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Saturday, April 20, 2024

Parking space speculation: Prices in Ibiza double the Spanish average

The average price of a parking space in Ibiza is between 25,000 and 26,000 euros, but there are some for up to 70,000 euros Real estate agents warn that the cost will continue to rise this year

In Ibiza, the parking space market is experiencing a significant surge, with prices ranging from €25,000 to €26,000 on average, and some reaching up to €70,000. This escalation is attributed to the scarcity of parking spots, particularly in central areas, and the growing interest among small investors looking for rental opportunities. The situation is exacerbated by the reliance on private vehicles and the inadequacy of public transport options, leading to increased difficulty in finding street parking. Real estate professionals, like Natalia Bueno, vice-president of the Balearic Islands Real Estate Agents Association, foresee a continued rise in parking space costs. A study by Fotocasa ranks the Balearic Islands as the second-highest region in Spain for parking space prices, with Ibiza’s rates significantly surpassing the national average. The trend reflects a broader issue in the real estate sector, affecting not only housing but also parking facilities, making them a lucrative target for investors despite the high initial outlay.

For the full article, please visit Diario de Ibiza website here.

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