Prices to rent or buy car parking spaces in central Palma have been soaring. A report from the College of Registrars points to there having been a 22% increase in rental prices between January 2018 and September 2020, while the cost to buy rose by 27.5 per cent.
A space in Placa Major can fetch up to 75,000 euros - 4,687 euros per square metre. In the La Missió-Mercat area, 69,000 euros (6,272 euros per square metre). In Plaça del Olivar, a parking lot is offered for 60,000 euros (4,800 euros per square metre). As for rent, this can be up to 120-150 euros per month.
Natalia Bueno, president of the College of Real Estate Agents in the Balearics, says that an analysis of 44 sales within a radius of one kilometre from General Riera between January 2018 and now indicates that prices have risen significantly. In many cases, these are above the average price per square metre for housing.
María Ferrà, a real estate agent, gives the example of a parking space in Sa Gerreria for 45,000 euros, which is more than 4,000 euros per square metre. From the Avenidas moving further out, the cost can be 3,000 euros per square metre. On the outskirts, total prices are between 15,000 and 20,000 euros, while in the central area of Jaume III, they are up to 80,000 euros.
Ferrà says that "there is no parking in Palma and people do not like to leave their cars on the street". "Many secondhand flats have been renovated but do not have parking. Some builders include parking, but others do not because it makes the price of the work very expensive."