page_title: Madrid
section_title: Construction
hierarchical_section_title: Madrid / Economy / Present-day economy / Construction
caption_attribution_description: Español: Torre Caleido (Madrid).
context_page_description: Madrid is the capital and most populous city of Spain. The city has almost 3.3 million inhabitants and a metropolitan area population of approximately 6.5 million. It is the second-largest city in the European Union, surpassed only by Berlin, and its monocentric metropolitan area is the second-largest in the EU, surpassed only by Paris. The municipality covers 604.3 km².
  Madrid lies on the River Manzanares in the centre of both the country and the Community of Madrid region, of which it is also the capital. As the capital city of Spain, seat of government, residence of the Spanish monarch, Madrid is also the political, economic and cultural centre of the country. The mayor is José Luis Martínez-Almeida from the People's Party.
  The Madrid urban agglomeration has the third-largest GDP in the European Union and its influence in politics, education, entertainment, environment, media, fashion, science, culture, and the arts all contribute to its status as one of the world's major global cities. Madrid is home to two world-famous football clubs, Real Madrid and Atlético Madrid.
context_section_description: The construction sector, contributing 6.5% to the city's economy in 2010, was a growing sector before the recession, aided by a large transport and infrastructure program. More recently the construction sector has fallen away and earned 8% less in 2009 than it had been in 2000. The decrease was particularly marked in the residential sector, where prices dropped by 25%–27% from 2007 to 2012/13 and the number of sales fell by 57%.
caption: Building works of Caleido in August 2018
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