Lifts help home prices stay high

Lifts help home prices stay high

The presence of a lift, the location, the size and the age of the property influence home prices

With or without lift? A recently-published real estate report about the property market in Madrid has revealed that lifts are some of the most important value-added elements for those who are considering buying a flat. Apartments with lift have seen their value fall less than apartments without it and their price has dropped less at the bursting of the real estate bubble (42.88%) than the price of apartments without lift (55.12%).

Homes with lift in Madrid cost 2,322 euros per sq.m; to buy an apartment without lift, instead, it is necessary to spend 1735 euros per sq.m. When the demand for housing solutions was higher, the difference in prices was smaller in comparison with the period when demand was lower. In total, the price drop experienced by the real estate market of Madrid amounts to 44.99% since the peak registered in the second half of 2006.

The survey shows some other interesting elements: the area where the property is located, its size and its age have a great influence on the price. Prosperidad and Centro are the most expensive areas in Madrid – real estate properties can be bought for 2,845 euros per sq.m. in Prosperidad and for 2,816 per sq.m. in Centro – Carabanchel and Villaverde are the cheapest ones – with prices from 1,696 and 1,433 euros per sq.m, respectively. The area of Ciudad Lineal has experienced the most evident year-on-year fluctuation in prices from the second half of 2010 to the second half of 2011 with a 26.80%-drop.

Until the second half of 2009, small apartments were much more demanded than big houses and their price was also higher. Today, large houses are more expensive than small flats; indeed, they cost 56 euros per sq.m. more.

Furthermore, the price of homes in good conditions is 8.95% higher than the price of houses that need renovation. The age of the property also influences its sales price. In 2011, houses that were less than 30 years old cost 1,964 euros per sq.m. The price of old houses has lowered by 50.20% since the beginning of the price drop.

Read also:

Real Estate Listings

Cod. 36283

For sale House, Spain, Pontevedra, Tui, Montiño, 6

For sale

330 m²
House or detached house for sale in Tui. Excellent opportunity to purchase a detached villa, located in a very quiet urbanization and inserted in a...
Cod. 36274

For sale 3 Bedrooms, Spain, Málaga, Mijas Costa, aralia

For sale
3 Bedrooms

130 m²
magnificent newly built apartments 500 meters from the beach. They consist of 3 bedrooms, living room and kitchen, sunny terrace, garage and storage r...
Cod. 36240

For sale House, Spain, Málaga, Manilva, playa paraiso

For sale

80 m²
For sale house on the beach, in Spain, Costa del Sol, San Luis de Sabinillas (Manilva, Estepona). 20 km from Gibraltar Airport and 80km from Malaga, 2...
Cod. 36230

For sale House, Spain, Alicante, ALFAZ DEL PI, Calle Remol

For sale

220 m²
Type of property: Chalet Condition: Very good condition Antiquity: From 20 to 30 years Orientation: Southwest Orientation Sanitary hot water: Natu...
1 / 455
  1. Preferences

    For a better use of Realigro website, set your preferences for language, currency, square meters or sq ft.

    Set now Don't show again