Micro-penthouse in Madrid's Atocha: €259,000 for an unlivable space

Penthouse in Atocha for €259,000: Madrid's most expensive pigeon coop

Madrid has reached a new milestone in the irrationality of its housing market. A penthouse in the central Atocha area, so small that its occupants have to move around in a crouch, is on the market for €259,000. The listing has spread like wildfire among property analysts, who have no hesitation in calling it a social affront.

That said, in a context where the price per square metre in central Madrid comfortably exceeds €5,000, the location could partly explain the price. But the property's condition —with sloping ceilings that barely allow you to stand upright— makes it an anomaly even by the capital's standards.

Analysts react: investment or joke?

The €259,000 price tag for a space some describe as a "pigeon coop" has drawn an almost unanimous chorus of criticism. Critics argue that, despite the privileged location, the property is unviable for any standard residential use. The irony peaks when it is compared with other options in the same district: for that budget you can find larger, far more livable homes. The Atocha "pigeon coop" thus becomes a symptom of the speculation distorting the housing market in major cities.

With land prices at record highs and demand for central housing showing no signs of easing, we are likely to see more listings like this. But until planning regulations and the supply of public housing catch up, these "pigeon coops" will remain the calling card of a market that has lost all touch with reality.