Madrid sits dead centre of the nation and its sophisticated population like to stay up and play until the early hours. The city hosts one of the world’s greatest football teams – the white clad Real Madrid – and a certain David Beckham and family are current residents.

Shorter on must-see sights than many European capitals, Madrid nonetheless includes the regal Palacio Real, the world-famous Museo del Prado, the stunning Catedral de Nuestra Senora de la Almudena and such Madrid traditions as Sunday walks down the fashionable El Retiro park.

Indeed, much of Madrid’s appeal is in its lifestyle rather than its must-do tourist attractions as residents revel in its tapas bars and terrace cafes and the pace of life is at once urban – traffic jams can spring up even in the middle of the night – yet also calmer than many of its European contemporaries.

The city has its own metro and a series of efficient orbital motorways that mean the centre, while busy, is also not as gridlocked as many some capitals. The wheel and spoke network of motorways also channels urbanites to some major new shopping centres – still a comparative rarity in Spain - including the enormous Xanadu, which includes an indoor ski slope complete with snow.

Madrid enjoys good train links to Barcelona in the north and to the south coast too, with improvements to the high-speed train routes bringing Malaga within an amazing two and a half hours next year. Immediately to the north of the city are Madrid’s sierras, offering walking, hiking and even winter skiing within 60km of the city centre.

The regions surrounding Madrid are three of only four landlocked provinces in the whole country. To the north is Castilla y León, a mixture of beautiful towns such as Salamanca, Ávila and Ciudad Rodrigo, the wooded mountain scenery around the Sierra de Gredos and the timeless villages of the Sierra de Francia.

The rural plains of the central plateau include historic Segovia, reachable from Madrid in a day, and modern city Valladolid is a lively distraction kept buzzing by its huge university population. Even further north is León, another monument-packed and cosmopolitan city set within attractive countryside.

To the south of Madrid is Castilla-La Mancha, which in Arabic rather unpromisingly means ‘dry, waterless land’. And accordingly the plateaus do bake in summer and serve up harsh winters.

Most famous for its wayward son Don Quijote, the region includes one of Spain’s gems – Toledo. Only 60km from Madrid, the “Imperial City” is the most striking of all Spanish towns for its fusion of Middle Eastern narrow streets and monumental Catholic architecture, an undoubted main attraction.

Further south and Castilla-La Mancha becomes a land of ancient windmills and quiet villages before eventually meeting Andalucía and nudging to within two or three hours drive of the Mediterranean.

To its west is perhaps Spain’s least known province, Extremadura. This sparsely populated area of the country also remains one of its less prosperous and while it certainly has its charm it is definitely for those wanting to get away from it all.

Not surprisingly its principal attractions are its wildlife, especially its bird life, and the cherry country of the north. The area is also famed for its jamon de bellota (acorn-fed pigs).

As an important business centre, Madrid is a good investment area for buy-to-lets. It is also a great starting point for exploring the rest of Spain although its location is no good for those wanting easy access to a coast.

Need to know

Transport: Extensive road, rail and air links from Madrid to the rest of Spain.

Accessibility: Madrid is Spain’s main airport. Ryanair also flies to Valladolid, as does Iberia plus Badajoz and León. Toledo has high speed rail links to Valencia, the Costa Blanca and Costa del Sol.

Accommodation: Mostly apartments in Madrid, a wide range of choice from old to new in the surrounding regions.

Property prices – Madrid’s 12-month increase was a sluggish (by Spanish standards) 7.5% and it was recently pipped by Barcelona as Spain’s most expensive property area. Surrounding areas climbed at just below the 10% rate. Madrid apartments start at €180,000 but in rural areas, especially Extremadura, properties are much cheaper.

Regulations: Appoint a local agent to advise on taxes for buying and selling property and legal advice on issues such as inheritance tax, which differ sharply to the UK. Expect fees to add about 10% to the buying price.

Healthcare: British citizens with a free EHIC card get reciprocal healthcare.