prefer hotels/hostels but rental apartments can be a nice option for longer stays. Airbnb is always popular but you can sometimes find cheaper/better options on our list of  Airbnb Alternatives .

More Europe Travel Costs

Check out our guide on  How Much It Costs To Backpack Europe  to learn more about budgeting your entire trip (including many more city price guides).

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Cost of a Trip to Madrid, ES & the Cheapest Time to Visit Madrid

The average price of a 7-day trip to Madrid is $1,274 for a solo traveler, $2,288 for a couple, and $4,290 for a family of 4 . Madrid hotels range from $51 to $213 per night with an average of $83, while most vacation rentals will cost $190 to $470 per night for the entire home. Average worldwide flight costs to Adolfo Suarez Madrid Barajas Airport ( MAD ) are between $604 and $951 per person for economy flights and $1,895 to $2,984 for first class. Depending on activities, we recommend budgeting $33 to $78 per person per day for transportation and enjoying local restaurants.

See below for average , budget , and luxury trip costs. You can also look up flight costs from your airport for more tailored flight pricing.

The Cheapest Times to Visit Madrid, ES

On average, these will be the cheapest dates to fly to MAD and stay in a Madrid hotel:

• January 1st to April 1st
• April 23rd to May 13th (except the week of April 30th)
• October 1st to December 16th

The absolute cheapest time to take a vacation in Madrid is usually mid November .

Average Madrid Trip Costs

Average solo traveler.

The average cost for one person to visit Madrid for a week is $918-$1,962 ($131-$280 per day)

Food, Travel, and Sightseeing : $33 to $78 per day for one person’s daily expenses

Flights : $333 to $780 for economy

Lodging : $59 to $72 per night for one 2 or 3-star hotel room

or $86 to $106 per night for a 1-bed vacation rental

Average Couple’s Trip

The average cost for a couple to visit Madrid for a week is $2,024-$3,630 ($289-$519 per day)

Food, Travel, and Sightseeing : $66 to $156 per day for two people’s daily expenses

Flights : $666 to $1,560 for economy

Average Family Vacation

The average cost for 4 people to visit Madrid for a week is $2,964-$6,324 ($423-$903 per day)

Food, Travel, and Sightseeing : $132 to $312 per day for four people’s daily expenses

Flights : $1,332 to $3,120 for economy

Lodging : $118 to $144 per night for two 2 or 3-star hotel rooms

or $120 to $170 per night for a 2-bed vacation rental

Traveling Cheap to Madrid

How cheap can you make a vacation to Madrid? The cheapest trip to Madrid is about $84 per person per day for travelers willing to take standby flights, deal with inconvenience, and otherwise limit travel expenses. About 1% of rentals are available in the $0 to $100 range for an entire place, and vacation rentals can be booked for as low as $21 per night. These inexpensive rentals must be booked as early as possible and may not be in the most desirable areas. 1-star hotels are more likely to be available, with rooms starting at around $41.

Even cheaper trips are possible depending on where you live and whether you can drive. Check the cheapest times to fly for more saving ideas.

Budget Solo Traveler

The lowest cost for one person to visit Madrid for a week is $585-$1,338 ($84-$191 per day)

Food, Travel, and Sightseeing : $18 to $36 per day for one person’s daily expenses

Lodging : $41 to $51 per night for one 1-star hotel room

or $21 to $51 per night for a 1-bed vacation rental

Budget Couple’s Trip

The lowest cost for a couple to visit Madrid for a week is $1,044-$2,370 ($149-$339 per day)

Food, Travel, and Sightseeing : $36 to $72 per day for two people’s daily expenses

Budget Family Vacation

The lowest cost for 4 people to visit Madrid for a week is $2,028-$4,740 ($290-$677 per day)

Food, Travel, and Sightseeing : $72 to $144 per day for four people’s daily expenses

Lodging : $82 to $102 per night for two 1-star hotel rooms

or $32 to $82 per night for a 2-bed vacation rental

Overall it is very possible to travel to Madrid cheaply.

The Cost of a Luxury Madrid Trip

There is no true ceiling on the cost of a luxury trip, so our estimates are based on what most people do in Madrid.

Luxury Solo Traveler

The high-end price for one person to visit Madrid for a week is $1,967-$8,122 ($281-$1,160 per day)

Food, Travel, and Sightseeing : $59 to $172 per day for one person’s daily expenses

Flights : $912 to $1,560 for first class

Lodging : $107 to $213 per night for one 4 or 5-star hotel room

or $470 to $893 per night for a preferred vacation rental

Luxury Couple’s Trip

The high-end price for a couple to visit Madrid for a week is $3,292-$10,886 ($470-$1,555 per day)

Food, Travel, and Sightseeing : $118 to $344 per day for two people’s daily expenses

Flights : $1,824 to $3,120 for first class

Luxury Family Vacation

The high-end price for 4 people to visit Madrid for a week is $6,584-$19,096 ($941-$2,728 per day)

Food, Travel, and Sightseeing : $236 to $688 per day for four people’s daily expenses

Flights : $3,648 to $6,240 for first class

Lodging : $214 to $426 per night for two 4 or 5-star hotel rooms

or $705 to $1,340 per night for a preferred vacation rental

Madrid Hotel Prices

The cost of staying in Madrid is slightly lower than the average city. On average hotels are less expensive than vacation rentals. Luxury vacation rentals are more expensive in Madrid due to very high property costs. The graphs below show how much cost can vary depending on the type of experience you’re looking for.

Madrid Lodging Cost by Star Status

The average price for the class of hotel is on the (y) axis. The hotel class (out of 5 stars) is on the (x) axis.

