Cost of Living Comparison Between Gran Canaria, Canary Islands and Madrid Cost of Living Comparison Between Gran Canaria, Canary Islands and Madrid

Monthly Cost of Living

A single person spends $1,627 per month in Gran Canaria, Canary Islands vs $2,253 in Madrid, rent included.

A couple spends around $2,411 per month in Gran Canaria, Canary Islands vs $3,329 in Madrid, rent included.

A family of three spends $3,195 per month in Gran Canaria, Canary Islands vs $4,404 in Madrid, rent included.

Gran Canaria, Canary Islands is about 28% cheaper than Madrid, driven mainly by Eating Out.

Both Gran Canaria, Canary Islands and Madrid sit above the global median – Gran Canaria, Canary Islands by 21%, Madrid by 68%.

Meal at Budget Restaurant

$15.31 €13.17

$17.05 €14.66

-10.21%

Three-Course Dinner for Two, Mid-Range

$57.3 €49.25

$68.6 €59.0

-16.50%

Fast Food Meal (McDonalds, etc)

$10.36 €8.91

$11.73 €10.09

-11.68%

Cappuccino

$2.15 €1.85

$3.06 €2.63

-29.74%

Coke/Pepsi/Fanta/Sprite (0.33 liter bottle)

$2.35 €2.02

$3.21 €2.76

-26.79%

Water (0.33 liter bottle)

$1.78 €1.53

$2.18 €1.87

-18.35%

Local Beer (0.5 liter draught)

$3.31 €2.85

$3.94 €3.39

-15.99%

Imported Beer (0.33 liter bottle)

$3.51 €3.02

$4.67 €4.02

-24.84%

Milk (1 liter)

$1.19 €1.03

$1.20 €1.03

-0.83%

White Bread (500g)

$1.42 €1.22

$1.68 €1.45

-15.48%

Rice (white) (1kg)

$1.68 €1.44

$1.69 €1.45

-0.59%

Eggs

$2.89 €2.49

$3.34 €2.88

-13.47%

Local Cheese (1kg)

$13.37 €11.50

$14.91 €12.83

-10.33%

Chicken Fillets (1kg)

$8.19 €7.04

$8.93 €7.68

-8.29%

Beef Round Steak (1kg)

$14.98 €12.89

$16.84 €14.49

-11.05%

Apples (1kg)

$2.47 €2.12

$2.73 €2.34

-9.52%

Banana (1kg)

$2.00 €1.72

$2.11 €1.82

-5.21%

Oranges (1kg)

$1.95 €1.68

$2.54 €2.19

-23.23%

Tomato (1kg)

$2.56 €2.20

$2.65 €2.28

-3.40%

Potato (1kg)

$1.71 €1.47

$2.15 €1.85

-20.47%

Onion (1kg)

$2.05 €1.76

$2.10 €1.81

-2.38%

Lettuce (1 head)

$1.31 €1.13

$1.35 €1.17

-2.96%

Water (1.5 liter bottle)

$0.71 €0.61

$0.97 €0.84

-26.80%

Cigarettes 20 Pack (Marlboro, Camel)

$6.39 €5.50

$6.82 €5.87

-6.30%

Wine (Bottle)

$5.68 €4.89

$8.15 €7.01

-30.31%

Local Beer (0.5 liter bottle)

$1.21 €1.04

$1.39 €1.20

-12.95%

Imported Beer (0.33 liter bottle)

$2.13 €1.83

$2.19 €1.88

-2.74%

One-way Ticket (Public Transport)

$1.71 €1.47

$1.77 €1.52

-3.39%

Public Transport Monthly Pass (Regular Price)

$33.68 €28.97

$49.07 €42.21

-31.36%

Taxi Start (Normal Tariff)

$3.98 €3.42

$4.01 €3.45

-0.75%

Taxi (Normal Tariff) (1km)

$1.26 €1.09

$1.33 €1.14

-5.26%

Taxi 1hour Waiting (Normal Tariff)

$24.99 €21.50

$29.19 €25.11

-14.39%

Gasoline (1 liter)

$1.82 €1.57

$1.93 €1.66

-5.70%

Midsize Hatchback 1.4l (Volkswagen Golf, Toyota Prius, Honda Civic, etc)

$38.9K €33.5K

$37.2K €32.0K

4.67%

Compact Sedan 1.6l (Toyota Corolla, Mazda3, Kia K4, Hyundai Elantra, etc)

