In real estate, location is everything. It was not going to be less in the parking lots. Prices vary by up to 20,000 euros in Madrid and around 5,000 in Barcelona depending on the district in which you want to pay for a place.
Between those who buy it for their own use and those who see it as an investment, the mismatch between demand and supply grows and causes them to pay 28,000 euros for a parking lot in the center of Madrid. “There is a lack of supply and there is excess demand because the acquisition of housing has slowed down and the investment buyer sees it as a more affordable asset,” comments María Matos, director of studies and spokesperson for Fotocasa. Thus, prices have risen 7.5% year-on-year nationwide at the end of 2023, according to data from Fotocasa.
The market “is experiencing a boom.” There are more explanations: “It is due to high housing prices, which make garages a more attractive investment, which does not require as much initial capital or has as much risk. And also due to high interest rates that discourage the purchase of housing “.
Added to this are mobility restrictions and the increase in payment areas. “The same person can simultaneously demand a place near work and another near home. It doubles, something that does not happen in housing,” explains Matos. “The more demand there is, the more the price increases,” he summarizes.
In general terms, the profitability for the purchase and subsequent rental of a parking space is around 7.5%, according to the most recent data from the same portal. It gives more performance than housing. “This year it may go down a little because the purchase price will have gone up and the rental price will have gone up too, but less,” says Matos. It exceeds that of housing, which is over 6.5%, he details.
These figures are always in gross terms, without taking into account taxes or expenses. In any case, in this segment a good part does it in the dark, avoiding paying taxes such as VAT and Personal Income Tax. Operation that could end badly if the Tax Agency intervenes.
Although prices grow by 7.5% in Spain, led by the 39% increase in Palma de Mallorca, 33% in Cáceres or 23% in Las Palmas, the rise in the two large capitals is more moderate: in Barcelona Prices have fallen by 1.7% in 2023, while in Madrid they fall by 0.1%. When you put the magnifying glass on the districts, yes, you see revaluations of up to 35%.
For Barcelona, ??the two sides of the coin are Sarrià-Sant Gervasi, the most expensive (20,216 euros on average and 1.2% more expensive than last year) and Sant Andreu, the cheapest (15,882 euros, -4.4 % over 2022).
In the middle, there are several sections that divide the city between the districts that exceed 19,000 euros such as Les Corts (3% more expensive) and Sant Martí (0.3%), and the 18,000 euros such as Gràcia (- 8.2%, where the price falls the most) and the Eixample (1.4%). All are above the average of 17,746 euros, according to Fotocasa statistics.
In the lower band, Sants-Montjuïc is close to being the cheapest, with 15,889 euros, just 7 euros above Sant Andreu. Already above 16,000 euros are Ciutat Vella (16,329 euros after an 18% discount), Horta-Guinardó (16,349 euros, 1.8%) and Nou Barris (17,167 euros, 2.9%).
In Madrid you see the highest prices. Both the Centro and Chamberí districts exceed 28,000 euros, despite falling by 8.5% and 13% respectively. The difference with the cheapest, Villa de Vallecas (9,790 euros, -8.6%), is now around 20,000 euros. Thus, the capital has the most expensive and the cheapest district of the two large cities.
The average price is very similar to that of Barcelona, ??with 17,854 euros, just 108 above, but in Madrid more districts exceed the level of 20,000 euros, such as Salamanca (24,663 euros, -1.7%), Chamartín (23,953 euros, 3.3%), Arganzuela (22,842 euros, -6.6%) and Tetuán (20,639 euros, -6.5%).
The neighborhoods where the least investment is required outside of Villa de Vallecas are Villaverde (12,111 euros on average, 0.5%), Latina (13,627 euros, 3.3%) or Puente de Vallecas (14,396 euros, 9.8%) . Somewhat above there are Hortaleza, Barajas, Carabanchel, Usera and Fuencarral-El Pardo, all in the range of 15,000 to 16,500 euros.
The areas of San Blas (17,878 euros) and Moncloa-Arava (17,131 euros), although they are not the most expensive, are the ones that see the price rise the most. The first a notable 35% and the second 23%.
