The price of a typical 100 m2 home over 50 years old can increase up to €50,000 after complete renovation, according to data from Sociedad de Tasación collected by Ok Diario. A report prepared for the 2030 Observatory of the Higher Council of Associations of Architects of Spain (CSCAE) shows that renovating a property can increase the final price by up to 26% on average.
In any case, price increases depend on the area where the property is located. Logroño is the provincial capital where a property owner can obtain the most profit from selling their property after a complete refurbishment. In this sense, the report reveals that the price has risen by 48% from €900 per m2 without refurbishment to €1,330/m2.
Close behind Logroño is Orense with a 43% increase: from €1,080 per m2 before the works to €1,540 after. Third place goes to Oviedo, where the price of a home can increase by up to 41% with a refurbishment, from €1,000 per m2 to €1,410.
As for large cities, Valencia is the best performer, with a 35% increase, while Barcelona beats Madrid with a 25% increase versus Madrid's 20%.
"The property value increase is directly related to the price of land in each part of the country", according to the CSCAE. As such, although the revaluation percentage is higher in these provincial capitals, there are others in which the price per square metre increases more after a refurbishment.
Specifically, the price per m2 of a property after refurbishment increases by €800 in Palma de Mallorca, up to €730 in Barcelona, €620 in Bilbao, around €600 in Madrid, €570 in Gerona, up to €560 in Pamplona and around €510 euros in Salamanca. Orense, Valencia, Zaragoza and Coruña had increases of over €440 per m2.