Prices are based on Madrid hotel averages and may not reflect current prices. In some cases, we extrapolate prices to estimate costs, and hotels with your desired star rating may not be available.

Vacation Rental Prices

The percent of vacation rentals in the price range is on the left (y) axis. Price range is on the bottom (x) axis.

There are a healthy amount of vacation rentals serving all budgets in Madrid.

Flight Costs to Madrid

Averaging flights around the world, prices go from a high of $951 average in early August to a low of $604 in mid November. Median flight price is $734. These prices are based on millions of flights. For Madrid our data includes 466 originating airports, and 191 airlines. The area has more variance in price compared with other locations. Flying to Madrid from an airport like Stewart International ( SWF ) in Newburgh/Poughkeepsie, NY (the United States) for an average $7,706 trip fare will obviously cost a lot more than from an airport like Ibiza ( IBZ ) in Ibiza (Spain) at an average of just $62.

Average Flight Cost by Season

Average flight cost by day of week.

The cheapest day to fly in is typically Tuesday, and the cheapest day to fly back is usually Tuesday. Click here to see data for the cost of flights from your airport. In Madrid, the difference between the cheapest and the most expensive week is about $347, so you can easily save about 57% simply by using our free flight guides and booking in advance.

Daily Expenses Budget

Daily vacation expenses vary more based on what you’re interested in doing. A fine dining restaurant with drinks around Madrid can easily cost $270 per person or more, while a standard nice meal might be about $18 per person. Private tours can cost $542 per day, but self-guided tours to see the outdoor sights can be free. Costs vary wildly, so recommendations are made based on the cost of living and averages we see for this type of vacation.

Other Madrid Guides

Travel costs nearby.

• Huertas, Spain
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• Arganzuela, Spain
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Travel Costs in Popular Places

• Fes, Morocco
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Is Madrid Expensive? A Madrid Trip Cost Guide

Last Updated on November 13, 2023

by Maggie Turansky

Disclaimer: This article contains affiliate links. That means if you click a link and make a purchase, we may make a small commission. As an Amazon Associate we earn from qualifying purchases. For more information, see our privacy policy.

Is Madrid expensive to visit? As one of Europe’s largest cities and a thriving metropolis, you would be forgiven for thinking that the Spanish capital may be a pricey place for a holiday. However, depending on how and where you spend your money, your general Madrid trip cost doesn’t have to be too high.

Even if you plan to visit plenty of tapas bars, browse through a range of world-class art museums, take in iconic sites and experience the market culture – all of this is accessible to those travelling on tight budgets. Madrid can be an affordable city to visit if you plan in advance and are aware of how much things cost.

Madrid doesn’t have to be an expensive place to visit, with an average daily cost of €65-240 (roughly $69-256 USD) per person per day. There are also ways to spend less or more depending on your personal budget and travel style.

So, if you’re planning to visit Madrid , this guide will break down the average prices of accommodation, transport, food, activities and entertainment so you know how much things will cost on your trip to Spain’s exciting capital city!

Table of Contents

Madrid Trip Cost Guide

Accommodation prices.

The first thing that you potentially need to consider is the cost of accommodation in Madrid. There are a lot of different options available depending on what you’re after – and your budget.

Options range from a bed in a hostel dorm, a double room in a mid-range hotel, private apartment rentals and luxury hotels. Madrid offers it all and, in general, you will be able to find suitable accommodation for your budget.

On the low end, there are countless hostels such as The Hat Madrid that can be great for backpackers and solo travellers looking to save some cash and meet others.

Expect a bed in a dorm room to start at around €30 per night and for prices to go up from there depending on the number of beds, if the room is en suite etc. A hostel, in general, is the most budget-friendly accommodation option.

Mid-range visitors looking for a basic, central hotel room such as in Hostal Foster will find that most rooms in the city centre another popular Madrid barrios to stay in average around €100-150 per night depending on the season, location and demand.

If you’re interested in staying in a private apartment rental, then a one-bedroom apartment in a central neighbourhood will cost around the same.

There are also plenty of luxury hotels such as Only YOU Boutique Hotel  scattered throughout the city that are a great option for those looking for an upmarket stay in the city.

These, as well, can range in price depending on location, availability and season, however, expect the average cost of a luxury hotel room to start at €250-300 per night and to go up from there.

On average, whether you’re travelling solo and staying in a hostel dorm or splitting the cost of a hotel room between two, plan to spend about €30-150 per person per day on accommodation while visiting Madrid.

Transportation Prices

Now that we’ve outlined the rough accommodation costs in Madrid, we need to discuss how much you should expect to spend on transportation.

Madrid is a massive, spread-out metropolis and it is unrealistic to assume you can walk everywhere you need to go. However, it is also blessed with an excellent public transport system including extensive buses and a vast metro and train network.

Madrid’s public transit is affordable and reliable and if you’re staying in or close to the city centre, there is no reason that you will ever need a vehicle of your own.

But how much does this amazing public transportation system cost? Well, there are a few different answers to that question. The most simple answer is, unless you are taking the metro to the airport (where you will have to pay a supplementary cost), then a single journey on the metro or bus will cost €1.50-2, depending on which zone you’re travelling in.

It is worth noting that you do need to purchase a Multi Card (Tarjeta Multi) for a flat fee of €2.50 before you can get any transit tickets. You can actually share this card between people, so you only need to purchase one per party, not one per person.

Now, this is where things get a bit more complicated. For instance, if you’re a visitor in Madrid for longer than a day or and plan to use the metro a fair amount, it makes little financial sense to purchase a single-journey fare every time you ride.

