To be honest I don't know Barna well enough to compare it to Madrid but while it certainly seems to be a more picturesque and cosmopolitan town, there's usually better craic to be had in Madrid. If you stay around the Puerta del Sol (there are loads of hostels) you're a stone's throw from Chueca and Malasaña just north of the Gran Vía, with no shortage of nightlife. Not many big discos but loads of small bars/clubs with plenty of character. The area between the Quevedo and Argüelles metro stops also has plenty of decent bars, a lot of students live in that area. I know Irish pubs may not feature high on the agenda but if you want to keep tabs on the sport at home the only Irish-owned and run one is Finbar's near the Argüelles stop.
Footie in early Feb isn't great: Real are home to Levante on 4 Feb (where you or may not may see Ian Harte take the Bernabeu by storm); Atlético are home to Bilbao the following weekend while Getafe host Valencia.
Madrid is a great town for wandering from bar to bar have a few beers and tapas before heading to the smaller clubs for decent music and drinks. Unfortunately many people's impression of the centre is that it has little to offer and I'd have to admit it can be a bit underwhelming if you hit the tourist areas. But I've lived here for 11 years and have yet to tire of what it has to offer.
Have yourselves a ball.
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