With some exceptions, local populations’ opinions are not considered sufficiently important in developing policies related to protected areas (PAs), despite their recognized effect on conservation and management. This paper surveys the views and the activities performed by residents living inside or near the 10 PAs of the densely-populated, industrialized Autonomous Region of Madrid, with a view toward better informing their management. The degree of knowledge, perception of conservation state, activities performed inside them and stated importance were assessed, and the hypothesis that the economic valuation of PAs had decreased between 2006/2007 and 2009 as a result of Spain's economic crisis was tested using the contingency valuation method. Local populations valued PAs highly, despite their limited use of them and their moderate perception of the conservation state of these areas. The objective valuation of PAs (measured by three economic variables) remained high among the local populations at the peak of the economic crisis (assessed by the gross domestic product growth), although declared economic support for PAs had significantly shifted towards a ‘pay per use’ scheme.