The seizure took place in a residence in the neighbourhood of Las Delicias, Madrid.
Police seized more than 600g of cocaine, 18.3g of heroin, and 1,653g of hashish at the address. Some of the drugs had been wrapped in paper towels and were prepared for immediate sale.
€36,000 in cash was also seized.
The seizure was announced by radio broadcaster COPE Zaragoza, who said: “The @policia has dismantled an important point of sale of drugs in an address in the neighborhood of Las Delicias.
"The agents seized more than 600 grams of cocaine, 18.3 grams of heroin and 1,653 grams of hashish, part of them in 'paper towels', prepared for immediate sale.”
It comes after Dutch authorities revealed that a record €5 billion worth of cocaine was seized in the port of Rotterdam during 2021.
The increase in seizures from 40,000 kilos in 2020 to 70,571 kilos highlights how drug gangs, including the Kinahan cartel, are expanding cocaine business in Europe.
The scale of smuggling has prompted a new law where an unauthorised person found in the port area can be jailed for up to two years.
According to official figures, 62 suspected smugglers were arrested and 194 criminal investigations launched last year.
There were also 400 occasions of people suspected of being in the area to retrieve drugs and they were detained by officials.
Despite some individuals being arrested multiple times, only relatively small fines were imposed. The new penalties against unauthorised entry came into force on 1 January.
Also seized were 1,000 kilograms of the psychedelic drug DMT and 1,500 kilos of heroin the largest ever seizure of the drug in the country.
A €300 million shipment of cocaine was seized on 30 December in a cargo of bananas from Ecuador and a number of arrests made when the empty container was sent onto to its planned destination.