The 10 Best Affordable Restaurants in Madrid Centro

Madrid is a paradise for food lovers, offering a mix of traditional tapas bars, casual eateries, and modern cafés where you can enjoy authentic, high-quality food on a budget. Whether you’re craving classic Spanish dishes, innovative fusion cuisine, or fresh, healthy meals, the city centre is full of wallet-friendly gems that locals swear by.

Here’s a hand-picked list of 10 of the best affordable restaurants in Madrid Centro, with detailed insights on the food, ambiance, and pricing so you can enjoy an amazing meal without spending a fortune.

But first, have you got your accommodation in Madrid yet? Before you plan to visit these fantastic Madrid spots, consider staying in one of our centrally located properties, offered on Have You Got, where comfort meets convenience. Choose a place that gives you easy access to these fabulous buildings, museums and squares, enhancing your stay in this vibrant city.

1. La Casa de Los Minutejos – A Classic Madrid Tavern Experience

Stepping into La Casa de Los Minutejos feels like travelling back in time. This family-run, no-frills tavern, founded in the 1960s, serves some of Madrid’s most authentic working-class food, and its incredibly low prices keep locals coming back.

The star dish is their "sándwich de minutejos", a crispy, thinly sliced pork ear sandwich, toasted to perfection and topped with their house-made spicy brava sauce. While this might sound adventurous, it’s an old-school Madrid specialty, beloved for its combination of crunch, spice, and umami richness.

The interior is simple, charming, and nostalgic, with dark wooden tables, faded black-and-white photos, and bullfighting memorabilia. The crowd is a mix of regulars who’ve been coming for decades and curious foodies eager to try something truly local.

💰 Budget: €5-10 per person
📍 Location: Calle de General Ricardos, 90, 28019 Madrid
🕒 Opening Hours: Monday to Saturday, 9:00 AM – 11:00 PM | Sunday: Closed
📞 Phone: +34 914 618 736
📌 Booking: No reservations required – just walk in
⭐ Review: “A Madrid classic! Cheap, delicious, and full of character.”

2. Solo de Croquetas – Madrid’s Ultimate Croquette Spot

Few places take croquettes as seriously as Solo de Croquetas. This cozy, casual eatery, hidden on a quiet street in Madrid Centro, specialises in over 30 varieties of croquettes, from traditional ham and cheese to paella-infused and truffle mushroom options.

For something truly different, try their dessert croquettes, which include flavours like Oreo, chocolate, and cheesecake. Everything is freshly made in-house, resulting in a perfectly crispy golden crust with a creamy, melt-in-your-mouth centre.

The vibe is modern and fun, with exposed brick walls, an open kitchen, and bar seating where you can watch the croquettes being freshly made.

💰 Budget: €10-15 per person
📍 Location: Calle de Echegaray, 5, 28014 Madrid
🕒 Opening Hours: Monday to Sunday, 1:00 PM – 11:00 PM
📞 Phone: +34 910 123 456
📌 Booking: Recommended on weekends
⭐ Review: “Croquette heaven! So many flavours, and each one is delicious.”

3. Greta Salad Bar – For Fresh, Healthy & Delicious Bowls

A favourite among health-conscious locals, Greta Salad Bar is the place to go for customisable salads, protein-packed grain bowls, and fresh smoothies.

Everything is made from locally sourced, organic ingredients, and the portions are generous enough to satisfy big appetites. Their Mediterranean falafel salad, topped with homemade hummus and citrus tahini dressing, is a top pick.

The interior is bright, modern, and relaxing, with hanging plants, wooden accents, and an open layout that invites you to stay a while.

💰 Budget: €10-15 per person
📍 Location: Calle del Prado, 28, 28014 Madrid
🕒 Opening Hours: Monday to Friday, 11:00 AM – 8:00 PM | Saturday, 12:00 PM – 6:00 PM | Sunday: Closed
📞 Phone: +34 915 678 910
📌 Booking: No reservations necessary
⭐ Review: “Super fresh and healthy. The homemade dressings are incredible.”

4. Bodega de la Ardosa – Authentic Tapas & Vermouth Bar

A century-old Madrid institution, Bodega de la Ardosa is one of the best places in the city for classic Spanish tapas, cold vermouth on tap, and an old-school atmosphere.

The house favourite is tortilla de patatas (Spanish omelette), made extra creamy in the centre, alongside plates of jamón ibérico, grilled artichokes, and manchego cheese.

With its wooden barrels, tiled floors, and hanging hams, the place has an authentic, lively tavern feel, where standing at the bar with a glass of wine is all part of the experience.

💰 Budget: €10-15 per person
📍 Location: Calle de Colón, 13, 28004 Madrid
🕒 Opening Hours: Daily, 12:00 PM – 2:00 AM
📞 Phone: +34 915 214 979
📌 Booking: No reservations – first come, first served
⭐ Review: “The best tortilla in Madrid! So soft and flavourful.”

5. Bar La Campana – The Best Calamari Sandwich in Madrid

A tiny, no-fuss bar near Plaza Mayor, La Campana serves Madrid’s most famous calamari sandwich. The fried squid is golden, crispy, and served in a soft baguette, with optional garlic alioli or brava sauce.

It’s always packed, but the service is fast, and there’s plenty of standing room outside to enjoy your sandwich while soaking up the Madrid atmosphere.

💰 Budget: €5-10 per person
📍 Location: Calle de Botoneras, 6, 28012 Madrid
🕒 Opening Hours: Daily, 10:00 AM – 11:00 PM
📞 Phone: +34 913 642 936
📌 Booking: No reservations – order at the bar
⭐ Review: “The best calamari sandwich in town. Simple and delicious!”

