Spain has two kinds of parking space for purchase: ones for residents of a neighborhood and others in privately owned parking garages. The latter are simple enough. The purchase is done through a private contract between the buyer and seller spelling out price and terms. The only expenses are whatever fees set by the community of owners, as if it were a condominium. Prices vary from city to city and depend on the location of the garage and its size. They range from 12,000 euros to 48,000.

Parking places for residents of a neighborhood offer a variety of differences because they belong to the city government, which cedes them for a limited period of time and sets conditions on how the right can be passed on. The big difference is that the title on the parking place remains with the city government, so it is not a purchase in the strict sense of the word. Rather, it involves the right to use the space for 50 years. So the owner is always the town hall. That is reflected in the price, nearly 50 percent cheaper than places in traditional, privately owned garages.

Parking for residents
The right to acquire one of these places is limited to people who are registered in the area where the bidding is opened. In other words, only residents of the neighborhood need apply. Applicants must apply within the stated deadline. District committees devise a list of applicants in order of who applied first, although the spots are ultimately chosen in a public lottery.

Once a spot is granted, a private contract is worked up between the person and the company that built and runs the garage. The contract specifies the location of the place, its dimensions - 5 meters by 2.4 meters or 5 by 3.60 -along with the price of the concession, which varies depending on the location and size of the parking place. For example on the outskirts of Madrid the price of a place 5 X 2.4 is 7,783 euros on the first floor, 7,482 on the second floor and 7,182 on the third. For places that are 5 meters by 3.60 the prices are as follows: first floor, 11,674 euros, second floor 11,223 euros and third floor, 10,773 euros. This does not include 16% in VAT.

The person who wins the right to use the parking space can ask to sublease it but this must be approved by the town hall and carried out under the terms of the original contract. Outright transfers are only allowed if the title-holder has died or between residents of the same home, or to the new owner of the home if it changes hands. Furthermore, the user cannot park more than one car in the spot at any given time, nor change it physically without permission from town hall.

Payment can be done in one lump sum at the signing of the contract, which usually earns a 2 percent discount; or half in cash and the rest in monthly instalments, with a 1 percent surcharge; or with a loan from a bank, or any other kind of financing agreed by the entity which owns the parking place and the person who wins the right to use it.
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