The price of parking spaces is 29% cheaper in Spain in five years

The cumulative price of garages for sale in Spain has fallen by 29% between 2015 and 2020, while the decrease has been 8.4% if compared last year with 2019. All in all, the profitability of buying a space to rent it stood at 9.3% at the end of the year.

Specifically, the study ‘Cumulative variation of garages in Spain in 2020’ by Fotocasa reflects that in Spain an average of 13,762 euros per space was paid five years ago, while in 2020 the average outlay was 9,817 euros.

In this fall in five years, the most benefited were the Castilian-Leonese, in first position among the six communities that registered price drops of more than 30%. These are Castilla y León (-37%), Aragón (-36%), Navarra (-36%), Region of Murcia (-33%), Comunitat Valenciana (-33%) and Asturias (-31%). In the rest of the regions, the decreases in the last five years ranging from -28% in Andalusia to -13% in Galicia.

Regarding the variation of 2020 with respect to 2019, the price of garages fell in seven out of 10 cities, registering the largest year-on-year falls in Huelva capital (-22.7%), Lleida capital (-20.6%) , Murcia capital (-19.0%), A Coruña capital (-18.8%), Malaga capital (-15.0%), Pamplona (-13.5%), Palma de Mallorca (-11.2% ), Almería capital (-10.9%), Zaragoza capital (-10.3%) and Alicante (-10.0%).

On the other hand, the cities where the price of garages increased compared to 2019, these were Granada (57%), Burgos (18.2%), Huesca (10.9%), Ciudad Real (7.8% ), Seville (7.6%), Guadalajara (7.5%), Logroño (4.1%), Toledo (4.1%) and San Sebastián (1.3%).

Where is it more expensive to buy a space?

Taking into account the average price per city, the most expensive garages for sale are in San Sebastián (25,734 euros), Bilbao (23,757 euros) and Granada (20,902 euros). Below 20,000 euros, are located, in this order, the cities of Ourense (19,922 euros), Santander (18,962 euros), Barcelona (18,538 euros), Jaén (17,806 euros), Madrid (17,274 euros), Córdoba (17,151 euros), Pontevedra (16,868 euros), Girona (15,367 euros).

On the contrary, the cheapest garages are in the cities of Ávila (6,553 euros), Murcia (8,132 euros), Castellón de la Plana (8,407 euros), Lleida (9,706 euros) and León (9,748 euros).

For Anaïs López, Communications Director of the real estate portal, “garage spaces are becoming a good solution for small savers”.