Instead of this, you can purchase a 10-journey ticket that will cost you €12.20. This works out to €1.22 per journey – and keep in mind that it can be shared between people.

Madrid is an easy city to get around by public transportation and by foot, and if you’re trying to cut down on your total daily travel budget, then that is all the transportation you might need. However, it is worth knowing that taxis and Uber are available in the city as well.

Using both of these services frequently can work out to be fairly expensive, however, so if you’re trying to save money in Madrid, I would recommend relying on the bus, the metro, or your humble feet for transport instead.

Another thing to consider is if you’re planning on going on any day trips from Madrid because this can factor into your daily transport costs. You can reach popular towns like Toledo , Segovia and Ávila within an hour or so on the train, but this does cost a bit. Expect a basic return train journey to a city like Toledo or Segovia to cost about €20 per person. You  can pre-book trains here . 

In general, if you plan to use public transport to get around Madrid itself and also plan to take a day trip out of the city, then plan to spend about €5-10 per person per day during your trip to the Spanish capital.

Food Prices

One of the top things to consider when planning a trip to the capital of Spain is the cost of food. And while Spain — including its capital city — is known for its affordable food, it’s still a good idea to know how much to expect to spend on meals in the city, especially if you’re trying to visit Madrid on a budget.

Madrid, and Spain in general, is a foodie heaven. Madrid boasts an incredible local cuisine and, due to the fact that it is very much an international city, you can get just about every kind of food you would like here as well.

Madrid is also famous for its tapas culture and you truly wouldn’t experience the city to its full potential if you didn’t take advantage of the scene often – it’s definitely one of the best things to do in Madrid!

However, eating out frequently can definitely add up. If you like eating out but want to make sure you get your best value for money, then I would recommend setting your sites on lunch rather than dinner.

In Spanish culture, lunch is the biggest meal of the day and most local restaurants offer incredible deals on a menu del día or daily menu.

If you stray away from a touristy restaurant, you can expect to pay between €10-15 for a massive meal that includes a glass of wine or beer (or a soft drink), a large first course (usually a salad or soup), hot second course, and either a dessert or coffee.

Most restaurants will typically only offer a set menu on Monday-Friday, however, there are definitely restaurants that offer the same thing on weekends as well, though it is often a bit more expensive.

Eating and drinking in Madrid is inextricably linked, and we’ll discuss drink prices in the “entertainment” section, however, it’s worth noting that in more local Madrid bars, you will often get a small tapa with a drink order. This is normally a couple of croquetas or some anchovies, however, can be as large as a slice of tortilla. It depends on where you go.

If you’re keen to head out for tapas, again, these can vary in price. A small tapa that isn’t included with a drink order like a slice of tortilla or patatas bravas will likely only cost about €3-4. However, if you plan to eat a bit more and order some raciones, or larger portions, expect to pay between €8-12 depending on what is in the dish.

The more local and less trendy the place, the less expensive it is bound to be. Keep in mind that you can also order half-portions (or media raciones) in many bars and this will be the size between a full ración and a tapa. They tend to be a couple of euros cheaper than a full portion.l

Those who want to cook their own meals here and there will find that there are ample supermarkets scattered throughout the city, however, if you truly want to immerse yourself in the Madrileño culture, then shopping at the local mercados (though not the Mercado de San Miguel, which is a tapas market more catered toward tourists) is a far better thing to do.

Not only will you support the local economy, but you will also be able to really see what Spanish life is all about.

Also, the quality of products at the local market are normally a lot better than at the supermarket and you can also pause to have a glass of wine or a vermouth while in the middle of your shopping!

All in all, even if you plan to eat out frequently, you don’t need to plan to spend more than about €15-25 per person per day on food.

Activity Prices

If you’re visiting Madrid, it is a given that you’re going to want to go out and experience the city. And oftentimes, unfortunately, that can cost money. But how much of an impact will recreational activities have on your overall costs of visiting the Spanish capital? Well, it doesn’t have to be much.

Madrid is a city where it isn’t entirely necessary to spend a lot of money out to enjoy yourself. However, if you are interested in perhaps taking advantage of some of the many museums in the city, that can set you back a few euros. However, it doesn’t have to.

The three most famous museums in Madrid — the Prado , the Reina Sofia , and the Thyssen museums — all charge roughly €10 for adult entry. However, it is less expensive to book your entry online in advance where you can save a couple of euros and you are unlikely to have to queue for a long time.

However, if you want to visit these museums and not pay a dime, have a look on their respective websites, as there are numerous hours when entry is free.

Though it can vary from museum to museum, in general, you can expect entry Sunday afternoons to be free of charge along with the last two opening hours on weekdays. This is an excellent way to experience the amazing art these museums have to offer even if you’re living on a shoestring budget.

If you want to go on a walking tour of the city, then it can be a great option to head out on one of the many free walking tours to be found in Madrid. While the tours themselves are free, you are expected to tip the guide at the end, so plan to spend at least €10-15 per person for this.

Those who would rather go on a paid walking tour , expect this to be a bit more expensive at around €25 per person. The same kind of price applies to football fans who may want to tour Bernabeu Stadium.

There are also other attractions in Madrid that charge entry fees, like the Palacio Real (Royal Palace) but prices can vary depending on the ticket option you purchase.

And foodies who would like to have a local guide take them to some excellent spots around the city will find that food and tapas tours of the city clock in at around €70-80 per person.

In general, it depends on what kind of activities you plan to do in Madrid to figure out how much you want to budget.

On the low end – and this is assuming that you don’t take advantage of any free entry times for museums – expect to pay about €10 per person per day on activities. On the upper end, budget around €40 per person per day.