$30.6K €26.3K

$34.4K €29.6K

-10.92%

Utilities for 2 People in 2-bedroom Apartment (Heating, Electricity, Gas, Water, Garbage) (85m2)

$135 €116

$195 €167

-30.45%

SIM Card Monthly Plan (Calls and 10GB+ Data)

$20.46 €17.60

$21.66 €18.64

-5.54%

Internet (50+ Mbps, Unlimited Data)

$31.55 €27.14

$35.51 €30.54

-11.15%

Gym Membership (Monthly)

$47.12 €40.54

$53.8 €46.26

-12.38%

Tennis Court (1 Hour on Weekend)

$14.94 €12.85

$17.95 €15.44

-16.77%

Cinema Ticket

$9.02 €7.76

$11.55 €9.94

-21.90%

Preschool or Kindergarten, Full Day, Private, 1 Child (Monthly)

$402 €345

$676 €582

-40.63%

International Primary School, 1 Child (Yearly)

$8,239 €7,087

$12.1K €10.4K

-32.08%

Jeans (Levis 501 Or Similar)

$83.5 €71.8

$94.2 €81.1

-11.42%

Summer Dress (H&M, Zara, etc)

$35.52 €30.56

$42.77 €36.79

-16.95%

Sport Shoes (Adidas, Nike)

$88.8 €76.4

$106 €90.9

-15.93%

Men's Leather Business Shoes

$109 €93.7

$134 €116

-19.01%

1-bedroom Apartment, City Center (Monthly)

$861 €740

$1,566 €1,347

-45.03%

1-bedroom Apartment, Outside City Center (Monthly)

$690 €594

$1,149 €988

-39.89%

3-bedroom Apartment, City Center (Monthly)

$1,307 €1,124

$2,826 €2,431

-53.75%

3-bedroom Apartment, Outside City Center (Monthly)

$1,005 €865

$1,884 €1,621

-46.64%

Buy Apartment in City Center (m2)

$3,393 €2,919

$9,077 €7,808

-62.62%

Buy Apartment Outside City Center (m2)

$2,289 €1,969

$4,511 €3,880

-49.26%

Average Monthly Net Salary (After Tax)

$2,626 €2,259

20-Year Fixed Mortgage Interest Rate (Annual %)

3.5

3.43

2.04%

CityCost data is based on AI and user input – minor inaccuracies may occur.

Last update for Gran Canaria, Canary Islands: June 2, 2026

Last update for Madrid: May 31, 2026

Cost Breakdown

A central one-bedroom costs $861 in Gran Canaria, Canary Islands versus $1,566 in Madrid. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

A mid-range dinner for two costs $57.0 in Gran Canaria, Canary Islands versus $69.0 in Madrid. Monthly groceries follow the same trend: $260 vs $294 – making Gran Canaria, Canary Islands the more affordable choice for daily food spending.

City Median Internet Speeds Comparison (Updated April 2026)

The chart highlights the Precision Threshold for mobile and fixed broadband internet speeds, updated quarterly.

Digital Nomad Cost of Living Index

Gran Canaria, Canary Islands vs Madrid: Cost of Living - Frequently Asked Questions

Yes – Madrid is pricier by about 39%, and the gap shows up most in Eating Out. It's not just housing either; the difference applies across most spending categories.

For a comfortable life, plan on about $2,440 per month in Gran Canaria, Canary Islands and $3,380 in Madrid. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Gran Canaria, Canary Islands, especially for central apartments. Housing is actually the single biggest factor behind the overall cost gap between these two cities.

Kindergarten costs $402 per month in Gran Canaria, Canary Islands and $676 in Madrid. For families with young kids, this one expense can tip the scales when choosing between the two cities.

Groceries cost about 13% more in Madrid, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

A $2,500 monthly budget goes further in Gran Canaria, Canary Islands, where all-in costs run around $1,627, than in Madrid at $2,253. In Gran Canaria, Canary Islands it covers expenses comfortably, while in Madrid it requires careful planning or may not stretch far enough.

Families tend to lean toward Gran Canaria, Canary Islands – lower housing and cheaper childcare make a real difference, especially on a single income or when paying for private education.

Both have safer and rougher neighborhoods, but overall safety is comparable to other large cities. Neighborhood choice matters more than the city-level comparison – central, well-trafficked areas feel secure in both.

If budget matters most, go with Gran Canaria, Canary Islands. If higher salaries, better infrastructure, or specific career opportunities are the priority, Madrid makes more sense. Both are solid long-term options with distinct trade-offs.