In recent years, parking spaces have registered high demand and have become a key asset in the real estate market. In addition, when they are sold in combination with a home, they make the value of the whole revalue.
In the Canary Islands, a parking space increases the value of an apartment by up to 6.6% according to data from the Fotocasa real estate portal. Which means that the average apartment in the Canary Islands increases its price from 224,966 euros to 239,911.
At national level the proportional increase is even greater, since it amounts to 7.5%. In this way, the average price of an apartment in Spain goes from being worth 196,790 euros to costing, including the garage, 211,526 euros.
“In recent years, the garage segment has become the star property in the real estate market. In fact, parking included in the home is the most sought-after feature among applicants in large cities. Over the last four years, the cost of a parking space has been recovering value, although the added benefit to the purchase of housing has not yet recovered its maximum of 10.5%" (which was reached in 2016), comments María Matos, director of Studies at Fotocasa.
That maximum value was reached in 2016, when The maximum value reached in the last ten years was in 2016, when a garage increased the total value of a home by 10.5%. At that time (2016) the average price of a home was 128,700 euros in Spain and with a garage it increased to 142,300.
The analysis carried out by Fotocasa shows that there are seven communities that the fact of having a garage raises the price more than 10%.
Specifically, Extremadura is the community that most a garage most increases the price of housing, specifically it does so by 15.7%, followed by Castilla y León (12.1%), Aragón (11.2%), Galicia (11%), Asturias (10.5%), Castilla-La Mancha (10.4%) and Cantabria (10%).
On the other hand, Madrid (3.8%), Balearic Islands (5.4%), Catalonia (6.3%) and the Canary Islands (6.6%) are the autonomous communities that register a smaller difference between the sale price of the house without a garage and the value of the house with a garage, standing below the Spanish average (7.5%).
