The luxury of living in a penthouse: housing that is unique and usually costs almost 40% higher than an apartment

The luxury of living in a penthouse: housing that is unique and usually costs almost 40% higher than an apartment

A view of the mountains, the sea surface outside the window, or the city panorama, is one of the advantages of living in a penthouse. In addition, the amenities don't end there. A large terrace and even a swimming pool often accompany the acquisition of this type of property.

The disproportionately high demand for penthouses compared to the other types of real estate in the same development, and the fact that there is always a short supply, make their prices much higher.

How much more do buyers usually pay for the right to live in a penthouse? In some autonomous communities, the difference can reach 39% in comparison with apartments.

On average, in Spain, if we compare two identical apartments in quality terms, square meters, and so on, but one of them is a penthouse, then usually the penthouse will cost 23% more.

The point is that the choice in favor of a penthouse means average expenses of more than 2,000 euros per sq.m. compared to 1,649 euros per sq.m. for a regular apartment. This is according to the information provided by Tecnitasa on the prices for a penthouse purchase and comparing them with high-rise apartments.

The information was collected on the basis of a study of the Spanish autonomous communities that have a coastline with a sea or an ocean. It includes Madrid, one of the most popular regions among penthouse buyers.

The largest difference between an ordinary apartment and a penthouse was recorded in Asturias. The mentioned price gap of 39% was recorded in this region. A home on the top floor of a residential building with a terrace costs 2,102 euros per sq.m. on average. For comparison, in the rest of the building, prices drop to 1,507 euros per sq.m.

The region of Andalusia is also known for its significantly high prices throughout Spain. The average price for a penthouse is 25% higher, 2,031 euros per sq.m. in comparison with 1,624 euros per sq.m for a regular apartment.

Andalusia is followed by the Basque Country and the Autonomous Community of Madrid. The price difference is 23% for both communities. Madrid and the Basque Country are the areas with the most expensive penthouses in actual prices. The average price per sq.m. is higher than 4,000 euros in the first case and 3,800 euros in the second.

The Autonomous Communities of Valencia, Catalonia, Galicia, the Canary Islands, Murcia, and the Balearic Islands should also be addressed. The average price difference varies from 19% to 22% in all these communities.

On the other hand, in the autonomous community of Cantabria, you can purchase a penthouse with the lowest investment costs compared to regular apartments. In real terms, you should pay 1,891 euros per sq.m. for a penthouse. For a regular apartment, you have to pay 1,649 euros per sq.m. The difference is only 15%.

Fernando García Marcos, the CTO at Tecnitasa, adds: “It should be mentioned that the increase or decrease in penthouse construction in cities depends on many factors. But perhaps, the town planning legislation is the least remarkable factor in a given region, which can support or restrict such construction. At the moment, penthouses are the most popular in coastal areas of the country [because of the picturesque location]. The better they do, the more amenities they offer, such as the size of the terrace and the views.”

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