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The Price Of Garages Falls 29% In 5 Years

The cumulative price of garages for sale has dropped in Spain by 29% in 5 years (compared to 2015) and by 8.4% in one year (compared to 2019), according to the study “Cumulative variation of garages in Spain in 2020 ”, based on the prices of garages for sale in December of the last 5 years of the Fotocasa Real Estate Index.

9.3% profitability
“In the last five years the price of garages for sale has dropped sharply and that explains the high profitability offered right now to buy a garage to put it up for rent, specifically in 2020 it has closed with a profitability of 9.3 %. In this way, parking spaces are becoming a good solution for small savers “, explains Anaïs López, Fotocasa’s Communication Director.

On the garage door of an urbanization, two posters of ‘Garage space for rent’ are hung.On the garage door of an urbanization, two posters of ‘Garage space for rent’ are hung.Jesus Hellín
Parking spaces are becoming a good solution for small savers

9,817 euros on average are paid in Spain for a garage space
Analyzing the prices that were paid for a garage for sale in 2015, the average price of the garage has fallen by 29% in Spain. Thus, Spaniards 5 years ago (2015) had to pay an average of 13,762 euros for a garage, compared to the 9,817 euros that are paid on average in Spain in 2020.

Castilla y León, Aragon and Navarra, where prices fall the most
As for the autonomous communities that have seen the cumulative price of garages for sale fall in the last 5 years, 6 of them exceed the 30% drop, according to the Fotocasa study.

Thus, the communities in which the price of garages has become cheaper are: Castilla y León (-37%), Aragon (-36%), Navarra (-36%), Region of Murcia (-33%), Comunitat Valenciana (-33%) and Asturias (-31%). In the rest of the regions there have also been decreases in the last 5 years, ranging from -28% in Andalusia to -13% in Galicia.

Huelva, Lleida and Murcia, the provincial capitals with the lowest
In 2020, in 7 out of 10 cities the price of garages fell compared to 2019. The prices of garages in the cities that experience the greatest year-on-year falls are Huelva capital (-22.7%), Lleida capital (-20 , 6%), Murcia capital (-19.0%), A Coruña capital (-18.8%), Málaga capital (-15.0%), Pamplona (-13.5%), Palma de Mallorca (- 11.2%), Almería capital (-10.9%), Zaragoza capital (-10.3%) and Alicante (-10.0%).

In Madrid it drops 5.5% and in Barcelona only 1.2%
Cars parked in the green area of ​​Barcelona.Cars parked in the green area of ​​Barcelona.ACN / Archive
It is followed by the cities where the decreases are above -10%: Valladolid capital (-7.7%), Oviedo (-6.8%), Vitoria – Gasteiz (-6.2%), Girona capital ( -5.8%), Valencia capital (-5.7%), Tarragona capital (-5.7%), Madrid capital (-5.5%), Ourense capital (-3.7%), Castellón de la Plana / Castelló de la Plana (-2.5%), León capital (-2.3%), Santander (-1.4%) and Barcelona capital (-1.2%).

Go up in Granada, Burgos and Huesca
On the other hand, the cities where the price of garages has increased compared to the previous year (2019) have been: Granada capital (57%), Burgos capital (18.2%), Huesca capital (10.9%) , Ciudad Real capital (7.8%), Seville capital (7.6%), Guadalajara capital (7.5%), Logroño (4.1%), Toledo capital (4.1%) and Donostia – San Sebastián (1.3%).

San Sebastián, the most expensive garages …
Regarding the average prices by cities, we see that the most expensive garages for sale correspond to the cities of: San Sebastián (25,734 euros), Bilbao (23,757 euros), Granada capital (20,902 euros), Ourense capital (19,922 euros), Santander (18,962 euros), Barcelona capital (18,538 euros), Jaén capital (17,806 euros), Madrid capital (17,274 euros), Córdoba capital (17,151 euros), Pontevedra capital (16,868 euros), Girona capital (15,367 euros).

… and in Ávila the cheapest
On the other hand, the garages where the cheapest garages to buy are are in: Ávila capital (6,553 euros), Murcia capital (8,132 euros), Castellón de la Plana / Castelló de la Plana (8,407 euros), Lleida capital ( 9,706 euros), León capital (9,748 euros).

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