What is the euro for? Among other things, you can compare the cost of items across cities in Europe. As housing goes, 200.000 € can buy a home, but where and at which surface?
In Madrid, according to idealista.com, there is a relevant offer at such price. In the most central areas there are homes of different areas, usually under 75 sq m; the construction year of the building and the conservation state are relevant. In peripheral areas you can reach larger surfaces, especially among the recently built housing stock still in the market.