1. The depth scale
| Depth | Typical content | Indicative PEM 2026 | Base |
|---|---|---|---|
| Partial refurbishment | Bathrooms, kitchen, finishes in one area | €350 – 700/m² | Intervened area |
| Full refurbishment of a dwelling | New layout, dwelling services, finishes | €600 – 1,000/m² | Total area |
| Full building renovation | Demolition, strengthening, envelope, services, finishes | €800 – 1,400/m² | Total area |
| Full renovation with heavy structural work | Floor structure replacement, underpinning, gutting behind a retained façade | €1,200 – 2,000/m² and above | Total area |
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 added. Consistency between the two sources supports the range, but does not replace a survey of the actual building.
2. The application rules
Three rules avoid the most common framing errors. The calculation base: a partial's ratio applies to the intervened area, never the total; mixing bases produces absurd comparisons between partial and full renovation. The contingency provision: 10 to 15 % of the PEM in renovation, versus 5 – 10 % in new construction; the top of the range is not pessimism but the normal consequence of a poorly documented old building. The regulatory upgrading scope: any substantial intervention drags with it the updating of accessibility, fire protection and energy efficiency under the CTE (the Spanish building code) to the applicable extent, and those items are identified at study stage or appear on site, when they can no longer be negotiated.
3. Chapter breakdown of a full building renovation
Orders of magnitude on the PEM, without heavy structural work:
| Chapter | Usual weight |
|---|---|
| Demolition and waste management | 6 – 12 % |
| Structure (strengthening, ring beams, stairs) | 8 – 15 % |
| Envelope (façade, roof, joinery) | 18 – 28 % |
| Complete services | 22 – 30 % |
| Partitions and finishes | 25 – 35 % |
Services weigh more than in new construction because they are entirely redone inside a container that constrains them; demolition opens the budget with a block new construction does not know. And three mechanisms explain why renovating can cost as much as building: productivity penalised by working within the existing, discoveries (defects, unforeseen structures, undocumented services) and regulatory upgrading.
4. Energy renovation: summary ratios
By item and package, for a typical 1960s – 80s residential building:
| Element | Indicative range 2026 |
|---|---|
| Standard external insulation, SATE (EPS 6 cm) | €55 – 95/m² of façade |
| High-performance SATE | €90 – 150/m² of façade |
| Window replacement | €350 – 700/m² of opening |
| Air-to-water heat pump (single-family home) | €8,000 – 15,000 |
| Basic envelope package | €90 – 160 per built m² |
| Complete envelope package | €160 – 280 per built m² |
| Full energy package | €250 – 450 per built m² |
The current subsidy programmes (European funds managed by the regions, plus tax deductions) can cover a substantial fraction of the cost when reductions are evidenced through before-and-after energy certificates; amounts and conditions vary by call and must be checked in the one applicable to the project. The full development is in energy renovation cost.
5. Two framing examples
90 m² flat, full refurbishment, mid-range quality. 90 × €800/m² = €72,000 PEM; contract budget ≈ €85,700; with fees, permit and VAT (10 %), approximate total €100,000 – 110,000. Consistent with published market averages for full flat refurbishments.
600 m² building, full renovation without heavy structural work. 600 × €1,100/m² = €660,000 PEM; with contingency at 12 % within the framing, contract budget, fees (10 – 12 %), permits and applicable VAT, the operation frames at around €950,000 – 1,050,000 excluding land. The prior diagnosis (opening-up works, structural inspection, survey) costs a few thousand euros and is what separates this framing from a lottery.
6. The three analyses in this branch
Full renovation cost per m². The central case: ranges by scope, breakdown, uncertainty management method.
Energy renovation cost. Ratios by item and package, the demand-then-systems order, the subsidy mechanism.
Partial versus full renovation. The 10 – 20 % overlaps, repeated fixed costs and the 60 – 70 % decision threshold.
Note: indicative ranges and examples for Spain in 2026, variable by region, building and market. Subsidy conditions are checked in the current call.