Buying a car and keeping it is becoming increasingly costly. The rise in city parking challenges, higher housing prices, and loan costs push many investors toward these assets. They appear more affordable at first glance, aiming to grow savings, which in turn raises market values.
That is the narrative often seen on real estate portals. Data shows a 14.7% increase in the last year for parking prices in the province, with the average around 10,482 euros, though figures vary by municipality and region.
These differences are notable. Some locations show extreme cases where a double, gated space near the coast can surpass 90,000 euros, such as areas along Levante Beach from Benidorm to the English Court in Alicante.
Pedestrianization drives up Alicante garage prices by as much as 12,000 euros
While not surprising, Alicante and Benidorm remain among the priciest areas. Benidorm Municipality reports the highest average price per location, around 23,215 euros according to Fotocasa, a figure echoed by local institutions.
One real estate manager notes a price range of roughly 18,000 to 35,000 euros. The town hall zone is the most sought after in the city. Naturally, prices moderate as buyers move away from the coast and the historic center, and overall become cheaper in newer developments that include ample parking for buyers.
Beyond Benidorm, Calpe shows private parking at an average of 17,868 euros, with Alicante ranking third at about 17,535 euros. Location remains a key driver of value, and common patterns show that central areas command higher prices, while more distant zones offer more moderate figures. In some exceptional cases, prices can exceed 40,000 euros when space is limited and highly desirable, according to Pedro Casamayor of the local agency of the same name.
Finding suitable sites often means locating larger spaces able to accommodate current vehicle models, which tend to be bigger than those built 40 or 50 years ago when most local garages were constructed, Casamayor adds.
Nearby towns like La Vila Joiosa also exceed the national average with about 13,758 euros, while Denia requires an outlay of around 13,695 euros for an owned space. Santa Pola sits around 11,876 euros, and El Campello around 10,667 euros.
Six central Alicante streets undergo works that remove more than 200 parking spots
On the flip side, there are areas identified as more affordable among the province’s main districts. Benézuart records an average near 3,803 euros, and Almoradí around 3,954 euros. Other towns like Benissa report roughly 5,304 euros and Verger about 5,380 euros.
Fotocasa Research Director Maria Matos explains the trend: the macroeconomic context of higher interest rates tightens mortgage lending and redirects demand toward garages. An asset with strong profitability, safety, and lower initial investment has become highly attractive in 2023, she notes, as buyers prefer cash purchases or lighter financing for parking spaces [citation].
As development continues, developers frequently include ample parking in new projects, which influences local price dynamics and buyers’ choices. The market remains sensitive to shifts in interest rates, urban planning decisions, and new supply, making the parking sector a barometer of broader housing affordability concerns in the region [citation].
Authorities and market observers stress that while some areas experience steep price jumps, others offer more affordable options, underscoring the importance of location, accessibility, and future development plans in determining value for parking spaces in Alicante and its neighboring towns [citation].