The model, 29, slipped into a cream mini dress teamed with racy, knee-high purple boots as she strolled alongside her footballer beau, 38, in the Spanish capital.
Georgina looked sensational in her skintight outfit, which showcased her legs and highlighted her incredible figure.
She teamed her look with a white handbag and hooped earrings, while she wore her raven locks loose.
Cristiano meanwhile cut a stylish figure in a brown T-shirt, white skinny jeans and tan trainers, while he carried a black men’s clutch bag in his hand.
The pair appeared in good spirits as they strolled side by side down the street.
Earlier this month, Georgina looked radiant as ever as she enjoyed a walk in the great outdoors in Madrid, Spain with her children.
The model shared snaps from the trip on Instagram and showcased her jaw-dropping figure as she slipped into a black crop top and a matching pair of shorts.
Displaying her toned abs as she posed on a rock, Georgina also sported a teal cap and styled her locks into a ponytail.
The beauty was joined by her and Cristiano’s children.
The model has been with the Al-Nassr star since June 2016, and they have two children together, Alana Martina and Bella Esmeralda.
Georgina is believed to have an iron-clad ‘pre-nuptial-style’ agreement with Cristiano should the pair separate, according to reports in Spain.
The couple were excused from Saudi laws that prevent unmarried couples from co-habiting in the Kingdom when Ronaldo made the £175 million-move to the Saudi Pro League in January of this year.
But despite not being legally married, as per TV Guia, arrangements have been put in place between the couple should they separate to ensure Rodriguez receives financial support.
The agreement is reported to hand ownership of the family’s home in Madrid – La Finca – to the Yo Soy Georgina starlet, and Rodriguez would also receive an eyewatering £85,900 (€100,000) monthly stipend for the rest of her life.
Ronaldo was named the world’s highest-paid athlete by Forbes at the beginning of May, with his annual earnings this year said to top £109m.