Elche penthouse: €230,000 for an eighth-floor flat with no lift and a G rating

Elche penthouse: €230,000 for an eighth-floor flat with no lift and a G rating

For €230,000 you can buy a 130-square-metre penthouse in Elche, Spain. The building dates from 1967, the energy rating is G and, according to the original listing, it had no lift. The Spanish property market has reached levels of surrealism that not even the best screenwriter could imagine.

But the listing was corrected: it does have a lift. And the renovation is recent, with what were once top-of-the-range antiestéticatures: a TV in the bathroom, a whirlpool bath... The question is whether that justifies the price.

An eighth floor with no lift: legality or mistake?

Spanish regulations are clear: buildings of more than five storeys must have a lift. An eighth floor without a lift would never have been granted an occupancy licence. That is why, when the listing appeared saying "no lift", many people were stunned. Minutes later, the estate agency updated it to "with lift". A listing error or market pressure? The question remains open.

One detail that does not go unnoticed: in older buildings, flats without a lift rarely go above the fifth floor. So an eighth floor without a lift would be, at the very least, a legal oddity. The correction to the listing suggests the estate agent made a mistake, but the debate over the property's legality remains open.

G energy rating: the burden nobody wants

A G rating is the worst possible. It means the flat is a fridge in winter and an oven in summer, with no heating. In Elche, minimum temperatures in 2025 hovered around 2-6 degrees, making the lack of heating a real problem. What's more, a G energy rating is an obstacle to any future sale or rental: in a few years, flats like this one will not be able to be sold or rented out without deep renovations.

The buyer who pays €230,000 for this penthouse will have to accept that, sooner or later, they will need to invest in insulation and heating. And in a 1967 building, that can be a considerable bill.

Elche prices: bubble or reality?

The penthouse has 130 square metres of floor space, has been renovated and is a five-minute walk from the city centre. For some, it is an opportunity: "if it hasn't sold already, it will sell before Christmas." For others, the price is madness: "it wasn't even worth €50,000 in 2012." The reality is that Elche has 40-square-metre unrenovated flats at similar prices, which means this penthouse, with its 130 square metres, could actually be competitive.

But there is a catch: the owners' association may face a €6,000 special levy on the horizon, which would push the real cost up to €350,000. And with the G rating, investment in energy efficiency is almost mandatory.

The market rolls on. The question is whether the buyer who pays €230,000 for this penthouse will realise that in a few years the G rating will make it impossible to sell or rent out. Or whether, as some suggest, the looming €6,000 levy will turn it into a ruinous investment. Time, and the Euribor, will tell.