Madrid gets overlooked next to Barcelona, which is precisely why it's a better city to spend time in: fewer tour groups, cheaper food, and three of the best art museums in the world within ten minutes of each other. It also keeps the latest hours in Europe — dinner at ten is normal, and the city doesn't wind down until the small hours.
Getting Around
The metro is extensive, cheap and air-conditioned, which matters in July
The centre is compact: Sol to the Prado is a fifteen-minute walk
Barajas airport is on the metro, about 30 minutes from the centre
High-speed trains reach Seville in 2.5 hours, Barcelona in under 3, and Toledo in 33 minutes
The old centre is compact, and the metro covers everything beyond it
What to See
The Prado — Velázquez, Goya and Bosch; free in the last two hours of the day, which is busy but worth it
Reina Sofía — Guernica, and the 20th century; also free in the evenings
Thyssen-Bornemisza — fills the gaps between the other two
Retiro Park — rowing boats, the Crystal Palace, and Sunday crowds
Royal Palace and the cathedral beside it
El Rastro — the Sunday flea market in La Latina, followed by vermouth
Rooftop bars at Círculo de Bellas Artes and the Riu for the sunset view
Streets in the old centre drop away towards the cathedral and the palace
Where to Eat
Tapas in La Latina, Lavapiés and Malasaña; in Madrid you usually pay for them, unlike in Granada
Bocadillo de calamares — a fried squid sandwich, the city's signature cheap lunch
Cocido madrileño — a heavy chickpea stew served in courses, a winter institution
Churros with thick chocolate, eaten at the end of a night rather than for breakfast
Mercado de San Miguel is pretty but expensive; the neighbourhood markets are better value
The covered markets are for grazing and a glass of something, not for a sit-down dinnerFlamenco is Andalusian rather than Madrid's own, but the city has the tablaos
Day Trips and Where to Stay
Toledo — a walled city of Moorish, Jewish and Christian layers, 33 minutes by fast train
Segovia — a complete Roman aqueduct and a fairytale castle, half an hour by train
El Escorial — a vast royal monastery in the hills
Stay in La Latina or Malasaña for food and nightlife, Salamanca for quiet, Sol for transport at the cost of noise
The Sierra de Guadarrama, close enough for a morning train and a day on foot
Adjust your clock rather than fighting it. Eat lunch at two and dinner after nine, and take the afternoon slowly — in summer the heat makes that less a custom than a necessity.