Car parking in Mallorca - guaranteed returns for investors

This is one reason why car parks are attractive for real estate investors. The necessary investment is much lower than for buildings and the returns are guaranteed because demand never ceases to increase. While the average price of parking in Spain fell by 0.4% in the final quarter of 2023, it rose by 1.4% in the Balearics. In Palma it went up 3.6%.

Natalia Bueno, vice-president of the API association of real estate agents in the Balearics, says that sales have been increasing, especially to small investors who buy and then rent. She points out that, over the past three years, the price for car parking in Mallorca has risen on average by 18.7%.

In Palma, prices naturally vary according to location. In Ciudad Jardín, for example, the average price per square metre is 1,114.39 euros. In Plaça Espanya it is 2,516 euros.

As to returns that can be made, the property website Fotocasa has published a study which shows an 8.9% year-on-year increase in parking rents in the Balearics. This is the highest in Spain. Over the past five years, the rents have risen by 31.4%. The average price in 2018 was 71.07 euros per month for a garage; in 2023 it was 93.38 euros.