The profitability of garages in the Canary Islands closes 2024 at 6.9%, 0.2 points more than in 2023 (6.7%) and 0.4 points less than 5 years ago (7.3% in 2019), according to the study of “The profitability of garages in Spain in 2024”, based on the analysis of the prices of garages for sale and rent in December 2024 by the real estate portal Fotocasa.
“The return on buying a parking space and renting it out decreases compared to previous years due to the large increase in the purchase price (10.2%) in the last year", explain from Fotocasa.
"However, the profitability offered by a parking space remains at high levels and is equal to that presented by housing (6.4%). It is a financial product that requires a reduced investment, little maintenance and low risk, so more and more individual savers are opting for this option", they point out.
"There is also evidence of the dragging effect caused by the furor of home purchases, which has intensified demand in recent years. In addition, a parking space increases the value of an apartment by up to 7%”, comments María Matos, Director of Studies and spokesperson for Fotocasa.
By Autonomous Community
In three of the 17 communities, there are increases in the profitability of garages compared to the previous year and they are: Basque Country (from 4.9% in 2023 to 5.1%), Canary Islands (from 6.7% in 2023 to 6.9%) and La Rioja (from 6.5% in 2023 to 6.6%)
The Community with the highest increase is the Region of Murcia (8.3%), followed by Madrid (7.6%), Comunitat Valenciana (7.1%), Catalonia (7.0%), Castilla-La Mancha (7.0%), Canary Islands (6.9%), La Rioja (6.6%), Cantabria (6.4%), Aragon (6.2%), Balearic Islands (6.1%), Andalusia (5.7%), Asturias (5.4%), Navarra (5.2%), Basque Country (5.1%), Extremadura (4.8%), Castilla y León (4.8%) and Galicia (4.6%).