Entertainment Prices

If Madrid is known for anything, it is for its thriving tapas and nightlife scene that can span into the wee hours of the morning.

If you don’t care much for sleep and fancy a nocturnal lifestyle, then Madrid is one of the perfect cities for you. And another fantastic thing is that it doesn’t have to cost a lot to drink in the Spanish capital.

Honestly, if you stray away from hard liquor, drinking in Madrid can be positively cheap, which is good news for those wine lovers out there. On average, a basic glass of domestic wine at a restaurant or bar will set you back somewhere around €2.50.

Obviously, depending on where you’re drinking and what type of establishment you’re in, this can vary within a couple of euros. All in, however, it is rare for a wine , beer, or vermouth to cost less than around €1.75 or more than about €3.50 per glass.

Keep in mind that you also frequently get some free tapas with a drink purchase in Madrid bars, so it’s really excellent value for money!

If you’re after something a bit more strong than wine or beer, then know that, like pretty much everywhere else in the world, cocktails and spirits tend to cost more. Again, depending on the neighbourhood and the type of bar, prices for cocktails can vary.

However, if you want to get a basic cocktail from a neighbourhood bar outside of a trendy nightlife area, expect them to cost about €4-5 per drink. In a more hip or posh neighbourhood, cocktails will cost closer to €7-8 per drink.

If drinking isn’t necessarily your thing, you will be happy to know that there are ample places to get a coffee in Madrid and a daily coffee habit won’t honestly take much out of your total cost of living in Madrid. If you want to get an espresso drink, expect it to clock in around €1.50-2 depending on where you are.

It can also be a popular option to go and see a flamenco show in Madrid. Though the art form doesn’t originate from Spain’s capital (you’re going to have to head to Seville or Granada for that!), there are plenty of tablaos where you can see a traditional flamenco show . Expect a performance (with a drink included) to cost around €25 per person.

In general, bouncing from bar to bar and sampling tapas is an unmissable part of any trip to Madrid and if you plan to do this somewhat frequently, then plan to spend about €5-15 per person per day on entertainment.

Average Madrid Trip Cost

So is Madrid expensive to visit? With the above categories considered, this is an average breakdown of travel costs when visiting Madrid. This is assuming that some costs, such as accommodation, are split between two people.

Accommodation : €30-150

Transportation : €5-10

Food : €15-25

Activities : €10-40

Entertainment : €5-15

On average, plan to spend between €65 and €240 per person per day when visiting Madrid. Obviously, this can be increased if your budget allows for it. It’s also possible to cut costs in certain areas if you’re trying to visit on even more of a shoestring.

Madrid is one of Western Europe’s more affordable cities and spending a few days here doesn’t need to break the bank. Even if you’re on a tight budget, it is definitely possible to experience Madrid to its full potential!

Are you planning to visit Madrid? Have any questions about the prices in the city? Let us know in the comments!

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About Maggie Turansky

Maggie is a co-founder and writer for The World Was Here First. Originally from the US, she has lived in five different countries and has travelled to dozens more, both solo and with her partner, Michael. She particularly loves exploring Spain and spending time in the Caucasus and the Baltics. Read more about Maggie

Hello Maggie, Thank you for your wonderful and very informative article. I want to know if it is easy to commute on bicycle in Madrid? Is it a common thing in Madrid?

Hi Thea, thanks for your comment! You can definitely commute on a bicycle in Madrid and many people do so, however, it isn’t as bike-friendly as other Spanish cities. It’s pretty hilly in parts and the infrastructure for cyclists isn’t super well-developed.

The info on expenses in Madrid was very helpful. Im making plans to live in Madrid for a year. I do need info on real estate companies to help with finding rentals and best bank. Any info on places to look would be greatly appreciated.

Glad you found this article helpful, Christine. Unfortunately, I don’t have any good advice for finding real estate companies or banks

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Madrid Travel Costs and Prices

Prices in Madrid are slightly less expensive than in most European cities , especially compared to towns like Florence , Amsterdam or Vienna .

In Spain’s capital, it is relatively easy to find a good hotel for an affordable price and the public transport system is inexpensive.

Although the entrance tickets to the city’s museums and art galleries are quite costly, most of them also offer free entry at certain times of the day.

Some examples

Below is a list with examples of prices in Madrid:

Food and drink

• Latte : € 1.25 ( US$ 1.40)
• Small draft beer (caña) : € 1.50 ( US$ 1.60)
• Set menu in a “normal” restaurant : € 15 ( US$ 16.20)
• McDonald’s menu : € 8.50 ( US$ 9.20)
• Single metro ticket : € 1.50 ( US$ 1.60)
• 10-journey ticket for the metro and urban buses : € 12.20 ( US$ 13.20) (plus a € 2.50 ( US$ 2.70) one-time fee for the metro card, Zone A only)
• Taxi from the Barajas Airport to the city centre : € 30 ( US$ 32.40)

Accommodation

• A double room in a city-centre hotel : minimum € 60 ( US$ 64.90) (approx.).

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The climate of Madrid is Continental Mediterranean and is strongly influenced by the urban conditions. Discover the weather in Madrid, and choose the best time to visit the capital!

• Travel Planning Guide

Is Madrid Expensive?

• Is Madrid expensive?

How expensive is Madrid?

• How expensive is a weekend trip to Madrid?
• How expensive is a one week trip to Madrid?

Is it expensive to backpack in Madrid?

Are hotels expensive in madrid.

• How expensive are activities in Madrid?

Is food expensive in Madrid?

Is transportation expensive in madrid, is madrid expensive to visit.

