Prices for renting or buying parking spaces in central Palma have skyrocketed. A report from The College of Registrars indicates that there was a 22% increase in rental prices between January 2018 and September 2020, while the the purchase cost increased by 27.5%.
A space in Plaça Major can bring in up to 75,000 euros – 4,687 euros per square meter. In the district of La Missió-Mercat, 69,000 euros (6,272 euros per square meter). On the Plaça del Olivar, parking is available for 60,000 euros (4,800 euros per square meter). As for the rent, it can go up to 120-150 euros per month.
Natalia Bueno, president of the College of Real Estate Agents of the Balearic Islands, claims that an analysis of 44 sales within a kilometer radius of General Riera between January 2018 and now indicates that prices have increased significantly. In many cases, these are greater than average price per square meter for housing.
María Ferrà, real estate agent, gives the example of a parking space in Sa Gerreria for 45,000 euros, or more than 4,000 euros per square meter. From the Avenidas moving away, the cost can be 3000 euros per square meter. On the outskirts, total prices are between 15,000 and 20,000 euros, while in the central area of Jaume III, they amount to 80,000 euros.
Ferrà says that “there is no parking in Palma and people don’t like to leave their cars on the street”. “Many second-hand apartments have been renovated but do not have parking. Some builders include a car park, but others do not because it makes the cost of the work very high.