Temporary rental Reparations: 2026 guide to the best quarter of Salamanca

Why Recleletes concentrates Madrid's most premium demand for temporary rental

Recoletos no es simplemente Salamanca. Es una franja de apenas ocho manzanas entre el Paseo del Prado al oeste, la calle Goya al norte, la calle Velázquez al este y el Retiro al sur. Una delimitación estrecha que concentra, sin embargo, algunos de los activos urbanos con mayor atracción de demanda solvente de España: el Museo del Prado a 400 metros a pie, el Thyssen-Bornemisza prácticamente en la esquina, el eje peatonal de Serrano (con la Embajada de Estados Unidos en el número 75 y la British Embassy en Fernando el Santo, a tres minutos andando), y el Paseo de Recoletos con la Biblioteca Nacional y la Bolsa de Madrid.

The economic structure of the neighborhood explain demand. The great international financial firms with office in Madrid are grouped in this area: Goldman Sachs and JP Morgan at the Recletos-Goya axis, HSBC at Serrano, BNP paribas at lower Castellana. The international law (Linklors, Clifford Chance, Freshfields) have their headquarters at the immediate perimeter. The result is a constant flow of senior managers and expatriate professionals who require high quality temporary accommodation with an undertaking as a guarantor of payment, with no will to search for a flat in Legan or long term commitment.

The second structural reason for the temporary rental boom at Reclletos is normative. The Special Hosting Plan (PEH) del Ayuntamiento de Madrid, aprobado definitivamente el 27 de marzo de 2019 (BOCM nº 95, 23 de abril de 2019), restringe las licencias VUT en prácticamente todo el distrito Salamanca a viviendas con acceso independiente al portal. En edificios de fincas verticales —que son la mayoría en Recoletos— eso hace la licencia técnicamente imposible. Los propietarios que llegaban pensando en Airbnb a tiempo completo han tenido que reconsiderar. El alquiler temporal art. 3 LAU es la alternativa legal, rentable y sin las restricciones de la normativa turística autonómica.

A third factor, less visible but equally relevant: diplomatic stability. Madrid houses more than 170 embassies and consulates, and Recoletes is the preferred neighborhood by the diplomatic body accredited to reside during its destination. A diplomat or international official looks for exactly what temporary rental offers: a furnished, quality-tested housing in a secure and central area, for periods from 6 to 24 months with formal contract and pay company. No more solvent or less conflictive profile at the Madrid temporary rental market.

The tenant profiles in Recletes: international executives, diplomats and professionals

The temporary rental model at Recoletos does not depend on a single demand. Four different profiles cover the year in a complementary manner with different peaks that minimize vacancy.

1. Senior Executives in Castellana and Cuatro Torres (3-6 months)

The big corporations with headquarters at the Spanish axis - BBVA at its tower of Acha, Repsol at Méndez Álvaro, Banco Santander with office at Boadilla and Castellana, the four great auditors with HQ at Chamartin - constantly move senior managers and managers among their European headquarters. A relocation from Frankfurt, London or Amsterdam rarely takes less than three months: there's a project to complete, a team to integrate, a structure to reorganize. The company pays directly. The monthly invoice goes against RRHH's travel and relocation budget. No financial intermediation with an employee and thus a risk of non-payment. The profile requires quality, nonluxury: 600 Mbps fiber, real desk, equipped kitchen, quality bed linen. He doesn't ask for a village and wants everything to work.

2. Diplomáticos y funcionarios internacionales (3–24 meses)

La Embajada de Estados Unidos en Serrano 75, la British Embassy en Fernando el Santo 16, la Embajada de Alemania en Fortuny, la de Francia en Salustiano Olózaga: todas a menos de diez minutos a pie de cualquier punto de Recoletos. El cuerpo diplomático acreditado en Madrid necesita alojamiento durante su destino, que puede durar entre uno y cuatro años. En los primeros meses suelen alojarse en hotel o residencia diplomática; pasados 2–3 meses buscan apartamento privado en zona céntrica y segura. La nota verbal de la embajada hace las veces de garantía institucional: impago prácticamente imposible. Son los inquilinos que cuidan mejor la vivienda de todo el mercado temporal de Madrid.