Madrid is a popular destination that is also moderately priced. It falls in the middle range of travel cost prices globaly with a daily average travel cost of $148. If we compare it to the rest of Europe, which is known to be an expensive region, it is a moderately priced place to visit. It ranks in the top 50% of cities in Europe for its travel costs. Its travel costs are comparable with places such as Nottingham and Antalya.

For a trip to Madrid, travelers spend on average $148 per day (U.S. Dollars). This is according to our calculations from previous visitors. As this is an average cost, your individual spending may vary, especially since there's a wide range of accommodation, food, transportation, and entertainment options here. If you stick to moderately-priced hotels and restaurants, as well as take advantage of some of free things to do in the area, you can stick close to the average budget. See more travel costs for Madrid here to see how all of the average spending costs pan out.

How expensive is a weekend trip (three days) to Madrid?

On average, a weekend trip to Madrid costs about $445 per person. This is based on the previous expenses of actual travelers, and includes accommodation, food, activities, local transportation, and more. For two people, a weekend trip costs $890.

How expensive is a one week (7-day) trip to Madrid?

A one week trip to Madrid costs about $1,038 per person on average, based on the previous expenses of other travelers. This includes accommodation, sightseeting activities, transportation, food, and nightlife. For two people, a one week trip costs $2,076.

With more than 50 hostels around town, Madrid is a very popular backpacker destination. Hostels usually cost around $23 per night. There's a wide range in prices though, with the cheapest beds costing about $14 and the most expensive rooms costing about $41. (See hostel prices in Madrid here .)

Here are a few sample prices from popular hostels in Madrid.

• $20 for a dorm bed at Cats Hostel Madrid Sol more details
• $21 for a dorm bed at The Hat Madrid more details
• $24 for a dorm bed at Ok Hostel Madrid more details

Examining hotel prices in Madrid , we can see that they are moderately priced when compared to hotels in other cities. The average cost for a night in a hotel room is approximately $89. The city is equipped with about 37 five-star hotels, boasting an average nightly rate of $231. For travelers aiming for a comfortable yet budget-conscious stay, three-star hotels come in at an average of $100 per night, while two-star hotels offer a more pocket-friendly choice at $52 per night.

CoolRooms Atocha

Hotel artiem madrid, how expensive are sightseeing activities in madrid.

In Madrid, the cost of activities and things to do can vary by the type of activity, its length, and the location. To provide an estimate of what to expect during your visit, below are several popular activities that are common in the area. On average, previous travelers have spent around $37 per day on sightseeing and entertainment, which is more than the country's average of $29.

• Horror Night Tour in Madrid on Foot Viator $ 15
• Horror Night Tour in Madrid on Foot: $15
• Tour 'Best of Prado Museum' (Skip the line ticket. 7 people max.): $44
• Private Walking Tour: Madrid Old Town With a Local Guide: $198
• Photographic tour of Madrid with a professional photographer: $99
• Prado Museum Private Tour : $121
• Madrid The Old City Guided Walking Tour - Semi-Private 8ppl Max: $92
• Tuk Tuk Tour Madrid: $165
• Private Guided Bike Tour in Madrid : $42

In Madrid, the cost of food can vary by the type of restaurant and food options available. To save money, eat at less expensive restaurants, try street food, or cook your own meals when possible. On average, previous travelers have spent around $37 per day on food, which is less than the country's average of $43.

• Madrid Tapas and History Food Tour Viator $ 82
• Madrid Tapas and History Food Tour : $82
• Small Group Cooking Class of Tapas and Paella in Madrid: $178
• Madrid Tipsy Tapas Guided Food Tour with Dinner: $43
• Taste of Spain: Tapas Cooking Class with Bottomless Wine Pairing: $115
• Paella and Tapas Cooking Class in Madrid with Market Visit: $94
• Madrid Tapas Cooking Class at a Private Local Eatery: $98

Local transportation in Madrid can vary in price depending on the type of transit used. Generally, other travelers have spent $20 on local transportation per person per day, which is less than the country's average of $30. To save money, take public transit whenever possible, as it will almost always be cheaper than a taxi or private driver.

More for Madrid

If you're planning a trip to Madrid, Spain, check out these other informative travel guides.

We've been gathering travel costs from tens of thousands of actual travelers since 2010, and we use the data to calculate average daily travel costs for destinations around the world. We also systematically analyze the prices of hotels, hostels, and tours from travel providers such as Kayak, HostelWorld, TourRadar, Viator, and others. This combination of expenses from actual travelers, combined with pricing data from major travel companies, gives us a uniqe insight into the overall cost of travel for thousands of cities in countries around the world. You can see more here: How it Works .

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How much does it cost to visit to Madrid? Average Daily Costs

Madrid is the capital city of Spain and a popular destination for travelers from around the world. The city is known for its rich history, stunning architecture, and vibrant cultural scene. If you’re planning a visit to Madrid, it’s important to budget accordingly to ensure that you get the most out of your trip. Here’s a breakdown of cost of visit to Madrid, the average daily costs and some advice on how to save money during your visit.

Table of Contents

Average daily Costs Madrid

Is madrid expensive.

Compared to other major European cities, Madrid can be relatively affordable. While the cost of accommodation and food can vary depending on the type of establishment you choose and the location, the city offers many budget-friendly options. Overall, the cost of visit to Madrid can be manageable for travelers on a variety of budgets.

How Much Does It Cost To Fly To Madrid?

The cost of flying to Madrid can vary depending on your location, the time of year, and how far in advance you book your tickets. In general, a round-trip flight from other parts of Europe can cost anywhere from €50-200 depending on the airline and the time of year.

Flights from other continents such as North America or Asia can be more expensive, with round-trip tickets costing anywhere from €500-1000 or more.

