The price of garages rises by 11.6% in the Canary Islands

The price of garages rises by 11.6% in the Canary Islands

The price of garages in sale in the Canary Islands has increased by 11.6% in one year (compared to 2022), and 23.8% compared to 5 years ago (2018), according to the study “Cumulative variation of garages in Spain in 2023”, based on the prices of garages for sale in the month of December of the last 8 years of the Fotocasa Real Estate Index.

Comparing the prices paid for a garage for sale in 2022 (a year ago), the average garage price has risen by 11.6% in the Canary Islands. Thus, the Canaries a year ago (2022) had to pay an average of 11,753 euros for a garage, compared to the 13,111 euros paid on average in the Canary Islands in 2023.

Navarrese people are the most affected by the rise in prices last year

Regarding the autonomous communities that have seen the cumulative price of garages for sale rise in the last year (compared to 2022), in 13 of them increases the average price and the price drops by four compared to the previous year, according to the Fotocasa study.

The 15 communities in which The price of garages has increased are: Navarra (44.1%), Balearic Islands (31.1%), Castilla y León (21.3%), Extremadura (16.3%), Andalusia (14.7%), Canary Islands (11.6%), La Rioja (10.1%), Catalonia (7.6%), Valencian Community (6.9%), Murcia Region (6.4%), Galicia (5.7%), Basque Country (3. 9%) and Aragon (3.6%). On the other hand, in four communities there are annual decreases in the price of garages and they are Asturias (-3.4%), Madrid (-5.9%), Castilla-La Mancha (-9.3%) and Cantabria (-11.3%).

Regarding prices in 2023, The Autonomous Communities with the average price of garages above 10,000 euros are: Basque Country (21,320 euros), Balearic Islands (16,817 euros), Cantabria (14,410 euros), Galicia (14,016 euros), Castilla y León (13,890 euros), Asturias (13,571 euros), Catalonia (13,523 euros), Extremadura (13,220 euros), Canary Islands (13,111 euros), Andalusia (13,007 euros), Navarra (12,832 euros), Madrid (11,934 euros), La Rioja (11,318 euros) and Aragon (10,994 euros). On the other hand, the Autonomous Communities where the average price of garages is the cheapest are Comunitat Valenciana (9,976 euros), Region of Murcia (7,628 euros) and Castilla-La Mancha (7,293 euros).

By cities

In two of the three cities the price of garages increases in 2023. The cities experiencing the annual increases are Las Palmas de Gran Canaria (22.7%) and Santa Lucía de Tirajana (21.7%); Meanwhile in Santa Cruz of Tenerife capital there is an annual decrease (-0.3%).

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