Significant Increase in Garage Prices in Cantabria: What Expats Need to Know

In a trend that reflects the broader real estate market in Spain, the prices of garages in Cantabria have seen a substantial increase in 2024. This surge is particularly relevant for expats considering purchasing or investing in property in the region.

Price Hike Details

According to recent studies, the average price of garages in Cantabria has risen by 15.5% in 2024, reaching a median price of €16,644. This increase is notably higher than the national average, where garage prices across Spain rose by 10.2% to an average of €13,770[4].

Regional Context

Cantabria, known for its stunning natural beauty and growing expat community, is experiencing a robust demand for real estate. This demand, coupled with limited supply, has driven up prices not only for residential properties but also for ancillary spaces like garages. The region's capital, Santander, and other urban areas like Torrelavega are seeing significant price hikes due to their popularity among both locals and expats.

Economic Implications

The increase in garage prices is a reflection of the overall economic health of the region. Cantabria has seen a boost in various sectors, including services and industry, with the region recording a 9% increase in service sector sales in July 2024. This economic growth is attracting more investors and residents, further driving up property prices[1].

Practical Considerations for Expats

For expats looking to purchase a garage in Cantabria, it is crucial to factor in these price increases when budgeting. Here are a few practical considerations:

Research and Planning: Expats should conduct thorough research on the local market to understand the current prices and trends. This includes looking into different areas within Cantabria to find the best value for money.
Legal and Financial Advice: Consulting with local real estate agents and financial advisors can provide valuable insights and help navigate the purchasing process.
Alternative Options: For those who cannot afford the rising prices of garages, considering alternative parking solutions or negotiating with property sellers might be necessary.

Conclusion

The significant rise in garage prices in Cantabria underscores the region's growing appeal and economic vitality. As expats continue to be drawn to this beautiful and vibrant part of Spain, understanding the local real estate market will be essential for making informed decisions. Whether you are a long-term resident or a new arrival, staying updated on these trends can help you navigate the complexities of the Spanish property market.