Accommodation

Accommodation costs in Madrid can vary depending on the type of accommodation you choose and the location. In general, a budget hostel or guesthouse can cost around €15-30 per night, while a mid-range hotel can cost between €50-100 per night. If you’re looking for luxury accommodation, you can expect to pay upwards of €150-200 per night.

Food and Drink

The cost of food and drink in Madrid can vary depending on where you eat and what you order. You can expect to pay around €10-15 for a meal at a local restaurant, while street food such as bocadillos or churros can cost as little as €2-3.

If you’re looking for a more upscale dining experience, you can expect to pay around €30-50 per meal. A glass of wine or beer can cost around €2-3.

No Regrets Booking Advice

Transportation.

Transportation costs in Madrid are generally quite reasonable. If you’re arriving by plane, you can take a shuttle bus or metro from the airport to your accommodation, which can cost between €5-10 depending on the distance.

If you’re planning on exploring the city, you can take a local bus or metro, as many of the attractions are located within walking distance of each other.

There are plenty of things to do in Madrid, from visiting world-class museums to exploring the winding streets of the city’s historic neighborhoods. The cost of activities can vary depending on what you’re interested in.

A ticket to the Prado museum can cost around €15, while a flamenco show can cost around €20-30. Many of the parks and attractions in Madrid offer free or low-cost admission.

Internet & Phone Prices

Internet and phone prices in Madrid are generally affordable, and most cafes and restaurants offer free Wi-Fi. You can buy a local SIM card with a data plan for around €20-30, depending on the provider and the amount of data you need.

Possible Random Spending

There are plenty of opportunities for random spending in Madrid, such as shopping for souvenirs or dining at upscale restaurants. Souvenirs and handicrafts can be quite affordable, but prices can vary depending on the vendor and the item.

Dining at upscale restaurants can cost around €30-50 per meal, while street food and local restaurants can be much cheaper. It’s a good idea to set aside some extra money for unexpected expenses.

Tips for Saving Money

If you’re on a tight budget, there are several ways to save money when visiting Madrid. Here are some tips:

• Stay in budget accommodation such as hostels or guesthouses
• Eat at local restaurants and cafes rather than more expensive tourist areas
• Take public transportation or walk instead of taking taxis
• Look for free or low-cost activities such as visiting local markets or exploring the city’s parks
• Visit attractions during off-peak hours or book tickets in advance for discounts

In conclusion, the cost of visit to Madrid can vary depending on your travel style and the activities you choose. By budgeting and following some of the tips outlined in this article, you can enjoy all that Madrid has to offer without breaking the bank.

Whether you’re interested in history, culture, or nightlife, a visit to Madrid is a unique and unforgettable experience that’s well worth the investment.

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16 ways to enjoy Madrid on a budget

Jun 13, 2023 • 6 min read

Save money by biking around the city with Bicimad © Westend61 / Getty Images

Compared to most European capitals, Madrid stands out as an inviting and affordable destination that even budget-conscious travelers can enjoy. From centrally located accommodations to exquisite wine and tapas to world-renowned art museums, you don't need to spend a mint to get a rich cultural experience from the Spanish capital.

If you’re savvy with spending, you can enjoy a full range of Madrid’s diverse attractions without sacrificing quality. Check out our top tips to stretch your travel budget . 

Daily costs in Madrid

• Hostel room: €29 to €40 per night for a bed in a mixed dorm, depending on location and season 
• Basic room for two: €36 to €45 per night for basic room in a budget hotel or boutique hostel
• Self-catering apartment (including Airbnb): €60 to €150 per night 
• Public transport ticket: single one way ticket, €1.50
•  Combined Metrobús ticket for 10 rides: €6.10  
• Coffee ( café con leche , or standard coffee with milk): €1.50 to €2.50 
• Sandwich: €3 to €5
• Dinner for two: average three-course meal per person at a mid-range restaurant, €25 to €35
• Beer: about €2.50 for a caña , or small glass of beer (about 250ml) on tap; €4 for a doble  (about 400ml) 
• Glass of Spanish house wine: €2.50 to €3.50

Average daily cost: €70 to €120 per person, including three meals a day, accommodation and activities .

1. Take the metro or bus from the airport to the city center

Instead of taking a taxi from the airport with a fixed price of €30, you can save a lot by spending €3 on a Suplemento Aeropuerto ticket instead. Hop onto the metro train (Line 8) to go straight to the city’s business center, stopping at the Nuevos Ministerios station that branches out to Madrid's neighborhoods. You can also opt to take an airport bus that runs 24/7 from the airport to the city center for €5. 

2. Take public transport

Madrid is a commuter-friendly city known for its efficient multi-modal public transport infrastructure , including an organized metro-rail system and bus network. You can save a lot by skipping taxis and navigating the city instead with a Metrobús ticket, which gives you 10 metro or bus rides for €6.10.  

3. Take the early morning Avlo train for long-distance travel

Great news for early bird travelers: you can save as much as 70% on long-distance train fares if you take the high-speed, low-cost  Avlo . It's the earliest train departing Madrid, leaving at 6:30am and connecting you to several main Spanish cities, including Barcelona, Valencia, Málaga and Sevilla, for only €7. 

4. Book car-share rides with BlaBlaCar

Popular among locals, this affordable and sustainable car-share service gets you to several points all over Spain without paying a hefty gas bill. Check the  website for a list of ride schedules with drivers’ ratings, pick-up points and prices. This is also a great way to practice your Spanish with locals!  

5. Bike around the city with Bicimad

Bicimad distributes more than 7000 electric bikes to 600-plus charging stations around Madrid, with prices starting from €2 for the first hour of use. You'll need to download the app to register and start using the bikes. 