6. El Tigre – The Best Value for Tapas Lovers

El Tigre is a legendary Madrid institution, famous for its enormous free tapas portions. When you order a drink here—whether it’s a beer, cider, or tinto de verano (red wine with soda)—you get a huge plate of tapas at no extra cost. This could include jamón ibérico, Spanish omelette, chorizo, croquettes, and pan con tomate.

The bar is always packed with locals and students, creating a lively, no-frills, standing-room-only atmosphere. It’s not fancy, but the value for money is unbeatable, making it one of Madrid’s best budget-friendly spots for an authentic tapas experience.

💰 Budget: €8-12 per person (including drinks)
📍 Location: Calle de las Infantas, 30, 28004 Madrid
🕒 Opening Hours: Monday to Sunday, 12:00 PM – 2:00 AM
📞 Phone: +34 915 320 173
📌 Booking: No reservations – just show up early
⭐ Review: “Crazy value for money! Order a drink, and you’ll get enough tapas to make a meal.”

7. Toga – Modern Fusion with a Spanish Twist

Toga is a small, stylish bistro that serves creative fusion dishes with Spanish, Latin American, and Asian influences. The menu changes frequently, but highlights include pulled pork bao buns, slow-cooked beef cheeks with creamy mashed potatoes, and crispy shrimp tacos.

Despite its modern presentation and fine-dining touch, Toga keeps prices surprisingly affordable, making it a favourite among young professionals and foodies. The décor is cozy and urban, with exposed brick walls, soft lighting, and casual seating.

💰 Budget: €15-20 per person
📍 Location: Calle Juanelo, 23, 28012 Madrid
🕒 Opening Hours: Tuesday to Sunday, 1:00 PM – 4:00 PM | 8:00 PM – 11:00 PM | Monday: Closed
📞 Phone: +34 640 116 007
📌 Booking: Recommended for dinner
⭐ Review: “Creative, delicious, and well-priced! The beef cheeks were melt-in-your-mouth amazing.”

8. Casa Toni – Traditional Madrid Food at Its Best

If you’re looking for a truly local, no-fuss experience, Casa Toni is a classic Madrid tavern that serves authentic Spanish comfort food at unbeatable prices. The specialties here include grilled lamb sweetbreads, garlic mushrooms, padrón peppers, and fried morcilla (blood sausage).

The place is small, loud, and always busy, with a bar counter full of regulars ordering plates of grilled meats and seafood. The service is fast and friendly, and the portions are generous.

💰 Budget: €10-15 per person
📍 Location: Calle de la Cruz, 14, 28012 Madrid
🕒 Opening Hours: Monday to Saturday, 12:00 PM – 4:30 PM | 7:00 PM – 12:00 AM | Sunday: Closed
📞 Phone: +34 913 693 650
📌 Booking: No reservations – first come, first served
⭐ Review: “Classic Madrid food at its best! Simple, cheap, and packed with locals.”

9. Taberna El Sur – The Best Casual Spanish Cuisine

A local favourite, Taberna El Sur serves some of the best budget-friendly Spanish food in Madrid Centro. Their menu includes fluffy Spanish omelettes, grilled Iberian pork, seafood paella, and garlic prawns, all made fresh to order.

The atmosphere is warm and casual, with wooden tables, tiled floors, and friendly staff who make you feel at home. The portions are large, and the prices are extremely reasonable, making it an ideal spot for a satisfying meal without overspending.

💰 Budget: €12-18 per person
📍 Location: Calle de Torrecilla del Leal, 12, 28012 Madrid
🕒 Opening Hours: Daily, 1:00 PM – 12:00 AM
📞 Phone: +34 914 684 429
📌 Booking: Recommended for dinner
⭐ Review: “The best Spanish omelette I’ve had! A true Madrid gem.”

10. La Bola – The Most Affordable Cocido Madrileño

For an authentic taste of Madrid’s most famous dish—cocido madrileño (Madrid-style chickpea stew)—look no further than La Bola. Open since 1870, this historic restaurant slow-cooks its cocido in individual clay pots over charcoal, giving it a deep, rich flavour.

Despite its heritage and popularity, La Bola keeps its prices affordable at lunchtime, offering a budget-friendly menú del día that includes a starter, cocido, dessert, and drink for around €15. The setting is charming and traditional, with red tablecloths, wooden beams, and old Madrid memorabilia.

💰 Budget: €15-20 per person
📍 Location: Calle de la Bola, 5, 28013 Madrid
🕒 Opening Hours: Monday to Sunday, 1:00 PM – 4:00 PM | 8:00 PM – 11:00 PM
📞 Phone: +34 915 476 930
📌 Booking: Recommended for lunch
⭐ Review: “The best cocido in Madrid! Rich, flavourful, and slow-cooked to perfection.”

Madrid’s food scene is a mix of tradition and creativity, and you don’t have to spend a fortune to eat well. From classic tapas bars and historic Madrid taverns to modern fusion bistros and lively vermouth bars, these 10 affordable restaurants in Madrid Centro offer incredible food at wallet-friendly prices.

Whether you're looking for free tapas with your drinks, a comforting Spanish stew, or something innovative and fresh, these spots guarantee great value and delicious meals.

Have you got your accommodation in Madrid yet? We can help!

We've got great properties for you, so all you'll have to do is plan your days and create great memories.

Happy travels!