3. MBA and Executive MBA Students (June)

Two first level institutions have campus or headquarters at the Reclletos perimeter. ESIC Master Center at Prince of Vergara hosts hundreds of specialist master's students every year, many of them nonpermanent foreigners in Madrid. IE Business School has its main campus at María de Molina - ten minutes walk from Recletes - and its MBA program attracts participants from more than 60 countries. These students, with an average age of 28-32 and solid family economic backrest, seek quality flats at central 9-11 stay months. They have family collateral or a letter of conduct and are at very low risk of non-payment.

4. Visiting researchers from great museums (2-6 months)

El Museo del Prado, el Thyssen-Bornemisza y el Museo Reina Sofía —los tres a menos de un kilómetro de Recoletos— tienen programas activos de visiting scholars, investigadores invitados y curadores en residencia. Académicos de universidades europeas y americanas que pasan 2 a 6 meses en Madrid trabajando en sus colecciones. Es el perfil más pequeño en volumen, pero muy fácil de gestionar: personas educadas, con rutinas estables, sin fiestas, que usan el piso como base de trabajo intelectual.

The ideal sequence at Recletes: corporate executives at octobre-March (Relocations fall and start of year), MBA students from September to June (overlap with academic cycle) and as an annual anchor con contratos de 6–18 meses. Los investigadores rellenan huecos de 2–4 meses en la franja primaveral. Esta combinación logra una ocupación anual en torno al 90 %, con una rotación de sólo 3–5 inquilinos al año.

How much your home in Recletes with temporary rental (data 2026)

The following ranges are indicative and correspond to comparable properties in operation with Bliss Homes and market data from AirDNA and specialized portals (Idealist, Photocasa) for Recoletes and South Salamanca. For a closed estimate we need to see the concrete floor.

Temporary income is mean gross income weighted by profile of tenant (corporate, diplomat, MBA) and annual employment (90 %). The net differential after management commission (15-18 % + VAT) and operating expenses (cleanliness between tenants, supplies, minor maintenance: 5-9 %) remains a 28-ZXQ- 34 % higher than the net of traditional residential rental. The residential income data come from an active Ioficalist Recovery announcement in May 2026.

Un matiz importante: en Recoletos el precio por metro cuadrado en alquiler temporal es el más alto de la ciudad, pero también el más estable. A diferencia de otras zonas donde la renta temporal fluctúa con la estacionalidad turística, en Recoletos la demanda corporativa y diplomática es constante los doce meses del año. Septiembre y enero son los picos más pronunciados (arranque de curso en ESIC e IE, inicio de destinos diplomáticos de otoño), pero incluso agosto, mes flojo en otras partes de Madrid, tiene demanda activa de profesionales en tránsito de paso por la capital.

PEH and VUT licenses at Recletes: What does it mean for your flat

The Special Plan for Hostidage of Madrid is the regulations that regulate what housing can be obtained from Housing for Tourist Use (VUT) in the municipality. The current version from 2023 keeps an independent access restriction: only households with an entrance portal of their own, separate from the portal of other neighbours, are eligible for VUT license. In practice, this removes from the VUT market the vast majority of flats on vertical farms of the Barrio de Salamanca, which are the predominant typology at Recoletes.

The result: if you have a flat in Recoletos that isn't low with direct street access, the VUT license is technically unattainable. It's not about paperwork or about time: you can't apply because the building doesn't meet the accessibility requirement. Many owners came with the idea of renting tourists at Airbnb and have had to rethink their model.

Temporary rental's the answer to that rethinking. Operating under Section 3 of Act 29 / 1994 of Urban Leases as rental for non-housing use. It's not an autonomous tourist policy. It's civil law. The Community of Madrid cannot restrict it, the Municipality cannot veto it by means of the PEH and the community of owners cannot ban it by means of the mechanism of the article 17.12 of the LpH (applying only to tourist activity). It's a completely legal figure and protected by law, as long as the tenant attests to temporary cause.

The two specific obligations at 2026:

• Reportable temporary cause. Replaced work, studies, medical treatment or family transfer. It should be stated in writing and, where possible, supported by documentation (letter of conduct, letter of admission of the master, medical voucher or purchase document currently under way). Without a documented cause, a judge could reclassify his contract as a habitual rental with all the protections of the AU.
• Regional tourist registration (only if published on platforms). El alquiler temporal (art. 3 LAU) no necesita licencia ni número de registro turístico. El registro único estatal (NRUA) que el RD 1312/2024 introdujo en 2025 fue anulado por el Tribunal Supremo en mayo de 2026 (STS 620/2026, de 19 de mayo, ECLI:ES:TS:2026:2148), así que ya no es exigible. Lo único vigente es que, si la vivienda se publica en Airbnb o Booking, estas exigen el número de registro turístico autonómico de tu comunidad (Reglamento UE 2024/1028) y retiran los anuncios sin él. Lo tramitamos nosotros y lo explicamos en nuestra registration number guide.