6. Order the menú del día (daily menu) for lunch

On weekdays, check the chalkboards outside most restaurants for their menú del día , a fixed-price menu ranging from €8 to €17 for a three-course meal with dessert, drinks, bread and coffee . 

7. Enjoy free tapas with every drink order

While getting a free plate of tapas with every drink is standard practice in Madrid's restaurants and bars, some establishments, like El Tigre,  are known for being extra generous with their servings.  The ubiquitous 100 Montaditos is a student favorite that’s open all day and serves a wide assortment of tasty sandwiches at €1 each.

8. Shop in mercados

Skip the supermarket and make a beeline instead for one of Madrid's open-air markets, featuring a colorful selection of stalls selling fresh fruit, vegetables, meat and fish at significantly cheaper prices than the big grocery chains. You'll also find quaint little restaurants, cafés and wineries interspersed among the stalls, which combine great gastronomic offers with friendly prices. For a more local flavor, check out Mercado Antón Martín and Mercado de Vallehermoso . 

9. Avoid dining in Plazas Mayor and Sol

While these central landmarks are on the must-see list for visitors to Madrid , keep in mind that many of the restaurants in these high-tourist-traffic areas have much higher-priced menus.  

10. Skip dining al fresco on a terraza (outdoor terrace) and eat inside

While a big part of the charming Madrid experience is eating outdoors on one of the many open-air terraces, many establishments charge extra for an outdoor table. You can save a few euros (and use that to get, say, a nice glass of rioja instead) by eating indoors. 

11. Get delivery discounts and reduce food waste with Too Good to Go

Similar to any delivery-service platform, this app shows you nearby restaurants, shops, bars, fruit stands and bakeries that offer food or produce unsold that day, marked down significantly – sometimes up to 70% off the selling price – with a specific time to pick it up. You’ll be saving on euros (and saving the planet).

12. Make sure you're not paying extra for bread

Most restaurants will ask if you'd like some bread to go with your order. Unless this is part of the menu del día, you could get charged for it, so best to ask the servers if this would cost you extra.

13. Visit Madrid's “Golden Triangle” museums for free

You can enjoy  Madrid's world-famous art museums during designated free-entry times. The Museo del Prado is free to the public Monday through Saturday from 6pm to 8pm and on Sundays and public holidays from 5pm to 7pm. Visiting the Museo Nacional Thyssen-Bornemisza is complimentary on Mondays from 12pm to 4pm, while the Reina Sofia is free on weekdays (except Tuesday) from 7pm to 9pm, and on Sundays and selected public holidays from 12:30pm to 4:30pm.

14. Show your student or senior-citizen ID

Students and persons over 65 years old can enjoy discounted or free services on public transport and several attractions. 

15. Explore more affordable neighborhoods

Some of Madrid's most interesting barrios (neighborhoods) are just off the city center, with a ton of options for eating and drinking at prices that won't break the bank. Lavapiés is a little global village known for its array of multicultural culinary offerings, with streets lined with restaurants and cafés serving economically priced menus from South Asia, Africa and the Middle East.

16. Check out what's on at Matadero

This refurbished slaughterhouse has been reinvented as a dynamic cultural hub  packed with free exhibitions, film showings, dance and musical performances, shows and street-food festivals. It's a wallet-friendly alternative to the tourist traps for experiencing Madrid's avant-garde attractions. 

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How to travel to Madrid on a budget and still have a great time

With inflation recently hitting an all-time high, many people are eager to save on everything from food shopping to gas and travel.

Traveling on a budget often means picking the right destination and, with the dollar still slightly stronger than the euro, visiting an affordable European spot is a surprisingly budget-friendly solution to rising travel costs.

One of Europe's more affordable capital cities is Madrid , a destination with plenty to do, see, drink and eat that won't break the bank.

Here's how to visit Madrid on a budget.

Getting there

In many instances, it's easy to find affordable airfare between the U.S. and Madrid, and you can also leverage low-cost carriers such as Ryanair, Easyjet and Iberia from other major cities around Europe if you find a better deal to another international hub. Just be sure to factor in add-ons like baggage, seat selection and other extras.

We routinely see airfare deals to Spain from the U.S. for under $400 round trip. Be sure to check TPG for our daily deal alerts .

Related: The cheapest ways to book a trip to Spain with points and miles

Accommodation

From new luxury properties to budget hostels and everything in between, Madrid has a wide selection when it comes to accommodation, with options at all price points. Here are some of the best for travelers hoping to stay comfortably without overspending.

Best value points hotels

Madrid offers numerous options when it comes to redeeming points, from the classic fan-favorite Westin Palace Madrid to the reliable InterContinental Madrid. But if you're looking to conserve those points or stay for longer, here are some of the best options in the Spanish capital.

• AC Avenida de América : Though slightly outside the historic center, this property is clean, comfortable and best for those who want to experience a more local side of Madrid while still having easy access to the main tourist sites and Barrio Salamanca shopping via a quick taxi or metro ride. Rates start at 20,000 Bonvoy points or under $100 per night.

• Hyatt Centric Gran Via Madrid : This regal property boasts a gorgeous rooftop garden, restaurant and bar, and is located on Madrid's famous Gran Vía Street. Rates start at 20,000 Hyatt points or about $200 per night.

Best cash value hotels

Don't have a stash of points? Don't worry. These hotels offer prime locations, excellent service and unbeatable value.

• H10 Puerta de Alcalá : Located a stone's throw away from Madrid's most beloved green space, this hotel offers chic rooms and a rooftop overlooking the park. Rates can be found from about $95 per night.
• Hotel Puerta Ámerica : With funky room decor, glass elevators and a Sky Bar, this hotel offers a trendy stay for a budget price. Deals can be found around $100 per night.

