The profitability of the garages stood at 7.5% in 2022, below the 8.4% registered a year earlier, according to the conclusions of the study ‘The profitability of garages in Spain in 2022’, published this Wednesday by Fotocasa .

The director of Studies and spokesperson for the real estate portal, María Matos, adds that 2022 closed with the lowest profitability in the last five years due to “the increase in the purchase price of a garage space”, which increased by 14% last year, compared to 2.4% of the rentals of parking spaces.

Despite the drop in profitability and the rise in cost of this real estate product, at Fotocasa they note that “more and more private savers are opting for this option, which requires a very low initial investment and the yield obtained is still the highest in real estate.”

In addition, a garage space increases the value of a flat by up to 7%. “It is logical that the demand increases in a year of authentic rage for the purchase of housing,” adds Matos.

By autonomous communities, seven regions registered in 2022 a profitability equal to or higher than the Spanish average. The highest profitability was found in the Region of Murcia, with 10%, followed by 8.4% in Castilla-La Mancha, and 8.3% in the Valencian Community.

On the opposite side are the Basque Country, with a return of 5%; Galicia, 5.2%; and Castilla y León, 6%. Fotocasa also offers a classification by province in its report. 36% of the 39 provinces analyzed showed profitability above the Spanish average.

The most profitable provinces were Seville, Toledo and Almería, with returns of 11.4%, 11.0% and 10.6%, respectively. On the contrary, the least profitable were Orense, Álava and Pontevedra, with 3.3%, 4% and 4.7%, respectively.