Madrid, the capital of Spain, is a financial and cultural centre with a GDP per capita of US$42,000, representing a significant portion of the Spanish economy. The city thrives on strong sectors such as services, technology and tourism, with a vibrant startup ecosystem bolstered by several tech parks and business incubators. Madrid's rich cultural heritage, highlighted by the Prado Museum and Royal Palace, attracts millions of visitors annually. Notably, Madrid is a major logistical hub due to its central location, extensive transportation networks and Barajas Airport, one of the busiest in Europe.
Madrid, ranks extremely highly for Liveability, benefiting from a blend of cultural richness, excellent public services, excellent dotation of accessible green areas and a vibrant social scene. The city boasts an extensive public transport network, which includes one of the best metro systems in Europe, and public spaces such as Retiro Park, which enhance the urban living experience. Madrid is one of the cities with the largest green area per capita in Europe.
The city has room for improvement in Urban Management and Governance, such as integrating more comprehensive sustainable and resilient practices in city planning and enhancing efficiency in local governance. One of the most critical emerging issues in the city is the housing shortage and its price. Madrid has been particularly affected by an influx of foreign investors money, exacerbating the squeeze on the market, as well as the rapid transformation of certain working class districts into gentrified areas. New house building is at historical lows, there is little urban land available for construction and few plans for new developments. New large urban regeneration projects like Madrid Nuevo Norte and Campamento are being accelerated to respond to the housing demand in a sustainable and resilient manner. Both developments designed to the top sustainability and liveability standards, responding to the challenges that climate change is posing to the city, specially due to heat stress. These developments that will transform the city in the coming years.