Boutique hostels

Hostels aren't just for backpackers. Many hostels, or pensioners, in Madrid offer private rooms and bathrooms at affordable prices. If you're on a tight budget, want to make new friends or just want something a little different, consider a hostel.

The Generator Madrid : This design-driven hostel has a fun rooftop deck; the unique space was actually a former gas station. Private rooms start around $60 per night, while shared bunk rooms run as low as $25 per night.

The Hat Madrid : A short walk from Madrid's Plaza Mayor, this hostel has chic, clean rooms and an inviting solarium and rooftop deck. Private doubles start at $70 per night, while a bunk in a shared room can be reserved for under $20.

Related: Why you might be happier staying at a budget hotel

Vacation rentals

It's easy to find holiday rentals from studio lofts to four-bedroom apartments in Madrid's city center. Prices usually range from about $60 to under $200 per night for the average private apartment rental, depending on amenities and size. Airbnb is the best resource for finding vacation rentals in Madrid.

Best times to visit Madrid

When it comes to finding the lowest rates on hotels and activities, winter is your best bet (outside of Christmas). Just know it does get cold and occasionally rainy during this season in Madrid.

Sometimes you can find accommodation deals, especially on vacation rentals, in August, when most locals flee the city for the seaside or mountains during the extreme heat. Just make sure to spend a little extra on lodging with air conditioning.

If it's the best weather you're after, visit Madrid in May and October, where temperatures are pleasant under sunny skies, and prices aren't quite as high as they may be in June, July or September. Madrid features some exciting festivals in May, such as its San Isidro celebrations, which make for unique cultural and gastronomy experiences.

Getting around Madrid on a budget

It's easy to get around Madrid's city center on foot, and the metro and bus are both affordable options, especially right now. The 10-pass metro and bus ticket is about 12 euros, or roughly $12. There's currently a 30% discount available through the end of December, though the government may extend the promotion.

Tourist metro passes are valid for unlimited travel between one and seven days of purchase (prices depend on the length of validity). Although this pass isn't currently discounted, it does include metro trips to the airport (airport metro tickets otherwise have a small supplemental cost when purchased on their own).

It's also easy and affordable to get between Madrid's Barajas Airport (MAD) and the city center — it's only a 20-minute drive or so. You can take the metro or the Bus 200 to Avenida Ámerica, both of which are included in metro tourist tickets. There's also a special, 24-hour airport bus that runs between the airport and O'Donnell, Cibeles and Atocha that costs 5 euros (about $5) each way.

Related: Every tourist in Madrid makes the same 12 mistakes

You can take the RENFE trains from Terminal 4 from the airport to the city center, or taxis cost a flat rate of 30 euros (about $30) from the airport to anywhere in the city. Rideshare services such as Cabify and Uber usually cost even less.

What to do in Madrid on a budget

Madrid is home to many green spaces, such as the Retiro Park, Casa de Campo, El Capricho, Fuente de Berro, Madrid Río and Templo De Bod. Entrance is free to all of these parks. However, if you want to rent a paddle boat in Retiro or take the funicular over Casa de Campo, you'll have to pay extra.

Walk the city

It's easy to take a self-walking tour around Madrid's city center, and you can admire many of its attractions from the outside for free. This walk is extensive and can be completed all in one day or over a few days, depending on your energy levels and length of your holiday.

Start in the Puerta Del Sol, checking out the Tio Pepe sign and Kilometer 0, which is said to be the exact geographical center of Spain . Then, wander down to the Plaza Mayor to marvel at the hundreds of balconies that face the center of the square.

Continue down to the San Miguel Market (snacks cost extra!) and along Calle Mayor until you get to the Almudena Cathedral and the Royal Palace, which you can enjoy for free from the outside. Then, walk through the Sabatini Gardens and along the newly constructed walkway to stroll through the freshly re-designed Plaza España square.

Keep going up Gran Vía, a busy street home to shops, theatres and restaurants. When you get to the end, turn left on Calle Álcala (but first look right to catch sight of the towering Metropolis Building) and walk up through Cibeles Square to see the fountain and palace, then to the Puerta de Álcala (one of the former entrances to the Madrid) and into the Retiro Park.

Free times for museums

Many museums in Madrid offer free entrance times. These can be an entire day or just a few hours a week (typically in the afternoon) where you won't have to pay to enter. Make sure to get there early, as these times can be crowded and you may have to queue up.

El Rastro market

Madrid's famous flea market occurs weekly on Sundays. Looking and strolling is free for everyone, though you'll have to pay if you want to buy something. This market can get very crowded, so go early. It's best to leave valuables and lots of cash at home, as pickpockets notoriously work the crowds here.

Tips and tricks for visiting Madrid on a budget

Menu del día.

Many restaurants offer a set lunch menu on weekdays, which includes a choice of starter, main course, dessert or coffee and a drink (such as beer, wine, water or soda) for a fixed price, usually under $20. These are delicious and a great value.

Student, senior and teacher discounts

Museums and other attractions may offer student, teacher or senior discounts. Double-check what type of identification is required to access these cheaper rates.

The more local the bar, the more likely you'll get a free tapa when you order a drink. And the farther you get from the main historic city center, the higher chance you'll have of getting a small complimentary plate of food with your drink order.

Bottom Line

Cost-of-living headlines might seem scary, but it's not impossible to save money while traveling and maximizing the value you're getting from your holidays. Certain destinations in Europe still offer great value for money if you know where to look — Madrid is just one of these destinations and is a great place to visit on a budget.