“It is no longer a luxury, but a necessity”

The high price of housing in Spain It has caused someone who wants to become an owner to have to think very carefully before going into debt and tying themselves to a mortgage almost for life. In addition, other factors must be taken into account, such as location of the property, services or transportation available in the areaso that our investment does not lose value over time.

In recent years, due to progressive aging of the Spanish population and the age of the real estate stock, there is an element that the property in which the home is located must have that is essential and that can increase the value of the property by up to 70% in the case of large cities.

“Accessibility has become a determining factor in the price of housing, especially in a country where 20% of the population is over 65 years old and the residential stock ages with hardly any renovation. The elevator is no longer a luxury, but a necessity that the market rewards with a significant premium“he points out Ferran Fontdirector of studies at flats.com.

In this way, according to an analysis by the real estate portal, in Spain 54% of properties have an elevator, a feature that increases their average value by 18.73% compared to similar homes without this equipment. For a typical 90 square meter home, this means going from an average price of 240,818 euros without an elevator to 285,933 euros with an elevator.

However, this increase in the price of apartments with elevators is much greater in large capitals. So, Madrid leads with a premium of 72.45% for homes with elevator, followed by Barcelona (70.68%). In the Catalan capital, for example, a 90 square meter apartment without an elevator has an average price of 267,690 euros, while with an elevator it reaches 456,897 euros, a difference of almost 190,000 euros.

“In large cities, especially in Barcelona and Madrid, the elevator has become an almost mandatory requirement. The majority of demand demands it, and The walk-up offer is relegated to a very specific niche of buyers, usually young people willing to sacrifice comfort for price.“says Font.

Increases of more than 60% in Zamora or Barcelona

The apartments.com report also highlights that In up to 36 Spanish provinces, having an elevator means a price increase of more than 20%, reaching over 50% in 13 of them. Cases such as Zamora (69.84%), Barcelona (65.44%), Lleida (65.40%), Burgos (58.06%) and Badajoz (57.41%) stand out.

“Inland provinces such as Zamora, Soria or Burgos have a very aged real estate stock. Many buildings are from the 60s and 70s, without elevators, which makes the accessible housing in a scarce and sought-after asset, especially for the elderly population or families with small children,” says the director of studies at the real estate portal.

For Font, “in areas with older housing stock and a lower supply of accessible housing, Having an elevator becomes a differentiating element that buyers are willing to pay. In Extremadura or La Rioja, where there are fewer modern buildings, an elevator can make a difference.”

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