WHILE the economy may have taken a tumble over the past decade, people in Spain have continued going up… up elevators to be precise.
The large number apartment blocks built since the year 2000 has led to a boom in the number of elevators manufactured across the country.
There are an amazing 19 elevators per 1,000 people in Spain, smashing the European average of 11.
Quick to capitalise on Spain’s high-altitude living was Bernardo Calleja, chief executive of the Madrid-based Otis Elevator Company, who made more than 250,000 of the country’s elevators.
“The Spanish model of housing is not something historical, it’s really quite a recent phenomenon,” said Calleja.
“In the early 2000s there was a mass migration to the cities and people bought apartments because the supply was already there.”
And after a seven year slump, Calleja predicts 2015 will see a new property boom in Spain.
He added: “We still need one more year to see clear growth in new building, but the outlook is improving.
“We will be selling more elevators in Spain in 2015 for sure.”