2026 ranges
In PEM (direct works budget) per intervened built m²:
| Scope | Indicative PEM 2026 |
|---|---|
| Full refurbishment of a dwelling (complete flat) | €600 – 1,000/m² |
| Full building renovation without heavy structural work | €800 – 1,400/m² |
| Full renovation with significant structural work | €1,200 – 2,000/m² and above |
As a market reference, general price guides place full building renovation at around €1,100-1,600/m² in execution cost, consistent with these PEM figures once overheads and industrial profit are incorporated. The top of the range is not a market anomaly: it is the normal consequence of structures to replace, party walls to consolidate or protected façades to retain.
Typical breakdown of a full building renovation
Orders of magnitude on the PEM, for a full renovation without heavy structural work:
| Chapter | Usual weight |
|---|---|
| Demolition and waste management | 6 – 12 % |
| Structure (localised strengthening, ring beams, stairs) | 8 – 15 % |
| Envelope (façade, roof, joinery) | 18 – 28 % |
| Complete services (electrical, plumbing, climate, telecommunications) | 22 – 30 % |
| Partitions and finishes | 25 – 35 % |
Two readings. Services weigh more than in new construction because they are entirely redone inside a container that constrains them (risers, slab penetrations, heights). And demolition plus waste open the budget with a block that new construction does not know and that is poorly estimated without a detailed visit.
The method for framing the uncertainty
The prior diagnosis as an investment. Opening-up works in floors and walls, drainage inspection, survey of the real condition and, in buildings of a certain age, structural inspection. A few thousand euros of diagnosis move the budget from the "estimate with surprises" category to the "defensible estimate" category.
An explicit contingency provision. Between 10 and 15 % of the PEM in full renovation, versus 5-10 % in new construction. Budget it separately and communicate it as such: its consumption can be managed, its absence is suffered.
The regulatory upgrading scope. Every full renovation drags with it the updating of accessibility, fire protection and energy efficiency in line with the CTE (the Spanish building code) to the applicable extent. Identifying those items at study stage prevents them from appearing as site overruns, when they can no longer be negotiated.
The essentials
A full renovation sits in 2026 between €800 and €1,400/m² PEM for a building without heavy structural work, with the complete dwelling between €600 and €1,000/m² and structural cases above €1,200/m². The final ratio is decided by the building's real condition and the regulatory scope, and both are governed with the same tool: serious prior diagnosis plus an explicit contingency provision. The efficiency-focused variant is developed in energy renovation cost.
Note: indicative ranges for Spain in 2026, variable by region, building condition and market.