How Big is the Self-Storage Market in Spain?
10 years ago, the self-storage market in Spain was relatively small in comparison to the modern-day. However, since then Spain continues to be one of the world’s leading markets, in particularly the 3rd biggest in Europe.
Self-Storage Market Growth
As of 2018, the self-storage market was valued at over $37 billion USD with an estimated growth of around $49 billion USD by 2024. That’s an increase of $12 billion USD within 5 years!
There are a number of reasons why the industry is growing at such an alarming rate, with the self-storage market in Spain being no different. The main 2 factors globally are largely due to the heavy development of urban areas, as well as general living habits.
If we look at major cities and towns, the overall populations are on the increase. As such, so too are homes and places live, whether or not that be buying or renting. Although, when it comes to the need for self-storage, high living costs result in more and more people renting. This then often goes hand in hand with people moving on a much more regular basis, often not being in a position to take everything with them.
This is also something that has affected how people view what is important to them on a personal level. With many people opting for a work to live outlook on life or deliberately wanting to downsize for example. The latter freeing up finances in order to travel, invest in a future or maybe buy a holiday apartment on the Costa del Sol.
Self-Storage Market in Spain
There has been a huge increase in the need for self-storage in the Costa del Sol and across Spain. The global pattern being very much the focal point. Once quiet fishing towns such as Fuengirola and Torremolinos becoming more densely populated.
This is where there’s a knock on affect on the price of buying outright, as well as there only being smaller properties available in the first place. Plus many ex-pats are looking to improve their overall quality of life in the Costa del Sol. Looking at ways to save money in the long run, in order to eventually retire in the sun.
Although it’s not just the private sector that affects the self-storage market in Spain. It’s estimated around a 3rd of self-storage units are due to the commercial sector.
In fact, with smaller companies and independent start-ups on the rise, as are the need for flexible storage contracts. Cash flow plays an important role, along with seasonal highs and lows, with ever-changing stock levels required.
Hence why permanent warehouses aren’t always the answer.
Self-Storage Franchises in Spain
Here at uStore-it.eu we have self-storage franchise opportunities in the Costa del Sol. However, following the successful running of our current self-storage businesses, uStore-it are also looking further afield. As such, if you’re interested in running your own business, then contact uStore-it Self-Storage for further information.