Mercado de San Miguel is absolutely a tourist trap—croquetas cost €2.75 here versus €1.50 elsewhere, and jamón ibérico plates start at €19 for portions you'd get for €12 in neighborhood bars. But the 1908 iron and glass architecture is genuinely stunning, and the energy can be infectious if you visit strategically.

Timing is everything: Go weekdays at 11am when it's manageable, not weekends when tour buses disgorge crowds every fifteen minutes. Try one small plate of jamón ibérico for the experience, admire the belle époque ironwork, then leave. Think of it as paying admission to a beautiful building, not buying food value.

The real alternative: Mercado de San Antón at Calle Augusto Figueroa 24 in Chueca neighborhood (metro Chueca, Line 5). Same gourmet market concept, half the prices, zero tour groups, plus a rooftop terrace that locals actually use. The jamón ibérico vendor there charges €11 for portions that cost €19 at San Miguel.

Late-night bonus: Both markets close early, but the bars surrounding San Miguel stay open until 2am. Calle Cuchilleros becomes a lively tapas crawl after midnight, when the daytime tourist crowds disappear and night-shift hospitality workers emerge for their post-work drinks.