Factors that determine depreciation due to the lack of a lift

The property market rigorously evaluates accessibility. When calculating the price of a flat without a lift, valuers and buyers do not apply a single universal fixed percentage, but instead evaluate the specific characteristics of the building and its surroundings.

The key aspects that accentuate or reduce this price drop are detailed below:

• The actual floor level of the flat: This is the most significant variable. The physical inconvenience of climbing stairs increases exponentially with each floor.
• The technical feasibility of installing a lift: If the owners' association can approve the installation because there is sufficient space in the stairwell, courtyard or facade, the property retains its value better. If the structure prevents a lift from being installed, the loss of value becomes permanent.
• Location and buyer profile: In central or university districts with high rental demand from young people or students, the penalty is lower. In residential areas where buyers are looking for a long-term primary residence, the negative impact increases.
• Overall state of conservation of the building: An older building without a lift that also shows deficiencies in the Technical Building Inspection will suffer a higher cumulative devaluation.

Variation in property value according to the floor level

To clearly understand how the price of a flat without a lift evolves, it is worth analysing the percentage-by-percentage impact according to the specific floor level of the flat within the building:

Ground floor and mezzanine

The price drop ranges between 0% and 5%. Since climbing stairs is not required, the lack of a lift hardly affects the value. On these floors, other factors such as natural light, street noise or security have a greater influence than accessibility.

First floor

The typical discount ranges between 5% and 10%. Climbing just one flight of stairs is manageable for most people, so buyer demand does not drop drastically.

Second floor

The devaluation ranges between 10% and 20%. At this level, the lack of a lift starts to rule out families with young children, people with reduced mobility or older buyers.

Third floor

The average adjustment reaches between 20% and 30%. It represents a major obstacle for daily use, limiting marketing to younger profiles or investors seeking high rental yields.

Fourth floor or higher

The maximum impact ranges between 30% and 40%. A fourth or fifth floor flat without a lift suffers the greatest market penalty. The flat is unfeasible for a broad segment of the public, requiring substantially reduced prices to close a sale.

Impact of the lack of a lift on valuations and mortgages

The absence of a lift directly influences the official property valuation. Valuation companies apply downward adjustment factors when comparing the property with comparable properties in the same area. Given that banking institutions usually finance up to a maximum of 80% of the lower value between the appraisal valuation and the purchase price, a low valuation directly reduces the loan amount available to the buyer.

In these types of transactions involving unique properties or those penalised for accessibility reasons, turning to mortgage brokers helps find tailored financing options. These professionals analyse the buyer's financial profile and negotiate with different lenders to secure favourable loan terms despite the lower property valuation.

Official Protection Housing (VPO) in the Comunidad de Madrid

In Official Protection Housing (VPO) located in the Comunidad de Madrid, the maximum sale price is conditioned by the current official modules established by the regional administration. However, when a VPO in the Comunidad de Madrid does not have a lift, the legally fixed module price often sits above what the open market is willing to pay.

In practice, even though Comunidad de Madrid regulations allow the VPO to be sold at a theoretical maximum price, the lack of a lift forces a commercial downward adjustment similar to that of the open market in order to effectively close the transaction.

How to increase the value of a flat without a lift before selling it?

The most effective strategy to offset the value drop is to promote the installation of a lift in the owners' association. There are legal and financial mechanisms that facilitate this improvement:

1. Take advantage of the agreements under the Horizontal Property Law: Installation can be approved by a simple majority vote of owners. Furthermore, it is mandatory if residents over 70 years of age or individuals with disabilities live in the building, provided that annual contributions do not exceed twelve standard monthly service charges.
2. Provide the technical project during the sale: If the work is already approved at the owners' meeting or has a viable technical project, the seller can justify a higher price, attracting buyers willing to pay the special levy in exchange for a flat that will appreciate in value in the short term.
3. Apply for public grants: There are municipal and regional grants aimed at improving accessibility in residential buildings, which reduces the required investment for each co-owner.

Installing a lift in an older building not only eliminates the discount on the price of a flat without a lift, but also generates an immediate capital gain that exceeds the cost of the work carried out, improving the property's market liquidity.