There are also two elements of regular management that should be ordered: law enforcement (two monthly and deposited with the competent autonomous body) and, in the case of a paid undertaking, IRPF 19 % retention that the company applies about rent and liquid using model 115. Our team coordinates with the owner's fiscal advice so that everything will be square from the first month.

Full Management Process at Reels

From the signing of the management contract to the first tenant, the standard process is 10-21 days depending on the initial state of the floor.

1. Visits, valuation and profile strategy. Let's get to the ground, we value the current status, we identify which of the four profiles (corporate, diplomat, MBA, researcher) best fits according to exact location inside Reels, surface and furnished status. Not all floors match all profiles: one at North Recletes (closer to the American Embassy) has more direct diplomatic demand and one at South Recletes (close to Thyssen) throws more at researchers and international from the cultural sector.
2. Preparation and equipment. Para el perfil executive-diplomático, el estándar mínimo es alto: menaje de calidad, electrodomésticos en buen estado, fibra óptica simétrica (mínimo 300 Mbps), espacio de trabajo cómodo con luz natural y escritorio real, ropa de cama de calidad contrastada. Si el piso llega vacío o con amueblado anticuado, hacemos lista detallada con estimación de inversión (habitualmente 3.000–7.000 € para 2–3 habitaciones) y gestionamos la compra y montaje si el propietario lo delega.
3. Professional photo and autonomous registration (if we publish on platforms). Las fotos son, en alquiler temporal, tan decisivas como en un hotel. El ejecutivo que reserva desde Frankfurt o el relocation manager de una embajada toman su decisión sin visitar el piso; la calidad visual del anuncio decide si contactan. Si el piso se va a anunciar en Airbnb o Booking, tramitamos el número de registro turístico autonómico que exigen las plataformas, en paralelo a la sesión fotográfica (3–5 días hábiles).
4. Publication and active search. Publicamos en Airbnb y Booking (con el registro autonómico que exigen), en nuestro canal directo Bliss Homes y, para el perfil corporate y diplomático, en nuestra red de relocation managers y responsables de RRHH de empresas con presencia en Castellana. Esta red activa —que no actúa ningún portal público— es la que genera las oportunidades de mayor calidad en Recoletos: contratos de 6–12 meses con empresa pagadora, sin comisiones de portal.
5. Filling, recruitment and bail. Identification check, solvency and temporary cause. For companies: FIC verification and credit in commercial register. For diplomats: note verbale from the embassy. For students: letter of admission and family guarantee with an address in Spain. A contract drafted by our legal advice, dedicated to each profile and time cause. Loan deposited with an autonomous body and, by profile, additional guarantee.
6. Ongoing management. Pricing dinámico mensual con Pricelabs, atención al inquilino en español, inglés y francés, reporte mensual al propietario con extracto de ingresos y estado de la vivienda, coordinación con el próximo candidato a partir de los 45 días antes del fin de contrato para evitar huecos de vacante.

Honest comparison: temporary vs. residential in Recleletes

Temporary rental isn't the right solution for all owners. That's when the owner wants to maximize profitability without assuming the operating cost of pure VUT, when he doesn't have a VUT license (that at Recleletes is most often the case) and when he wants flexibility to get back using his flat at reasonable periods. That's the comparison we used with Requilet owners at the initial meeting.

At Recletes, long term residential rental has an additional problem that doesn't appear in numbers: rigidity. If the market goes up (and at Recletes an 18-24 % has been up and up in the last three years, according to Idealist), a regular housing contract blocks you with initial income and an annual update top. For temporary rental, each new contract will be reached at market prices. In a neighborhood with structural high pressure as Recleletes, that makes a real difference on the horizon of three to five years.

Hector Clarke

Fundador de Bliss Homes. Operamos viviendas turísticas en 8 comunidades autónomas —pisos, casas rurales y un edificio completo en Toledo—, seis de ellos alquilados con nuestro propio dinero. Meet the team →